A few thoughts on the need for patience in forex trading
I've used terms on these pages such as "scrappy markets" and "muted trading conditions" and sometimes even "Zzzzzzzzzzzzzzzzz" and they are the times you need to remind yourself that you don't need to trade, or be in the market, 24/7.
As a former interbank trader I didn't have the luxury of picking and choosing when to trade given that invariably I was always on call for a quote to another bank or corporate. So when markets were quiet we were grateful for the downtime to kick back in the chair or head down the pub (usually the latter).
The temptation to deal for the sake of it was always there and indeed being a bit of a player I could often make things happen in quiet times, but not always successfully. Dealing out of frustration is rarely a good idea.
I am conscious that many of you rarely step away from your screens or phones, and that really worries me. Trading should not become an obsession, but for many of you I fear it is and that is a dangerous state of mind.
So take it from an old git like me with 37 years of mixed (but overall profitable) success in this business and don't go chasing what isn't there. Sit back sometimes and take a deep breath.
You may miss a few pips here and there but, trust me, there'll be plenty more to feed on and, more importantly, your head and body will be in better shape to take full advantage.
I wish you good trading out there one and all.
