PATIENCE

Rating the setups

• * Tradable
• ** Good
• *** Great
• **** BEST
• ***** BEST OF THE BEST

Why not trade all of the setups?

The lower rated setups woulda take up most of my time/energy/ and buying power. But would add very little to my bottomline. Over time, i began to realize that majority of my profits were coming in from the 4* and 5* trades even though they were a small minority of my trades. And sometimes by trading the 1* and 2* setups, i would completely miss a 4* or 5* setup. The distraction of having so many trades would cause inferior entries and exits.I realized the opportunity cost was so great that I could make more money by trading less. I wanna trade only the best setups.

“My track record had nothing to do with me being smarter than him, or better than him. It was because i was being very selective,You wanna win at trading? Then only bet when when you know you’re right. The lesson here is don’t trade just to keep busy. I have to constantly fight that urge and i struggle constantly with it like everyone else. It’s hard to stare at numbers all day long and not act. It’s hard to watch people post trades in chatrooms, all day long, and not act. But just because everyone else is buying waffles, means its a good idea.” -LX21

“Trading to keep busy costs you money, you need to be patient. Patient to wait for the best opportunities. Patient to wait for the best entries. And patient when your in a trade, to let it work. Think of it this way, as traders, Our job is to be patient. Most of our time should be spent watching and waiting.” -LX21

“ I just wait until there is money lying in the corner, and all i have to do is go over there and pick it up.” - Jim Rogers