Patience Is The Key

Do you consider yourself to be a patient person?

When I first started trading Forex like most people I went straight to YouTube and consumed everything I could about the currency markets. One thing I heard over and over and over was I should use higher timeframes. You have better odds. Scalpers all lose in the end. But noooooo, I wanted to scalp the markets and make my millions the hard way. I wanted to take 50 trades a day every day forever. So let's do that math. That's only 1 gazillion trades a week. This is not sustainable and in the end, you open yourself up to a crazy amount of exposure.

I was told by many to trade the daily charts and hold my trades longer. But no, I wanted to trade the 1-minute charts with huge lot sizes. That led to blown account after blown account.

"Ok, I'll give the higher timeframes a try."

At first, I would catch myself slowly sliding back down to the 4h, then the 1h, and eventually I was right back on the 5min. I didn't have the patience to trade higher timeframes. I'm not built for higher timeframes. Then the losses came tumbling in, again and again. The verdict was in, I have no patience. I then began to realize that I didn't have patience in my normal life as well. I was quick to say whatever was on my mind whenever I felt like it. Which always got me in trouble. I would take food out of the oven before it was finished cooking. I would speed around people in my car because I had to be somewhere way earlier than I needed to be. I blame my time in New York. Everything in New York is now now now. You have to make your decision at this moment and not a second later. That doesn't work in Forex. You need to get the bigger picture first if you plan to succeed. The bigger picture in Forex is found on higher timeframes.

Bazinga! This was the key.

I was scrolling through Instagram one day and I came across an account called The Swing King or something like that. He opened like a 0.15 and held it for 3-4 weeks and turned it into $1300 or something close to that. I had never looked at trading this way. He used a small lot size with minimum risk and made a lot of money. This seemed like such a stress-free way of trading. Could I do that? So I gave it a try and at first, it was hard. Then I realized it was hard because I kept looking at the money accumulating on my MT4 screen. Bad idea. I kept closing my trades too early. Then I realized it's a lot easier if you just watch the charts and not the money. Bazinga! This was the key. Focus solely on the markets and not the money.

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