The Market Will Be There Tomorrow
One of the keys to successful trading is eliminating any feeling of ‘needing’ to be in a trade. Traders often become fixated on believing if they miss ‘this trade’ there won’t be another one like it for a long time, their lack of experience and time in the market is the main culprit behind these feelings. This is not the proper way to think if you want to trade successfully. The fact is, there is always another trade, and most of the time there’s a better one right around the corner.
In what is perhaps an ironic ‘twist’ in the path to trading success, you almost have to not care if you are in a trade or not. Eliminating any ‘pressure’ or need to trade or make money is a good first step toward developing the proper trading mindset.
One of the most important facts of trading that I always remind myself and that helps me remain patient, is that the market will be there tomorrow. Starting today, I want you to remind yourself every day that “The Market Will Be There Tomorrow”. Write it out and hang it on the wall in your trading room if you need to: “The Market Will Be There Tomorrow” is now your trading motto.
Here are some common trading situations in which simply reminding yourself that “the market will be there tomorrow”, will help you stay patient and in a mindset that’s conducive to successful trading…
Getting too cocky / over-confident
So you just had a big winner? Feeling good about yourself? Feeling like you ‘own’ the market and that it’s now only a matter of time before you’re raking in the cash with ease?
You’re in danger. Extreme danger.
Getting cocky after a winning trade or after a few winners is usually what happens to most traders right before they have their biggest losers. It’s at this time, after a big winner / nice trade that you really need to stop and remind yourself that the market will be there tomorrow. Close up your computer, take a break for a couple days, take the rest of the week off, you need some time to let the cockiness subside, or else you will lose all the winnings you just made and probably more.
The market isn’t going anywhere, opportunities will be there when you come back. For now, enjoy your winning trade and step away from your trading screen for a few days.
Exiting a trade too soon
How many times have you entered a good trade and then as soon as it doesn’t do exactly what you would like it to, you close it early, only to see it play out in your favor a few days later? This is a mistake many traders make and it’s born out of feeling pressure again. You feel pressure to exit the trade because you fear it will continue to not do ‘what you expect’ and may turn into a loser.
Exiting a trade too soon is an emotion-based action and simply makes no sense in most cases. Assuming you’re entering on a strong price action signal and you’re not just over-trading, and you’ve set your stop loss properly and managed your risk properly, you have no logical reason to close a trade early in most cases. You need to give trades time to play out, give your trading edge (strategy) time to work for you, otherwise you’re voluntarily lowering the probability of your trading edge making you money over the long-run.
To help you stop exiting trades too early, remember that the market will be there tomorrow. You don’t know what the market will do tomorrow, and just because it’s against you by 25 pips, doesn’t mean it won’t reverse and move significantly back in your favor tomorrow.
Always base your trading decisions on two main principles:
1) You never know for sure what price will do tomorrow.
2) What is the price action on the chart actually doing vs. what do you ‘think’ it ‘might’ do?
If there’s no obvious price action based reason to close your trade early, then you need to leave it open and let the trade play out, otherwise you’ll never make any money! Don’t worry about what you think might happen, worry only about what’s really happening. A slight retrace against your position isn’t enough of a reason to exit a trade early. There are times it makes sense to exit early, like when the price dynamics are clearly changing or you get an obvious price action signal against your initial position, but these instances are usually the exception to the ‘rule’. Most of the time, it pays off over the long-run to ‘set and forget’ your trades and to help you do this, remember that the market will indeed be there tomorrow.
If you’re dealing with a period of major family stress or perhaps some life-changing family event, like the birth of a child or a death in the family etc., by all means, don’t trade during these times. When important things like this are happening, you need to remember that you’re not going to be in the proper trading mindset and so you won’t be able to make good trading decisions.
Just remember, the market will be there tomorrow, so take time away from the market when you need to and don’t make financial decisions when more important things are happening.
Jumping into a bad trade / over-trading
This one is obvious. If you’re sitting at your trading screen and you’ve analyzed all your favorite markets but you still don’t see any obvious trades ‘jumping out’ at you, it’s at THIS time you really need to say to yourself, “The market will be there tomorrow”.
Similarly, you don’t need to sit there watching the market all day. It’s not going anywhere. If there’s nothing happening and no obvious trades are setting up, close down your charts and come back tomorrow. Even if you’re in a trade, after you’ve checked in on it for the day, there’s no point in sitting there for 4 to 5 hours at a time just watching it. If you do this, you’ll probably end up making a stupid trading mistake like exiting before the trade has a chance to move or entering another trade / over-trading for no reason. The market will be there tomorrow, so you don’t need to sit there and obsess over your trade all night. Go to bed!
