I see too many people that think they can jump right in and pull off what those who have been doing for years and took month upon month of practice to obtain. Patience is the one ingredient that is missing in most trading plans, strategies and systems. Greed takes over and they catch the fever...it is all over after that, unless they can snub out the greed with discipline and develop the fortitude to use patience everyday, every trade! This following is a forum post on Forex Factory that I feel hit the nail squarely on the head:
"My observations in various traders forums and discussions made understand that many traders are careless and cautionless when trading. We sometimes alow greed to rob us of our hard earned profits. Mathematically and practically, I have proved to myself that the business of forex trading is highly rewarding. Any forex trader with good focus is already a rich man.The very important things to consider first for any trader that must benefit from the gold mine of currencies are:
1. Reduce your greed level
2. Enter every trade at the right time
3. Always close the day with profit
4. Develop and Focus on your strategy
5. Enjoy every step of trading.
Yes, every trader cannot reason the same way, but as for me, PATIENCE has a great role to play, when I started trading I was always making losses until I discovered that I was never patient enough.I now make remarkable trades because of patience. A trader can improve on his patience level by deciding what factors will prompt him to enter a trade or even exit a trade.For example, one can decide to enter a trade at the break of a pivot point and close it after every 10 pips is made.It is highly beneficial to note that trading without making gains is like throwing fortiunes into the thin air where others are there to gather it. " -FOREXMAN
Link to Post: http://www.forexfactory.com/showthread.php?p=1964570#post1964570