Impulsiveness Is One of the Trader’s Worst Enemies

Several years of experience have taught me that making impulsive decisions can be one of the trader’s worst mistakes. I admit that it can be really difficult to just sit and wait for the opportune moment to place an order and some people do so out of sheer impatience. Sometimes you place an order for the sake of placing an order, sometimes you close the order too early or too late because you couldn’t contain yourself. Either way, more often than not everything goes down the drain.

So I think it is really crucial to teach yourself patience and the ability to suppress any urge to enter (or indeed leave) the market just for the sake of doing so.