Simply reminding yourself that the market will be there tomorrow will help you remain patient, but it probably won’t be enough.
In order to get into that trading mindset that I discussed in the introduction of this lesson, you’ve got to have ‘distractions’. Your goal should be to reach a point where you literally ‘don’t care’ if you lose or win on any one trade, because you know that trading success is measured over the long-run, not by any one trade.
Having a steady job / source of income will help remove any pressure you might feel to trade or make money from trading right now. This, ironically, will likely have the ultimate effect of making you more money faster because you will feel less ‘need to trade’ and emotion in your trading, and as a result you’ll be more in-tune with the market and will have a much higher chance at trading from a mindset that’s conducive to profitable trading. Also, having hobbies that get you away from your computer like golf, working out, etc., will help.
Trading higher time frames will also help keep you patient. The daily chart time frame and 4 hour time frame will go far in helping you remain relaxed and patient with your trades. Especially when trading the daily charts in an end-of-day manner, you can simply check the markets once a day shortly after the New York close and either set up a trade or walk away and come back tomorrow if nothing formed. After all, the market isn’t going anywhere, it will be there tomorrow and every day after that. So, you need to use this fact to your advantage and chill out a little about your trading, relax, and start using time to your advantage rather than constantly feeling like you’re fighting it.
27 Comments Leave a Comment
Good lesson. Thanks
The market will be there is a good sentence to confirm no valid setup wait until tomorrow. Thank you for your great words.
thanks.i love it .
THANK YOU FOR THIS CANDID ADVICE.
Thanks Nial, great article
All I can say ‘God bless you’
This is great! Thanks a lot My Mentor,
God bless you.
Hi nail hebert here .thanks for staying true with your students , patients is the key to new an and pros in the trading game.l like it when you put plan and simple the market will be there tomorrow, well a lot of us thought well i, m going to go in and out of the market ,well you have proved us wrong. Keep up the good work.
The Market will be there tommorrow!
Well, i think in this business, there are two paths- the path everybody walks(especially at the onset of trading)which leads no where, and the path to walk, which leads to consistent profit.
Thanks NIAL, i am learning to walk the latter path through your insights
” Especially when trading the daily charts in an end-of-day
manner….” Thanks for you Nial, it helps me alot from emotion’s fluctuation and helps me to maintain discipline.
thanks a lot, I always tell myself and my friends that “the market will be there tomorrow” because it has been there for long time…
I would also include – don’t trade when you are sick or tired
WOW nial i am overwhelm over this article, you are something else, remain bless. Thanks.
thanks Nial, you a good person with a good heart. if we have just few of your type, this world would be a better place. I hope to be in Australia soon, and will love to meet u. Greetings to ur family
That is a very best motto to such people like me, I am going will defiantly apply that motto through out my trading learnings. That would be my second nature rule on the market.
Thabo Ntshisi RSA
Thanks for this post Nial. I’ve found myself choosing forex as my main source of income at one point in my life and it was stressful. Thankfully I have another source of income to use while I learn your method of price action trading and building up my confidence slowly…
Thanks Nial ,how many times that happened to me !!!:) But now I’m changing and I don’t chase the market anymore ..I let the pips come to me ..I like set and forget strategy I use it a lot as meanwhile I go to run with friends (when I don’t work !!)
Thanks Nial for your interesting article. I’ll keep in mind your advise
Have a good day ,Adriana
Good training advice and spot on for those of us beginning our trading careers or seasoned
veterans who may have fallen into the trading hole.
Wow…! You see what I am doing! I recently missed my T/P 100 pips on USDCAD and 200pips on EURUSD because of taking profit manually.
Thanks a lot Nial,
What you wrote to go wrong, was what exactly did happen to me. A few big wins and then I lost it in a day when I got greedy. Now I’ll wait like a croc for a big prey to eat. Meanwhile I relax.
Thanks Nial about this article, wel said.And believe this does not save in forex trading alone, but in any other market that is out for anyone for the take.Patience is key in knowing that the markets wil be around tomorrow for a brand new trade to make.
Very well explained Nial,
Thanks for the article.
I have been chasing the pips but the pips just getting away.
Thank u. l think u are talking to me directly. l gain a lot from this lesson .
great article Nial! ;)
Thanks Nial, this article is really a good learning curve for all traders.
what a simple but highly momentous lesson.
This is one of the reasons many are struggling in fx trading.
I can’t thank you enough, nial