Mastering the Art of Patiently Waiting

Before we get into how patiently waiting pertains to trading, let us first get to the core of this simple, yet so difficult concept for many.

Waiting for the right opportunity means being patient and not rushing into making decisions that may have long-term consequences. It requires a certain level of self-awareness, determination, and a clear understanding of what we want to achieve.

Simply put, patiently waiting will increase chances of success.

Rushing into a decision without fully analyzing the situation can lead to failure or missed opportunities. By patiently waiting for the right opportunity, we can increase our chances of success by carefully analyzing the situation and making informed decisions – which leads to the next point.

Better decision making.

Patience allows us to take the time to assess our options, evaluate the pros and cons, and make a well-informed decision. It gives us the opportunity to weigh all the factors that may impact our decision and choose the option that aligns with our goals.

Giving ourselves a bit of time to make a decision will reduce stress and anxiety.

Making important decisions can be stressful and anxiety-inducing, especially when we do not have all the information we need. By patiently waiting for the right opportunity, we can reduce the stress and anxiety associated with decision making and take the time we need to gather all the information.

Patience will also Improve self-awareness.

Waiting for the right opportunity can help us gain a better understanding of ourselves, our strengths, weaknesses, and goals. It gives us the opportunity to reflect on our past experiences, learn from them, and use that knowledge to make better decisions.

Aside from the above mentioned, the end goal – patiently waiting leads to more fulfilling outcomes.

When we take the time to wait for the right opportunity, we are more likely to achieve outcomes that are more fulfilling and aligned with our goals. It allows us to pursue our passions and make choices that align with our values and beliefs.

It is essential to strike a balance between waiting for the right opportunity and taking action when necessary. Ultimately, the key to success is to be patient, but also proactive, and to know when to seize the opportunities that come our way.

Waiting – Patience – they go hand-n-hand. If a trader has a problem with patiently waiting for their entry, then he will have a hell of a time extracting capital form the markets. To sit and do nothing, is an unbelievably valuable skill – make no mistake about it.

Lao Tsu wrote, ‘He who knows how to be aggressive, and yet remains patient, becomes a receptacle for all of Nature’s lessons.’”

“The big money is not in the buying and selling … but in the waiting.” Charlie Munger

“Throughout all my years of investing I’ve found that the big money was never made in the buying or the selling. The big money was made in the waiting.” Jessie Livermore

Listen, we could give you quote after quote, stressing the importance of patience and being able to wait for the right opportunity to deploy capital into the market.

It’s not just in our business, mastering the art of patiently waiting is a valuable skill across everything we do in life.

Think about it, how many times have you rushed a decision and then regretted that decision soon after? Probably more times than you’d like to admit. Now, it doesn’t have to be anything major, but the point is, deploying a more patient mindset, just may alleviate some foolish mistakes.

Now back to trading, we understand, it sometimes can seem as though it’s taking forever for a trade to set-up; but you must fight the urge to get into subpar trades simply from boredom. That’s a weak mentality.

There are things you can do while you are waiting for your A+ set-up to form. Obviously, before we take ANY position, we have already made a crystal-clear plan; our if this, then that trade rules.

One thing a trader could do while waiting, would be to study his A+ charts. You should have a folder on your computer, with screenshots of you’re A+ set-up. This is a must – and if you don’t have one, GET TO WORK!

Study these charts. Burn these charts into your brain. Know every single variation of the set-up. Look at different timeframes of the set-up and see how it breaks on multiple timeframes. Key is, to know your A+ set-up inside and out, this way, when you see it forming, you know it’s time to “clock in”.

Studying charts are just one way to be productive while waiting. But understand that you must learn how to master the waiting aspect of being a trader. Clicking buttons is not trading. Trading is waiting.

We build processes and then we patiently sit back and wait for our pre-determined trade plans to unfold. If they don’t unfold, then we do nothing – it’s that simple.

Avoid getting caught up in the needing to ‘do something’ mindset; that’s a rookie mistake. Professionals sit back and wait for their ‘pitch’. A nice slow, fat pitch right down the center of the plate – that’s what we’re waiting for. Unless that’s what you see, then why are you deploying capital?

Do you have the discipline required to patiently sit back and wait for your ‘pitch’ to come across your screens?

About The Street Trading

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Start with a crystal-clear vision of where you’re headed, then effectively lay the foundation to reach that goal through a systematic process.

That's The Street Trading.

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