| One of the most important skills to have as an | | | | traders / investors must fight the urge to sell too |
| investor or trader is patience. You have to know | | | | early or too late. If you are a long term investor, it is |
| how to control your impulses and not to act on | | | | important to have patience so you do not impulsively |
| emotion. Patient traders and investors have done | | | | sell when the market starts to turn down or buy |
| their homework- They have precise entry and exit | | | | back at the top of the market. This usually results in |
| times and they stick to them. Sticking to your | | | | losing your money. |
| strategy is most important. You did research for a | | | | If you are a short-term trader, you must also have |
| reason, you took the time to develop a strategy for | | | | patience. Even though short-term traders hold onto |
| a reason, now be sure to follow it. | | | | their stocks for a shorter period of time, they must |
| First, Choose The Right Stock | | | | know how to tolerantly wait for the best time to sell. |
| It's important to remember that there are many | | | | Selling too early does not allow one's profits to grow |
| different stock opportunities and it is not necessary | | | | quickly. The same goes for holding on to a stock for |
| to grab each one. You want to be sure that the | | | | too long, hoping that it will eventually go up if it hasn't |
| opportunities you take fit within your trading or | | | | already. Don't turn your trade into an investment. |
| investing goals. If the stock that you chose isn't | | | | Accept your losses and get out. Most importantly, |
| meeting your criteria, be patient and find a new one. | | | | learn from your mistakes. Waiting for the right entry |
| There are always other opportunities available. | | | | and exit points is key to every successful trade / |
| Wait For Your Entry Point | | | | investment. |
| Once you have done your research and picked an | | | | Gaining Patience |
| entry point, wait for it. You may expect the stock to | | | | One of the best ways to gain patience is to try to |
| quickly fall to your entry point, but instead the price | | | | view the trades objectively. If you try to view the |
| rises. Don't panic. Just because the price rises doesn't | | | | trades with the attitude that you are not losing out |
| mean that it won't fall. Don't enter above your | | | | on something big, you may be able to resist the |
| planned entry point because you're afraid you'll miss | | | | temptation to enter or exit early. A cold approach to |
| the trade. If you enter above it, you will lose some | | | | trading may increase your tolerance and thus |
| of your potential profit. Be patient. The stock will | | | | increase your profits. Just because you like the |
| eventually fall back. Take some time to remind | | | | company that you're trading or investing with does |
| yourself why you decided on your entry point to | | | | not mean you should stick with it regardless. Be |
| begin with. | | | | objective and don't bring your emotions into it. |
| Wait For The Right Time To Sell | | | | Fighting impulse and being objective is the best way |
| Once you have bought a stock, you have to know | | | | to become profitable. Patience is the most vital |
| how to wait patiently for the right time to sell. All | | | | characteristic to develop in order to be successful. |