Walter Bressert Futures...Online: The Twelfth Cardinal Mistake: Lack of Patience


The Twelfth Cardinal Mistake:


Or trading for the excitement, not the profit.

The average life of a commodity trader is somewhere between five minutes and nine months. Not all commodity traders trade because they want to make money. Many trade because they want the action. Think about it -- must you have a trade a day, or can you patiently wait for the high probability trades, even if it means standing aside for a week or two?

For those of you who wish to learn how to make money in the commodities markets, rest assured you can. However do not expect to make money in each and every trade. If you concentrate on not breaking the 12 CARDINAL MISTAKES of commodities trading, you have a greater probability of making money over a period of time. Certainly you will have losing trades. Certainly the market will do the unexpected and at times you will lose more than you expected; but if you steadfastly avoid making these mistakes you must make money.

By studying the past history of a market you can isolate high probability trades and situations that offer exceptionally large profits relative to the dollar risk.

You must evaluate your own trading and determine whether you really trade to make money, or for the action and excitement. To overcome this mistake, you must develop patience, do your homework, and research markets for high probability trades.

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