Patience in trading/investing

[rekter 8129]

Patience is just one of the tricks people have been telling me to master when i started investing, but it seems to be a misunderstood concept and it doesn't serve any purpose especially in trading unless you know where to apply it. It seems to be only used when speaking about selling. Patience also means that you have to wait for the right time to buy and not to fomo in.

 

But mostly it's a trick that traders teach to newbie investors to calm them down their nerves and not to panic sell on every dip. It's just faster trick then to teach trading and it usually have better results then with panic selling.

 

Usually.

 

Because patience can also get you rekt if you think that it means just waiting and hodling. Especially when you happen to be hodling a wrong thing.

In trading it means you have to wait for the right time to execute your plan. Timing is everything. Some times acting on time is just better then sticking to plan of hodling in disbelief on what's happening. Even f the project fundamentals are good, it will be good to have some money left to invest if it drops another -90% if your plan is to average your buy in.

 

But the key point is that you need to have an exit plan if something goes wrong. When the crash happens you usually see people in telegram channels that didn't have a plan for it, only plan was to hodl, no money left and now they are clueless what to do. They will keep hodling even to over -90% loss while telling themselves that they have just been patient. While in fact they have been too scared to get out low. I have done this too. Sometimes people forget that if the project is crap it can dip another -90% until there are only sell walls.

 

People just like to think that their profit gains happen because they are good traders and losses happen because of others. Being honest to yourself and owning your mistakes is the only way to learn.

[kyoukage01 3181]

Does this topic applies to new coins and/or projects or does it also apply to the top coins as well? Because if my eyes aren't mistaken, it explains more on the former.

 

A good case then would be Bitcoin Cash. If Google is right, it was valued at more than $3,000 on its debut. I don't know for those people who decided to still hodl it when its price was beginning to dip, but now that it is valued at ~$300 (about 1,000% less value from its ATH), then they are now probably thinking they should have sold after all 😂 .

 

[BitcryptoHan 2557]

It is good to be so patient while trading, in few hours back I impatiently enter a trade, it was against my rules but I did and lost $20 within 30 minutes. It ks very good to be patient because if I had, I will not lose that the money. 

Edited May 13, 2020 by BitcryptoHan

[Jaysen0104 536]

Being patient makes you control your emotions to manage easily what you are doing even if it is trading or investing. Because this is the main characteristic of a goon trader and investor. If we master our patience we can be successful in trading and investing like the other people in the cryptoworld.

[George10 9932]

It's always important to apply patience when trading for example waiting for the right time to enter the market and without any of this ability then you are bound to make unnecessary regrettable mistakes.

[bitcoinb 1359]

This is a good reminder. Too many people are thinking they can start trading without knowledge / patience / anylisis and make only profits in a fast way. FOMO and FUD always bad for a trader.

[rekter 8129]

7 hours ago, kyoukage01 said:

Does this topic applies to new coins and/or projects or does it also apply to the top coins as well? Because if my eyes aren't mistaken, it explains more on the former.

 

A good case then would be Bitcoin Cash. If Google is right, it was valued at more than $3,000 on its debut. I don't know for those people who decided to still hodl it when its price was beginning to dip, but now that it is valued at ~$300 (about 1,000% less value from its ATH), then they are now probably thinking they should have sold after all 😂 .

 

It doesn't really matter if they were on the top of the marketcap or not, Eth also took a huge hit, so did lot of lowcaps. Some of the coins survived and that's good for anyone lucky enough hodling those.

 Btw, price can drop only 100%, not 1000% 😉

 

3 hours ago, Jaysen0104 said:

Being patient makes you control your emotions to manage easily what you are doing even if it is trading or investing. Because this is the main characteristic of a goon trader and investor. If we master our patience we can be successful in trading and investing like the other people in the cryptoworld.

Good point, it acts as a control against feelings.

