Slow Trader

Tag: patience

  • One strategy at a time

    Patience is a virtue, is a phrase that is true in trading.

    Trader seminars often provide many strategies based around a trading method. An attendee then looks for a trade, from all of the strategies provided, all of the time.

    A recipe for a series of stressful losses.

    From all of the strategies taught at the seminar, probably only a few are worth the risk; and of those a single strategy might stand out.

    It is better to find that ‘one’ strategy and work it until we’re consistently profitable.

    Only then are we to consider another strategy.

  • Master one method

    I get asked such questions as: what is the best trading system? What time frame should I trade? What should I trade: forex, stocks, commodities?….and a few others.

    To each of these I have found that it is a very individual thing. We each have a preference for what we consider is right for us.

    I have found, however, that the simple approach is best. Master one method.

    In the lower time frames get to know one chart (really) well and trade that chart only.

    Day trading requires undisturbed focus. Therefore lower time frame trading is not for everyone. A higher timeframe, such as daily charts, is a more appropriate place for most.

    Mastering a system or method does not happen over night – It took me several years to be able to make any contribution as a combat pilot – The same is most certainly true of trading.

    A successful trader needs to have enormous amounts of patience and perseverance.

    As to what to trade, our chosen system or method will guide us. Some methods are more appropriate for forex and some for stocks and shares. It doesn’t matter, as long as we understand it.