Patience Is More Important Than Intelligence In Forex Trading
Patience in Forex trading gradually pays off as it enables you to sit peacefully and wait for the right time. Most Forex traders are too aggressive to jump in and trade whenever any opportunity arises. This is probably due to eagerness and our human nature to make a “quick buck”. But if there is one thing that ensures a high chances of winning, it is having the patience to collect and analyse all the relevant information before you trade. Some traders fail to understand that success takes time. They often find it hard to control their aggressiveness in Forex trading. At times charts or economic calendar might be hard to read, so at that time it is wise to step back in order to protect from costly mistakes. Don’t try to enter a trade or rush things out at all costs by just following your gut. Forex market is quite tricky and often sends wrong signs. You should wait patiently for the right time and opportunities to align yourself and then act smartly.
WHAT IS PATIENCE
Patience, a big challenge for most traders, is the ability to tolerate waiting, frustration, or delay without becoming upset or agitated. It is being able to control your impulses or emotions and proceed calmly when faced with frustrating or difficult situations. If you allow yourself to become upset by taunts, opposition, or other kinds of unpleasantness, you will never achieve your goals. The only way to deal with the irritating side of daily living is to exercise patience. One who is failing to exercise patience gives free rein to negative feelings and thoughts. According to numerous studies, patient people tend to experience less negative emotions and depression, perhaps because they can cope better with stressful or upsetting situations. They feel more gratitude and also rate themselves as more mindful, more connection to the universe and to mankind, and a better sense of abundance. In a study of nearly 400 undergraduates, it was found that those who are more patient toward others also tend to be more satisfied and more hopeful with their lives. People who have great patience over long lines at the grocery store, a malfunctioning computer, traffic jams—usually go along with good mental health. Such people who have this type of patients are less depressed and more satisfied with life.
SIGNS OF IMPATIENCE
How do you know when you’re being impatient? You will probably experience one or more of the following symptoms:
- Quick decisions./Snap
- Shallow breathing (short breaths).
- Restless feet/Jiggling
- Muscle tension.
- Hand clenching/tightening.
Here are a few ways that will help you to increase patience:
When you practice mindfulness, you are actually practicing the art of creating space for yourselves—space to breathe, space to think, space between yourselves and your reactions. In one study, kids who did a three months mindfulness program in school became more willing to wait for a reward and less impulsive. Let’s understand how to practice mindfulness.
- Find a place to sit that feels quiet and calm to you.
- if you are beginner then it is advisable to choose a short time such as 5-10 minutes.
- Close your eyes and just try to focus the sensation of the breath as it goes in and as it goes out.
- You might lose your focus because of your thoughts which are buzzing around in your mind. When you get around to noticing this—simply try to return your attention to the breath. Gradually all such thoughts will surely disappear.
That’s it! That’s the practice. Try to do it as kindly as possible.
CHEW YOUR FOOD SLOWLY
People who chew food more slowly have more patience as compared to those who chew food quickly. Research has shown that impatient people are more likely to be bulky, possibly because of their incapability to delay satisfaction at the dinner table. By eating slowly, you can train yourself to be more patient and less impulsive in general.
KEEP A JOURNAL
Keep a journal with you to record when you lose your patience. Write down why you’re getting frustrated and what the situation is. Finding out your triggers helps because it forces you to examine your actions and uncover what you’re doing and why. These findings also help you devise strategies to avoid becoming impatient. No doubt, it would be wonderful if you could avoid the triggers that make you lose your patience. In most cases, that’s just not possible. So you have to teach yourself to manage impatience instead.
Exercise is also considered vital for reducing stress and increasing patience. Studies show that it is very effective in improving alertness, reducing fatigue, and concentration, and at enhancing overall cognitive function. This can be especially helpful when stress has exhausted your ability to concentrate or energy. When stress attacks your mind, with its many nerve connections, the rest of the body feels the impact as well. Regular Exercises produce endorphins — chemicals in the brain that act as natural painkillers — and also improve our patience level, which in turn reduces stress. Try to fit in a little bit of exercise on regular basis, even if it’s just a jog up, quick walk or down the stairs. Getting exercise will definitely burn off your stress hormones.
TAKE 10 DEEP BREATHS TO SLOW YOUR HEART RATE DOWN.
Inhale deeply into your belly with closed eyes. Hold it for 2-3 seconds, then let the air out slowly. Let that physical relaxation flow into your mind and body.