Forex is easy and fast money.

Perhaps you are foolish enough to believe that. While Forex can reap wealth, it is not done fast nor is it done easy. The task itself of creating wealth does get easier, however it is only through experience and knowledge does that occur. Many traders are lured into Forex Trading with dreams of fast wealth. They expect to deposit $100 into an account and be a fulltime trader within a year’s time. Wealth takes time. And to endure the test of time, one needs patience. Patience, unfortunately, is something that is ignored by a lot of new traders.

With the advent of high speed Internet and high-powered computers, one can get into the market and out of the market in lightening fast speeds. Gone are the days when you only traded off a daily chart, mind you a chart that you literally drew with a paper and pen. There was no mouse button to click. Rather one had to actually pick up the telephone and call their broker.

As a result of high speed trading, scalping the market has become a popular trend. It can reap money fast, sometimes in a matter of seconds. New traders fall into the idea that they can adopt a scalping mentality. After all, they are excited to enter the market. And the need to be in the market results in overtrading. Scalping very much is a viable form of trading. However it should be reserved solely to those that understand the market and truly know how to tame the wild beast.

Patience is generally the last thing a trader learns, and sometimes they do not even bother to learn at all. However it is the one attribute that truly defines how profitable you can be in the market.

Allow me to illustrate patience.

Picture a battlefield. On this battlefield you have two soldiers. One soldier is young, fresh, and new. He’s eager for the fight. When he took a stroll through the armory he picked up every weapon he could. Armed to the teeth he was ready for battle. Charging hard into the field he pulled every trigger possible shooting at anything that moves in hopes to return home unscathed and with the spoils of war.

This young soldier is very much like a new trader. Excited to make a trade with dozens upon dozens of indicators at his disposal. Eager to trade the market, the new trader will jump in and out of the market constantly. Sometimes the new trader will stay in a trade too long, and sometimes pull out at the wrong time. It’s a lack of patience that a lot of times will result in the new trader blowing their first account.

Now lets examine the other soldier.

He’s crouched low under hidden in the bushes. This soldier knows this is in a safe place as he allowed himself time to survey the battlefield before entering it. He was able to see where he could sit and wait for his moment to strike. And in more times than not, with his experience, he knows that he is likely to be successful. In his hands he holds only one weapon. It’s a trusted rifle that he’s used time and time again. Sure he left behind a grenade, a rocket launcher, and dozens of machine guns along with the rest of the weapons in the armory. But he only needs one. It’s a trusted weapon. One that he has used for years and he will feel as if it is just another part of his own body.

This experienced soldier holds similar attributes as a seasoned trader. There is no need to have a chart full of indicators. He really only needs one, maybe two to be able to determine market movement. Also, instead of wildly entering into a trade, the seasoned trader will step back first and look at the big picture. He’ll know exactly when to enter the trade and when to exit even before entering the market.

So while the young soldier is running wildly onto the battlefield making a mess of things, the experienced trader holds his rifle up and prepares to shoot. He is patient. He is willing to wait as long as it takes until he knows he is able to take a single shot and wipe his target out.

The young soldier is leaving himself exposed on the battlefield. Tons of expensive ammunition is being wasted and he has no idea as to when he is going to exit the battlefield. He only knows that he is now on the field and there’s no sense on leaving the field until he has some sort of victory.

Eventually the young soldier falls into the sights of the experienced trader. He’s far enough away and hidden well enough that all the stray bullets are staying clear from him. Hours upon hours go by as the experience trader waits. He doesn’t want to miss. The young soldier has now grown tired of running around on the battlefield. And worst of all, nearly all of his ammo is spent. Eventually he turns around and starts to head off the battlefield in defeat, however he never makes it. The experienced trader pulled his trigger.

Patience.

Learn it.

Live it.

And watch your account grow.

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