When it comes to forex trading patience is certainly a virtue. Especially if you are wanting to trade from the longer time frames. I have spent many hours a day, sometimes until the wee small hours of the night watching my screen. When I first launched into Day Trading, I spent many months trading up to 14 hours a day some days. I would sit in my office staring at my screen all day long waiting for the trades to happen, too scared to leave the room in case I missed a trade. It was a lonely existence and certainly not much of a life. Since then I have learnt to have more balance in my life and I now look for the more longer term trades on the longer time frame charts. I will plan my trades in advance through analysis of the monthly, weekly and daily charts and then have the ability to set my orders and walk away. I now have my life back! I have gone from trading on average 12 hours a day to about 1 hour a day – if that. Trading in this manner, however, means that you must exercise a lot of patience. Sometimes you can go days, if not weeks waiting for the ideal trade set up.
This patience can certainly pay off, as was evidenced recently with the USDJPY triangle break. You may recall my blog post on 21st October in which I was patiently waiting for a potential 980 pip move after a break of the triangle on the weekly chart. I sat on my hands and patiently waited for the break to happen. The break was confirmed the week of 3 November and I entered the trade long. Currently that trade is up some 350 pips and is still rallying. See how patience can pay off I am still in this trade and have taken some profits off the table and am leaving the remainder of the trade to run. My target is set to take the remaining profits at 103.70. Let’s see how the trade progresses…
Bring on the pips!