Be Patient when Trading
Traders do not particularly enjoy sitting on their hands. It is akin to going to a casino and not throwing a few dollars into a slot machine. The underlying concept is to be patient and wait for trades that really line up for your personal trading program -- trading method, attitude, and money management.
Be an active watcher: you are sitting on your hands, not covering your eyes. Ask questions, form hypotheses, see how the market reacts, draw conclusions, and take notes. You can learn from your in-progress trades without doing anything to alter them. But if you feel you are getting too attached to the trade, move on -- look at other charts for new opportunities.
Tip: Once you have entered a trade, you have for the moment done everything you can do. Now it is time to sit on your hands. Do not watch in-progress trades too carefully; the charts will incite you to make changes or just to do something. The line technique is very useful here; watch the lines form, not the bars.
Take a look at some 1-week currency pair charts right now. As you can see, major trends are common, but they take time to develop. 500-1000 pip trends are not uncommon. But how will you catch one if you take a 50 pip profit? Be proactive; sit on your hands.
By Michael Duane Archer