 

 

[Shahud 1319]

most ofthr time patience  just key to success.the biggest mistake we do under pressure is we must bring panic and took some wromg decision whih result in a big loss to our trading fund.so if anyone feels like failure then just sit aside and have patience

[rekter 8129]

On 5/13/2020 at 3:58 PM, deboprotap said:

Yes friend i agree with you.Patience is a major key to get success in trading.If we make panic decisions then we can face huge loss in trade.So we should think twice in trading,We are not in loss untill we sell our crypto in low amount.So long term hold can be good decision sometimes to make profit

Actually that's not what i said. I meant that sometimes is better to cut our losses and sell rather then waiting trough bear market. Hodling is not same as being patient. Patience without timing isn't worth anything.

[Crypto123 0]

Yes my friend, your words are really wise, I liked your saying "Timing is everything" and this is absolutely true I consider timing is everything really because always you have to choose the right timing whether in buying or selling and the error in timing of selling or buying means your loss. Sometimes patience is motivated by greed that the coin rises more than that and then the timing errors may have been lost and will surely lose.

[Michael0606 861]

I agree with the theme, patience is very important in the market, and what it tells in your post is very true, and useful for other beginner people adding to this, assimilating commerce as Kung fu.

[koussai999 1986]

I think that the whole thing involves under the name of "controlling feelings" because controlling feelings includes many feelings that can appear during trading, so if you can control it, you go a long way in trading

[Honny143 13612]

So many traders believes trading is risky our every step decides we loss are earn profit, but the main strategy in trading is depends our patiences, because without patience we never win trading, trading depends when we entire and when we leave in correct time so wait for prefect its important so its need patience, so in trading patience is the main weapon.

[Jessica Karren 1242]

The successful traders are those who invested or made their trade on the right time and you can't do it if you don't have patience. So patience is very important in trading.

[malik6314193 5449]

Patience is the key of success in trading. Buy and sell at right time and on right price. If you are confident that price will go tgere as you are predicting then be patient and wait for that point. 

[Calvinpriva 17296]

Patience is the key for trading, without patience you will lose your money. You need to set limitations in your tradings and follow them without losing control, losing control it means you are not patient.

[scorpiali 5626]

Every succeed in any trade or investment is based on the patience and how any one can Control his feeling and dont fall to fast and follow news,Just be patience and keep working 

[BTC Future 3946]

Of course patience does not mean we should buy into an asset and just hodl with price going lower and lower. There should be stop loss limits, which even if we didn't set we should always have in mind. If we bought some top with high risk involved it is better to have an exit strategy as well.

[Zaino34 0]

Certainly when doing trading and investing we must control our feelings and patience is an essential characteristic of the success of our trading process because we must monitor the movement of the market and choose the right time to do the sales and purchases and not rush to take any decision so that we do not lose any money and we will be able to choose the appropriate time to achieve Profit

[Treat1234 0]

If you want to invest or you want to trade you must have to apply patient or else you will not be successful in your trading  or investment.

[Jeet Narayan 1940]

While investing in Crypto market , we have to be stay patience . The role of patience is very important in crypto market . I face losts of loss due to not having to stay patience in trading.

[CryptoMaxim 3829]

In most cases, patience leads to profit. But there are also situations when it is better to sell an asset when it falls so that you do not lose more.

[magd 5231]

Patience in trading is a serious characteristic, but it must be noted the difference between patience in difficult times and long patience due to fear of loss and trading that many resort to, which makes them make wrong decisions. The trader is patient when he incurs losses and learns constantly without getting bored

[pablomarwan 3082]

One of the secrets of success that you heard from experts and professionals in this field is patience. It is a key to success. You learn a lot from your insistence as well. Become an expert and learn the right moment to invest and enter the deal. Besides patience, fear, and if you do not have this property, you may not gain anything

[nykas 2812]

I think patience is one of the most significant people`s skills. This ability can really help you to become successful and have everything what you want. I convinced of this many times. Be patient and learn to wait