Be Persistence

One of the most important quality a trader can posses is persistence. Trading requires the ability to continue trading even when results have not been good!!. Due to the nature of markets and trading systems , good times frequently follow bad times , and bad times frequently follow good times. Some of a trader’s greatest success occur following a string of losses. This is why traders must be persistence in applying their trading methods and continue using them for a reasonable period of time.

Individuals who quit too soon will not be in the markets when their systems begins to work ; those who quit too late will run out trading capital. Therefore , although persistence is important , it is  also important to quit and not play any longer using the existing system.

How do you develop persistence? While the answer appears simple , the implementation is not. The only way to be persistence is to force yourself initially to do everything that must be done according to the dictates of your system or method.

If you are having difficulty , try this. Make a commitment to a trading system or method. Follow through with that approach for a specific amount of time ; take every trade according to the system with as much consistence as possible. If  you are consistent in applying your rules , most cases you will have profits to show for your efforts. Even if your trading is not successful , you will have learned a great deal. You have learned that in a disciplined fashion and , moreover , that the only way to do is to be persistence by following as many trades and rules as possible.

Now compare the above scenarios to the ignorance and confusion that come from haphazardly trading or inconsistently applying trading rules. Think back to your experiences as  a trader. Remember your worst losing trades. You will find that losses that were taken according to a system or method are easier to accept psychologically , whereas those that were not accepted according to the rules often turn into terrible monsters , ultimately costing you much , much more than they should have financially as well as psychologically. To master the skill of persistence , you need to practice it. Make the commitment , and you will see some wonderful results , even over the short term.

Source : Intelligent futures trading By Chick Goslin