Patience: Trading Psychology Made Easy, #4

By LR Thomas

Why You Need to Read  Patience the latest in the series of 'Trading Psychology Made Easy' books.

A recent reader survey demonstrated that one of the biggest trading psychology issues that traders face is related to their own inability to just sit and wait for the best time to take an action, whether that be to enter a trade, move a stop loss, or wait for the planned take profit target.
This inability to simply wait leads to entering trades when there are no trades to take, (over-trading), exiting trades too early without allowing them time to develop, and exiting trades before the take profit has been reached. Lack of patience also causes other negative behaviors related to trading, such as not bothering to back-test the system, not keeping careful records and not doing an end-of-day or end-of-week analysis of trading results to find areas of improvement.
The feeling of 'things not moving fast enough' also causes traders to add too many trading systems to an already overloaded brain and not be able to focus properly on any one strategy to make it profitable The profitability of the trading system is profoundly impacted by these types of behaviors and turns what is a money-making system in theory, into a loss-making system in the real life. The problem facing traders is that personal change can be hard and requires extensive inner work to change a person from impulsive and impatient to someone who routinely practices patience on a daily and hourly basis. This little book follows the theme of the other related 'Trading Psychology Made Easy' books and aims to give traders a new way to look at trading which will naturally increase positive trading behaviors in an effortless way. Using powerful techniques from the world of NLP, Hypnosis, and EFT help make 'lack of patience' a non-issue in your trading performance. Get the Book Now and Start improving Your Trading Today!

 

Reader Reviews

Sandip Patil

 A great Masterpiece by the author

Reviewed in India on 13 February 2017

A great Masterpiece by the author! There are millions of books on trading strategies, but not a single one for controlling emotions. This book teaches exactly how to do it. Unless you have patience & courage you can not take a trade even if you have good strategy. This book changes your emotional state while trading. A MUST read if you are a serious trader. Great work by the author!!!

 

 

• Language: English
• Publisher: LR Thomas
• Release date: Oct 7, 2020
• ISBN: 9781393240556

LR Thomas

I have been a trader for 10 years and I know what a struggle it can be. I have been using my systems for the past two years and I decided to share them with other traders so they can hopefully short cut their time to becoming a profitable trader. I post updates on my blog http://10XROITradingSystem.com to answer questions from my readers.  I am also a qualified therapist and have written books to help traders with their trading psychology. You can visit my trading psychology blog http://traderselfcontrol.com to find out more about the ways I help traders with their trading psychology.

Book preview

How to Become a Patient Trader

This little book is the next instalment in the ‘Trading Psychology Made Easy’ series, which aims to demystify the often-complex subject of trading psychology and provide simple and effective strategies to improve your trading.  The reason this is important is that most trading psychology books seem to have been written for academics, by academics, and while they are great for increasing your understanding of the processes that are taking place internally, which lead to self-sabotaging trading behaviours, they fall short of giving simple, easy to implement procedures to make fast and effective change.

Is it necessary as a trader to understand all the complex processes that are taking place in our psychology? After all, when we drive a car we don’t need to know how the car works, we just want to know how to operate the car and how to drive.

I recently conducted a survey with my students and readers to find out what were the main issues still holding them back in their trading.  One of the key issues was a lack of patience.  This came disguised in many forms such as not letting profits run, not waiting for the proper entry setup before entering a trade, exiting trades before they had a chance to develop, trying to trade too many systems and time frames (impatient to make money), and other types of behaviours such as not committing to the vital preparation that is needed to ensure profitable trading, such as keeping and analysing detailed records and regular back-testing. 

Personal change can be a long and trying process when using willpower and self-discipline; 

Here is a quote from a Stanford professor about using willpower which is featured in another of my books, How to Stop Over-trading.

"One of the most replicated findings in the field of willpower research is that people who use willpower seem to run out of it. Interestingly, any act of self-control leaves people with less willpower for completely unrelated challenges. Trying to control your temper, ignore distractions or refuse seconds all tap the same source of strength. The research also shows that willpower decreases over the course of the day, as your energy gets spent on stress and self-control. This has become known as the muscle model of willpower. Like your biceps or quadriceps, the willpower muscle can get exhausted from effort."

Therefore instead of  asking the trader to use willpower and discipline to increase their store of patience, I have written this book using metaphors from the world of NLP (Neuro-Linguistic-Programming)