Trading is a Waiting Game

(This is an mini article series to encourage traders to learn how to be a better trader written by Eric Lye)

I was just describing to another Forex trader the other day.  Trading is a waiting game, you would need to have the training of a sniper.  Wait for the target (setup) to approach, wait for the right time to trigger (price).  When we say sniper, we are not referring to the "accuracy" where a lot of people like to boast about their trading, we are referring to the patience of waiting, where most traders hate it.  Trading can be counter intuitive.

If you trade like a guerrilla, in and out of the market as you react to the fluctuations of the market, you are likely not to succeed in trading.  I do not mean you can't scalp, as scalping also require the trader to assess the market condition to look for the right moment to begin their battle.  It is by no means to be random.  Trading cannot be random.  The time frame of trade is not as important if you know your basis of analysis.  I use all time frames, as each time frame would provide me different information for different purposes.

Trade with a purpose, trade with a plan, trade with a right trading philosophy.



Eric Lye