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How Long Should You Wait for a Trade?

When Is The Trading Time Right?

How long should you wait?

Recently I was looking through binary options online forums, and I ran across a question I think would be good to answer. The trader had complained that he felt like he was waiting forever for a trade to show up. After that, he announces that he has only won three trades out of his past twelve—a terrible ratio. He then adds that he recognizes that some market conditions are unfriendly toward trading, but again iterates his impatience. “How long do you wait for a trade, 15 minutes, 30 minutes, an hour?”

Thankfully the top response to his question was one that I agree with. The answer was, “As long as it takes.”

When you are trading binary options online, it is helpful (actually, essential) to stop thinking in terms of set periods of time. I think a lot of us tend to function this way in part because so many of us have worked jobs which pay by the hour. Even “salaried” positions nowadays often pay this way. But trading is not a pay-by-the-hour kind of job. It is a job that pays according to how solid your trades are—not how often they come up.

I see several distinct problems with this question.

It can be done, but not with that mindset.

When you learn the art of being patient as a trader, you cannot be thinking about just the next fifteen minutes, or just the next hour. You have to acknowledge that winning, really winning, is going to take years of effort. You do need to focus on the present, but you cannot expect to get rich overnight. This trader has the “get rich quick” mindset. He actually believes the path to wealth can be measured in short little intervals. Even if there is a good reason to strive for success as quickly as possible, nothing justifies rushing, because rushing always leads to the same destination: bankruptcy. You have to treat this like a business and take your time.

Don’t let your impatience spoil your trades – to develop your trading discipline.

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