Having Patience (PAYtience) in trading is a key element. In the long run it will pay to develop patience if the trader does not already have that characteristic.
I day trade the SP Emini 500 and use specific patterns. One pattern shown in the example below i use is called a 1.27 extension pattern. It is a Fibonacci ratio. I use specific price targets, stops and Fibonacci retracements for the exits.
The actual time for this trade was 45 minutes, which when trading a short time frame can seem like a very long time. However, learning when to have PAYtience and times to exit when a trade is clearly not working in your favor require experience and skill.
With the specific setups I use the majority of the time PAYtience will prove to be the correct thing.
Below is the chart example of our recent trade.

This entry was posted on Saturday, September 5th, 2009 at 11:16 am and is filed under Trading Live Online Trading Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.