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Home » Stuart Young Trading and Investment Blog » How much is impatient trading costing you?

How much is impatient trading costing you?

October 18, 2014 by Stuart Young Leave a Comment

Many people say that patience is a virtue and that is defiantly true in trading!
Although the very best traders understand the importance of patience, it is still one of the most difficult skills to learn and apply as a trader.   Most unsuccessful traders trade with little or no patience and it is therefore critical to understand why patience is one of the most important “ingredients” to becoming a successful trader, and can actually make you money faster.

It takes real patience to wait for ONLY the trades as defined in our back tested, positive expectancy trading plan. This way we are only trading when we have a positive edge/expectancy, ie we ONLY participate in the market when the odds are in our favor. This does not mean that every trade will be a winner… far from it, but it does mean that over a large sample of trades, if and only if we are patient to wait for our defined setups, then the odds of success are more in our favor.

WARNING
Lack of patience in trading can manifest as:
– a tendency to over trade
– feelings of wanting to be in another trade straight after exiting a winning trade, or straight after a losing trade to try and make back those losses (revenge trading)
– meddling with your trades too much by moving stops and targets around multiple times after entering a trade
– taking smaller profits than your original planned target, or taking profits too early at the slightest sign of movement against your position
– feeling compelled to trade every day. Remember the market will be there tomorrow and you are better to wait for the higher probability trades, even if it means being on the sidelines some days, then to have traded lower probability trades, due to being impatient, and have lost.

Do you recognize any of these traits in your own trading?

The difficulty is not in finding trading opportunities, but instead making sure the trade fits your own trading plan/rules!

When looking to enter a trade, patience is critical to ensure all of your entry criteria are met (all of the “ducks are lined up”) and to leave the trade alone if they are not. Ever seen a trade setup so close to your criteria but not fully complete, only to see the market start moving in the direction of your trade? Impatient traders often enter the trade quickly fearing they will miss out, only to see the trade turn against you? Remember, the whole point of having of having a positive expectancy trading plan is so that the trades we do enter have greater odds of success. If we are impatient and not wait until all our entry criteria are present, then we are NOT entering where we have greater odds of success, therefore eroding our edge.

Exhibiting patience with a good trade setup requires confidence in your trading plan/system, having a probabilistic mindset and an understanding of why impatience actually decreases our trading edge. The same logic applies to giving the trade time to develop once you have entered, and for trade exits and profit taking.

Importance of trading patience | Patient Trader

Patience is also critical, not just in specific trade executions, but also as we are on our learning curve to becoming a successful trader.
We need patience in allowing ourselves to:

  • develop and test a trading plan that not only has a clear positive expectancy, but suits our personality, then
  • trade our plan in a simulation environment, then
  • commence live trading with small position sizes to build confidence, then
  • progressively increasing position size only once key goals are reached, and
  • to allow ourselves to make mistakes, learn from them, and apply these lessons learned.

It’s not a race and by being impatient and therefore lacking discipline, can not only extend your learning curve more than it needs to, but have disastrous consequences on our precious capital.

By slowing down and realizing that you must be patient to trade only the higher probability setups, you will inevitably build your trading account faster than if you try to “force” the market into making you money by over trading or taking low probability trades.

By understanding why being patient over the long term can actually make you money faster, we can start to embrace patience in our trading and recognize that it is actually one of THE MOST IMPORTANT ASPECTS OF SUCCESSFUL TRADERS.

Filed Under: Trading Psychology Tagged With: importance of patience in trading, patience in trading, the importance of patience, trading patience

About Stuart Young

Stuart Young is the founding Director of Global Trading Tools (www.GlobalTradingTools.com), providing premium trading tools & education for traders and investors. Stuart left his IT consulting career in 2008, to follow his passion for trading, and combines his trading and IT experience in the development of Global Trading Tools specialist ‘Easy Load’ equities software and propriety indicators for NinjaTrader.”

