patience in day trading

Patience is a Virtue In the Market

Posted on March 14, 2013 · Posted in Blog

I’m sure you all have heard that saying before.  Well it really holds true in the market.  But is it really that important or are there other underlying things that actually affect our patience?

Initially when I decided I wanted to make a career out of gambling I actually thought that you either had patience or you didn’t.  It’s a talent.  And unfortunately for me it was something that I wasn’t even remotely talented at.

Eventually I finally learned that this wasn’t the case.  In fact it’s just like any other skill and over time you can develop it.  The problem with patience typically lies in our inability to learn the proper way.    You see there is an optimal way to learn things the proper way.  Most average people just don’t understand this.

Furthermore it’s these average people that are always asking me how the hell someone could get so lucky to be so great at two entirely different and insanely profitable things.   That’s where I got my nickname, Lucky Liz.

I can tell everyone who reads this that there is an actual formula to learning all this and it’s not that complicated.  After you understand it, you can literally learn and become great at anything that you decide to learn.

If I wanted I could literally learn and become great at any other thing I choose with this formula.  Obviously I don’t have a great deal of time so, for now I’ll stick to day trading.  🙂

The thing about this formula is that it also has everything to do with other emotions in the market.  Emotions such as greed, overconfidence, confidence, and fear.  If you properly learn this formula and understand what levels of learning you’re at then things will really begin to make sense.

For now I’m just going to list this formula out and in a future blog post I’ll give you an example on how you’d use this in your everyday actions to learn and improve.

Other than that take a look at my market recap for the day, which really showed me exercising a helluva lot of patience.

Like I told you before, I was a crazy kid with no patience.  Oh how things change when you just get, “it.”

Lastly I just wanted to thank you all for having patience to read through these blog posts and watch my trading recaps.   I’ve been getting a ton of emails and comments about them and when and if I still plan on showing my actual trade results.  I’ve been extremely busy and have a ton to catch up on.  So, I’m actually thinking of taking the next few days off from putting up a blog post as it takes quite a bit of time to plan and write it out.  I should catch up over the weekend and post both charts as well as real trading results.

Till this weekend.

 

About the author

Liz Herrera Liz Herrera is a day trader and former professional poker player. Between 2003-2011 she was one of the top female earners at the highest and most difficult stakes online. As a result, she was featured in Jared Tendler’s book, The Mental Game of Poker. Since then she has retired from online poker and now spends her time educating new day traders on the importance of a solid mindset.