I had a comment on on this blog, saying that his trading has been a roller coaster. I know the feeling well. My demon has always been a psychological one. For that person, I want to pass on a piece of advice that has helped me a lot. It has helped my patience a lot.
LET THE MARKET COME TO YOU
The piece of advice was “Let The Market Come to You”. It seems simple, buy when you think about it, it went straight to the core of my problem. That is waiting for the market to present a good trade. My problem of making up trades or getting impatient waiting for a trade lessened. I say lessened because I still do stupid things sometimes but they are getting further and further apart.
What that meant to me was that I should wait for the market to tell me what is going on instead of me trying to project my will onto the market., I would concentrate on what the market was telling me. In short, patience.
This reminds me of a quote. I heard it was attributed to Lawrence Livermore. I am not sure, so I am marking this as unknown.
“I wait until I see a pile of money sitting in the corner, then I walk over and pick it up” – Unknown
The market will always be there. Every day there will usually be opportunities in the market. Even if there is not one today, there will probably be one tomorrow. Be patient and wait to pick up your own pile of money sitting in the corner.
Also, if you know who made this quote, please leave a comment below so I could give credit where credit is due.
Photo by Gemma Bardsley