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Love the Moving Average Cross indicator...email and alerts are great. I'm using it and I am going to suggest it to our group. I like your work as it is clean and has needed parameters.
Global Trading Tools
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The GTT video library is a fantastic resource and great value for money. There are so many videos and they are really in depth so you really get a great feel for the subject matter. The video reviews of students’ trades are very useful and consolidate the learnings from the other videos. Also Stuart is extremely helpful and professional to deal with. I highly recommend the video library.
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I just updated to the latest version [Ultimate Moving Average Indicator] with the "background color change" (per my request LOL) and added to one of my charts... all I can say is LOVE IT... LOVE IT.... LOVE IT. Thank you and your programmers for all the hard work
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RE: Moving Average Crossover Indicator for NinjaTrader. Your product looks outstanding!
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RE: Moving Average Crossover Indicator for NinjaTrader. Your product looks outstanding!
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Hello Stuart I purchased this great indicator [Ultimate Moving Average Cross Alert indicator for NinjaTrader], and I just want to say thank you. This is a really good indicator.
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2016-04-16T13:05:45+10:00
Hello Stuart I purchased this great indicator [Ultimate Moving Average Cross Alert indicator for NinjaTrader], and I just want to say thank you. This is a really good indicator.
https://www.globaltradingtools.com/testimonials/j-saraga-moving-average-indicator/

Toto (NinjaTrader Forum)

I needed the listing/codes of all the US equity markets and after much review purchased his Easy Load USA. It is a great product at a fair price. His website had many testimonials of his support. I have to agree, he is on top of it... If you want to access the power of NT across all instruments... you need those instrument definitions in your instrument manager and that is exactly what Easy Load does. Well done Stuart. Click for full NinjaTrader forum post
Global Trading Tools
2014-03-20T02:48:45+10:00
I needed the listing/codes of all the US equity markets and after much review purchased his Easy Load USA. It is a great product at a fair price. His website had many testimonials of his support. I have to agree, he is on top of it... If you want to access the power of NT across all instruments... you need those instrument definitions in your instrument manager and that is exactly what Easy Load does. Well done Stuart. Click for full NinjaTrader forum post
https://www.globaltradingtools.com/testimonials/toto-ninjatrader-forum-20140319/

Matt Cave (via Twitter) @MatthewCave

For anyone that wants to use NinjaTrader to chart ASX shares, I highly recommend using the Easy Load ASX installer by Global Trading Tools.
Global Trading Tools
2014-03-02T12:12:50+10:00
For anyone that wants to use NinjaTrader to chart ASX shares, I highly recommend using the Easy Load ASX installer by Global Trading Tools.
https://www.globaltradingtools.com/testimonials/matt-cave-easy-load-asx-ninjatrader/

Ivan B., Australia

Man - that is great support ... thank you Stuart - many traders are in the position I am in ... I am certain that if you give this kind of REAL help, your business can not help but prosper. Thank you heaps
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2014-03-02T12:14:33+10:00
Man - that is great support ... thank you Stuart - many traders are in the position I am in ... I am certain that if you give this kind of REAL help, your business can not help but prosper. Thank you heaps
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Robert H., Australia

The video library is awesome mate… so many good videos on there!
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2015-03-06T19:16:42+10:00
The video library is awesome mate… so many good videos on there!
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Andrew K.

Thanks very helpful great product. Appreciate your help (RE: Easy Load ASX)
Global Trading Tools
2015-04-16T11:58:45+10:00
Thanks very helpful great product. Appreciate your help (RE: Easy Load ASX)
https://www.globaltradingtools.com/testimonials/easy-load-asx-review-andrew-k/

Gordon K., Australia

RE: Easy Load ASX... Thanks for the follow up Stuart. Compliments on your product.It was very handy and made my job so much easier :)
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2014-03-12T22:06:46+10:00
RE: Easy Load ASX... Thanks for the follow up Stuart. Compliments on your product.It was very handy and made my job so much easier :)
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John K., Canada

