by Gavin M.
Are you a patient person? If not, you probably won't be a good trader. We are so used to this high-speed information age that we want to get anything done quickly and as easy as possible. This isn't always the case with the markets.
Take for example today's trading action. Look at the S&P 500, it was hovering around 1700 for hours until it decided to fade end of day. I took a short at the top knowing there's a trading opportunity there. I got rewarded. Some people would automatically tweet at me, "Why don't you trade AAPL or something with momentum instead?" You see, it's not always possible, when you trade, you are making the most accurate decision available based on your understanding of the market.
If you can not wait for your trade setup to yield profits, then trading might not be for you. Trading involves some finesse and a lot of PATIENCE. Patience is needed in allowing your trade strategy to yield the desired effect. That 1700 short I need on S&P 500 took about 2 hours to yield $5000. Some people would find the 2 hours way too long. To make $5000 in 2 hours, that's nothing short of a miracle.
Find a way to control your impatience, and taper your greed. You need to always be on the ball when you are trading. Always stick to your plan. I recently blocked a few people on twitter because they were awfully annoying and asking me why I don't trade more to make more money. I always say this, if $5000 a day isn't a lot of money, then you got some real issues wherever you are.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.