Hello everyone, today I would like to share with you another important factor in the mindset for opening a position—patience, the patience to wait for the right entry point.

When you are assessing whether a price meets your entry point criteria, there will inevitably be many factors tempting you to enter the market. This happens quite often; you might feel that it's almost there, good enough, and think, "I'll enter now, I don't see any issues."

When you have this feeling, you are essentially not far from a loss.

Patience is an extremely important asset for making money in this market. You must understand that I need to act like a trading machine. Until my entry point is reached and meets my standards, I will not enter, no matter what. I will maintain an empty position and wait for my entry point, waiting for my 1+1+1+1+1, until all these conditions are met, and then, okay, I will enter.

Even with so many +1s in this position, can it guarantee that I will make money? Not necessarily. However, it can significantly improve your accuracy and increase your success rate.

Advertisement

If this position has met so many conditions, and I still incur a loss after entering, what should I do? Optimize your system.

Consider which of these conditions were not met at all, which ones you were deceiving yourself about, because they were not actually achieved. You just wanted to enter the position, so you were deceiving yourself. This is the easiest thing we do when opening a position, which is to deceive ourselves.

What must we always think about?

It must be that after I enter, I will make money first. Especially when I have seen some that only meet two points, and they have not yet reached my standard, so I did not enter, and then suddenly the price drops, and I missed out on a profit of one or two hundred points. I am very annoyed; I should have entered earlier.But he hasn't come down yet, has he?

So there must be some points where we are deceiving ourselves, and this is also the essence of the final part of my course. I want to tell you why you can't resist this temptation, which is the weakness of human nature.

You must have some points where you are deceiving yourself. He does not meet your standards, yet you are eager to place an order. You are telling yourself, "I have achieved it; I am following my standards to place orders." This is very dangerous.

So the first thing we must do is that when we place an order and open a position, our conditions must be stringent enough. It must be a diversified set of conditions that meet at least three or four criteria before you can enter the order. The more stringent the conditions, the more rigorous the selection of entry points, and the more conditions you add, the higher your success rate will be.

The second point is that because there are many conditions, sometimes you need to wait for the entry point, and it may take a very long time. If it's at the daily level, you might have to wait for half a month or a month. Sometimes, from the four-hour level, you might have to wait for a week, three or five days, which is all possible.

So these first two pieces of knowledge are inseparable and are bound together.

The diversity of entry points, the rigor and strictness of conditions, and the patience to wait for the entry point are the mental states we must achieve in the first step of opening a position. We must tell ourselves in our hearts that when we open this position, we are going to make money, so we must make the conditions as rigorous as possible.

It's like when we look for a wife, or when you choose a husband, don't you first look at his conditions? Don't you also consider comprehensively, what kind of family does he come from? What is his educational background, what job does he have, what major did he study? Is his personality good or not? Right.

These are the same principles as trading and opening positions. The more stringent our conditions, the higher the success rate of our positions will be. We will not have to worry as much, and we won't be nervous in the follow-up, for example, when he slightly traps you but hasn't hit your stop loss yet. Because once you think about these things, you won't be nervous. You will feel very secure in your heart, and you will feel that everything is fine. When everything is fine, you will relax mentally.

So our first lesson is these two pieces of knowledge: one, the rigor of entry conditions, and a multi-dimensional thinking model. You should think about multi-dimensional conditions, the more conditions the better, and at least reach a certain score before I will enter this order.Secondly, while we are waiting for the right moment, we must maintain full patience, because the money is our own, and you should not throw it away so easily. Just like when I first started trading stocks, many aunties would haggle over the price of a pound of celery in the market, even fighting over a few cents with the vendor, but when someone recommends a stock, saying "Auntie, this stock is good," she wouldn't think twice and just throw tens of thousands of dollars into it.

Let's not be such leeks, okay? So we must have strict, rigorous, and diverse conditions, and we must have full patience to wait for our entry point. We are like hunters, slowly lying in the grass, waiting for our prey to appear.

Well, that's it for today's content. Welcome everyone to follow, like, and share! In the next session, I will tell you how to do right-side trading in this zero-sum game trading market.