The immortal words of Jesse Livermore perfectly summarize why it’s so important to develop patience in trading:
"After spending many years on Wall Street, making and losing millions of dollars, I want to tell you this: I made my big money not by thinking. It was by sitting.
Do you get that? Sitting tight and waiting. Few people can both be right and sit tight. I found that learning this was the hardest part. But only after a trader firmly grasps this can they make big money.
The reason is that while the situation may seem simple and clear, you’ll start feeling impatient or doubtful if the market takes its time doing what you expect it to do. That’s why so many people lose money on Wall Street. It’s not the market that beats them. They beat themselves because they have brains but lack the ability to sit tight and wait."
Yours, @PilotDAO 😉
"After spending many years on Wall Street, making and losing millions of dollars, I want to tell you this: I made my big money not by thinking. It was by sitting.
Do you get that? Sitting tight and waiting. Few people can both be right and sit tight. I found that learning this was the hardest part. But only after a trader firmly grasps this can they make big money.
The reason is that while the situation may seem simple and clear, you’ll start feeling impatient or doubtful if the market takes its time doing what you expect it to do. That’s why so many people lose money on Wall Street. It’s not the market that beats them. They beat themselves because they have brains but lack the ability to sit tight and wait."
Yours, @PilotDAO 😉