Curiosity may have killed the cat but impatience has been the slow death of many a trader. The market has a way of rewarding those rare individuals who respect the market’s fickle temperament. The market does what it wants to do when and how it wants to do it regardless of our need to be right, right now, about our trade. We can either accept this fact and trade accordingly or we can challenge the market’s authority and risk not only our pride but our money to boot. Pride may be good for the ego but will get us nowhere when our brokerage account is depleted. Patience eliminates acts of desperation when we do things we would not ordinarily do, such as jump into trades when there are none, add to losers, and double up to make up for a recent loser. |