One of the biggest lessons we have learned is that waiting is the hard part. This really sank in after watching an SMB video where Mike was reading a traders mantra that included the phrase “I’m a wait for the moment trader…”
When you start to think about it you can break all of trading down by periods of waiting.
Wait and learn the skills
Waiting for the moment of entry
Waiting for the trade to work
Waiting to take profit
Waiting for the next great setup
Waiting for the consolidation to end
Waiting, Waiting, Waiting, Waiting….
Learning patience and developing a system to make you wait is one of the keys to becoming a profitable trader. Our biggest advantage in this aspect of trading is trading as a team. We are constantly insisting that we wait for the proper moments. Our job has become to wait for the moment.