Thanks for answering all my questions, and your Easy Load TSX product is awesome. Just what I needed!
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2014-09-10T12:56:28+10:00
Thanks for answering all my questions, and your Easy Load TSX product is awesome. Just what I needed!
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All in all its been great so far and I am learning a lot...trading for yourself is a very different ball game to trading for a major bank, and being able to learn the business from honest experienced and friendly guys is really valuable.
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All in all its been great so far and I am learning a lot...trading for yourself is a very different ball game to trading for a major bank, and being able to learn the business from honest experienced and friendly guys is really valuable.
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RE: Easy Load USA (NYSE/NYSE MKT/NASDAQ)... You are awesome. Thank you.
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RE: Easy Load USA (NYSE/NYSE MKT/NASDAQ)... You are awesome. Thank you.
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Global Trading Tools
2014-09-08T13:48:13+10:00
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I have said in the past your subscription fees represent excellent value and the monthly fee for the Traders Boardroom plus TMR Indicator Bundle is a price I would pay just to get access to the wealth of knowledge you and Davin provide in the video library alone.
Global Trading Tools
2014-03-02T12:07:35+10:00
I have said in the past your subscription fees represent excellent value and the monthly fee for the Traders Boardroom plus TMR Indicator Bundle is a price I would pay just to get access to the wealth of knowledge you and Davin provide in the video library alone.
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I couldn't have gotten to this point without all your help, guidance and teaching both outside and inside the boardroom. You've cut my learning curve down by years and significantly reduced the chance of me blowing up my account!! Thanks so much for everything.
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I couldn't have gotten to this point without all your help, guidance and teaching both outside and inside the boardroom. You've cut my learning curve down by years and significantly reduced the chance of me blowing up my account!! Thanks so much for everything.
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Martin Hunting

I purchased GTT 'Easy Load' ASX from Stuart a couple of months ago and I had to reload the software twice as I purchased a new computer and then it crashed! Stuart's assistance each time was prompt and the software is very easy to manage. I have had no problems with the symbols that was downloaded, works very well with NinjaTrader. Moreover Stuarts videos are an excellent introduction to NinjaTrader. Great service Stuart!
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2014-03-09T15:10:48+10:00
I purchased GTT 'Easy Load' ASX from Stuart a couple of months ago and I had to reload the software twice as I purchased a new computer and then it crashed! Stuart's assistance each time was prompt and the software is very easy to manage. I have had no problems with the symbols that was downloaded, works very well with NinjaTrader. Moreover Stuarts videos are an excellent introduction to NinjaTrader. Great service Stuart!
https://www.globaltradingtools.com/testimonials/martin-hunting/

KR, New Zealand

I really value how you and Davin keep reiterating the basics....stick to the setups, trade when the structure is in your favour but the outcome is unknown, trade the edges, to keep the risk tight and hence achieve good risk to reward. this keeps me focussed on the basics which I must repeat day after day.
Global Trading Tools
2014-03-02T12:05:01+10:00
I really value how you and Davin keep reiterating the basics....stick to the setups, trade when the structure is in your favour but the outcome is unknown, trade the edges, to keep the risk tight and hence achieve good risk to reward. this keeps me focussed on the basics which I must repeat day after day.
https://www.globaltradingtools.com/testimonials/kr-nz-reiterating-basics/

Lance B, Queensland

Re: Easy Load ASX installer for NinjaTrader The process was nice and simple. My backup Ninja now has ASX stocks loading through Yahoo.
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2014-03-02T12:10:38+10:00
Re: Easy Load ASX installer for NinjaTrader The process was nice and simple. My backup Ninja now has ASX stocks loading through Yahoo.
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There is no doubt you and Davin are the real deal and very open and honest with everything, so much appreciated!!
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the info you guys are providing is invaluable!
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the info you guys are providing is invaluable!
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