Is Trading Success depends on Plan and Patience?

SweetPrincess

Trader
May 9, 2017
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In Forex trading, we must have a good trading plan and requires a lot of patience in order to become successful in the business. What do you think?
 
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Reactions: sharabela

Banni

Trader
Apr 20, 2017
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Plans are understandable, but I don't know how patience helps in trading, I wouldn't say that patience helps, but perseverance helps most of all. But it has to be justified, not just to persevere in draining, one should learn from his mistakes.
 

Michelle Yeoh

Trader
Jul 9, 2017
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No doubt, plan and practice are very important parameter here! But, 1st of all, knowledge is the key point here! Without having enough knowledge, you won’t be able to make a suitable trading plan to you!
 

Kevin Murdok

Trader
Dec 12, 2017
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35
Maybe. But not for everyone. Many traders trade intuitively and do not have a plan. But patience is certainly the most important factor that is necessary for scalpers and fundamentalists alike.
 
Dec 9, 2017
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Yes trading depends on plan and patience. But there are more important thing. Knowledge and skills are the most important. Then come how well you can manage your trading emotions. People lose money due to lack of knowledge and emotional decision. Trading is combination of all these things.
 

Rayford Adam

Trader
Apr 27, 2018
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In Forex trading, we must have a good trading plan and requires a lot of patience in order to become successful in the business. What do you think?

Hi

According to me patience and plan play vital part in trading & these two come to us after much practice and experience.
 

PolinaPolly

Trader
May 3, 2018
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Completely agree that one needs both.
First of all, you need plan: choose a strategy, choose a broker you can trust and learn a lot. By the way, be sure a broker suits your strategy, cause some brokers do not allow to scalp, for example.
At the same time, do not underestimate the role of emotions! Cause the ones, who do, may fail in trading very quickly.
If you trade on demo accounts (which is also important, I believe), do not expect the same emotions when you trade on real ones. Here you need control and patience!!!
 

milornld

Trader
Aug 27, 2018
41
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new york
In Forex trading, we must have a good trading plan and requires a lot of patience in order to become successful in the business. What do you think?
Yes, I Agree Trading depends on Plan and Patience, but you also have good experience in forex and without practice, we can't earn money, So I think practice makes a man perfect.
 

trad$lo9r

Trader
Jul 4, 2018
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Though success in trading depends on several other factors also but yes a good trading plan and patience are very important to become successful.
 

J_C_Anderson

Trader
Aug 15, 2018
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Patience is very important for every trader. You need to hold profitable position long enough and not to cover too quick as most of the begginers do, watching then it`s flight "to the Moon".

The third important thing is Discipline to execute your trading plan and to be patient when you should be.
 

Ary Barroso

Active Trader
Jul 9, 2017
908
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Patience is very important for every trader. You need to hold profitable position long enough and not to cover too quick as most of the begginers do, watching then it`s flight "to the Moon".

The third important thing is Discipline to execute your trading plan and to be patient when you should be.

Very smart reply; really discipline is very much important pillar here! Without having this quantity it’s quite impossible to be a consistent performer.
 

sharabela

Master Trader
Oct 19, 2016
148
9
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I agree with you without any doubt. We must have a trading plan and be patient with trading. Having a good trading plan means combination of trading time, solid strategy, proper money management, and execution. Patience is vital too. Without being patient, we would never be successful in trading. It takes only 2 seconds to execute an entry, but it may take even a week to get a solid trade setup.
 

HeavenLeighGill

Active Trader
Aug 5, 2021
370
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I definitely believe a good trading plan is a necessity if you want to be successful. Also view successful traders as being patient, well-disciplined, and knowledgeable.