9Trading- Is Patience Overrated?
There is a saying that goes, “Good thing come to those who wait”. They say that patience is a virtue; that whatever happens, there will always be something good that just comes to our lives.
Although this is true in some cases and it can be really useful at times, there are also times where this virtue could let you lose as well.
I am talking about best way to invest money. When you’re a Betfair trader, you know how hard it is to choose the right trade. By ‘right trade’, I meant the trade that gives you the best possible chance of winning.
I had a chat with a friend of mine who happens to be a Betfair trader as well. I’ve started earlier than him. I’ve played for more than 10 years and he only played 5 years and although I started early, it took him only that many years to devise a pretty good trading plan.
One day, he went on a hot streak of winning 20 trades out of a total of 25. That is pretty good! But the man, given that he’s a perfectionist, is still not happy about what happened. “I could’ve won 2 more!”, he said. He added that had he waited a little bit longer, he would’ve won it all.
There lies the conundrum many traders face. Should I be patient and wait for the right opportunity or should I go with any trade and stick with it?
Which is Better: Being Patient or Being Impatient?
Because of how the market moves, this question is really hard. I guess the safest bet is to it depends on your play style. But one thing is for sure: it only goes one way. If you become patient on your entries, you cannot also be patient in your exits or vice versa.
There are certainly pros and cons to this. For instance, if you’re being patient and you absolutely pick only the ones that you feel will give you the best chances of getting profits, then it will all work out. The downside to this approach is that the perfect time might not come and you have missed an opportunity where you can earn due to waiting.
On the flip side, if you become impatient and you get all of the trades that come to you, you could potentially lose your profits, but that can instantly be fixed by using a tactic such as a scratch trade or stop loss.
The only main problem with being an impatient trader is that it takes a lot of focus and attention to make sure that you can still win big despite the bigger chance of losing and the bigger the risk level.
Patience is a virtue. However, being patient or impatient in trading have pros and cons. It all boils down on your play style. If you are more adventurous, then being impatient is okay. If you’re more methodical and you want a higher winning percentage (or quality) rather than the quantity, then being patient is great.