3min chapter

Trading Nut | Trader Interviews - Forex, Futures, Stocks (Robots & More) cover image

234: ATTN FOREX TRADERS: This Is Why You Keep Losing… w/ Younis Ward

Trading Nut | Trader Interviews - Forex, Futures, Stocks (Robots & More)

CHAPTER

The Importance of Patience

The majority of traders don't truly know what they want to see in the moment when they're in front of the charts. They come to the charts and they have conflicting thoughts of like, wait, is my setup present? Let me take it and find out. All of this experimenting in thoughts should have been done before you sit in front of a chart. There should be no thoughts, either your edge presents itself or it doesn't. It's the same as being stood on the bus stop waiting for your bus to appear. How are you going to have patience without trust? The underlying skills that go hand in hand.

00:00
Speaker 1
So if you, you've got a couple of jobs on the table or you've got one that's come through and you go, well, I haven't had any other offers. I'm going to take that one. I mean, how do you think FOMO relates to this whole sort of uncertainty and everything and, you know, jumping into random trades when you shouldn't be, you know, taking that random job that you've got. Like, you know, taking that random job that you didn't really like where you thought was 5050 and waiting for something better. Yeah, like a trader that's like a trader that blames FOMO, it comes down to lack of experience. Like, the thing is traders think that FOMO is like, FOMO is the action. FOMO is like, like, what's the trigger? What actually caused FOMO? And the majority of the time, the trader will realize that they don't truly know what they want to see. Like, the majority of traders in this industry, they don't truly know what they want to see in the moment when they're in front of the charts. They come to the charts and they have conflicting thoughts of like, wait, is my setup present? Let me take it and find out. And it's like, we're not here to experiment. All of this experimenting in thoughts, this should have been done before you sit in front of the charts. Like, Mark Douglas has said it, all of the thinking should be done before you sit in front of the charts. There should be no thoughts, either your edge presents itself or it doesn't. It's the same as, you know, it's the same as like, you're stood on the bus stop. You're waiting for your bus to appear. You know what it looks like. And you trust that, that bus that you're waiting for is going to take you to your desired destination. Why would you get another bus? If you get on another bus, you clearly are not sure of what you're waiting to see. And, and all, you don't remember that patience, patience, like, how are you going to have patience without trust? There's like these underlying skills that go hand in hand. So for me, for me to be patient and willing to wait even a couple weeks for a setup, I had to build the trust that the market will provide a setup. I just don't know what day, but I know within which time window it will. And how do I, how did I develop that trust because I've got data to back it up. I've got proven data. I've got like, you know, over 90 setups that are exactly the same. They've just happened on different occasions on a different place on the chart. And, you know, I like, for example, I speak to a lot of traders and they, you know, they, they, like most of them don't even know on average how often they're set up that their edge provides a setup. And it's like, if you don't know, then you're going to find out for yourself.

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