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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Trading With Patience – Ambushing Price Action Trade Setups

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By in Forex Trading Tutorials Last updated on | 39 Comments

Bengal tiger and sambar deers, IndiaToday’s lesson should not be taken lightly, it contains some very important concepts that I have learned after trading the markets for many years. This article provides some insight into trading with patience and how it can help you avoid over-trading and losing your shirt (or house) in the markets…

One of the most effective weapons in our Forex trading arsenal to help fight the most prevalent of trading enemies; over-trading and over-leveraging… is PATIENCE. Patience is a necessary ingredient for successful trading, in fact it is probably thee most important ingredient; without patience, you are almost guaranteed to struggle or fail as a trader.

The old saying, “patience is a virtue” is as applicable to the world of Forex trading as it is to any. Patience also happens to be the main virtue that most traders are deficient in, and this helps explain why most traders fail to make consistent money, or any money in the market.

The importance of having being a patient trader cannot be emphasized enough, in fact, one could even say that there is a positive correlation between the equity curve of your trading account and the amount of patience you possess as a trader. In other words, focusing on developing and maintaining patience while trading the market will cause your equity curve to rise much more consistently than not paying any attention or little attention to patience, as most traders do.

Why patience is SO important for a trader

It is one thing to simply state that patience IS important to your long-term trading success; however, most people reading this will want to know WHY patience is important to Forex trading and HOW to implement it. The reason why patience is such a crucial part of being a consistently profitable trader is mainly because patience increases your accuracy, or your “strike rate”. As you become more accurate in your trades, you obviously will have fewer losers and more winners, which will have a direct impact on your forex money management plan. When you hit winning trades as a result of being patient and waiting for that picture perfect setup to come along and then executing it without hesitation, you essentially reinforce one of the best trading habits anyone can learn, which is of course patience. Trading success depends entirely on the concept of reinforcing good habits and eliminating bad trading habits, unfortunately most traders do the exact opposite, which is why most of them fail.

HOW to trade with patience

Now, let us move on to how you can begin implementing patience into your trading routine. If you have been studying price action trading for some time now, you already have an excellent trading method that will reward you many times over for being a patient trader. Being patient while trading with price action goes something like this: you see what looks like a decent pin bar formation but it is going against a rather strong trend, because you know that this setup has a much lower probability of working out than a pin bar setup with a strongly trending market, you sit on your hands and pass it up, don’t think anymore about it, even if it works out it does not matter because you just exercised patience, and you will be rewarded for it the more you use it. Now, a day or two has gone by, still no good price action setups have formed, then you notice as the New York session closes out there is a very nice fakey setup that has formed with the dominant daily trend, you enter your trading parameters and let the trade take its course.

The above scenario is one example of trading with patience. You need to remember that once you commit to becoming a patient trader you cannot waffle on it, meaning you can’t be patient for a week and then lose your patience the next week. Being a patient trader means you might only trade 4 times a month. But if you win on all 4 of those trades as compared to taking 15 trades and losing on 10 of them, you are going to be much further ahead, both financially and emotionally. There is much to be said about the power of patience in helping you remain objective and calm in all your trading decisions.

In conclusion

Being a patient trader is just one piece of the puzzle that must be in place for the picture of consistently profitable Forex trading to be complete. If you do not learn to exercise the proper amount of patience while trading the markets, you will begin doing all kinds of self-destructive things to your trading account; over-trading, trading off too low of a time frame, over-leveraging, etc. Simply put, you cannot become a consistently profitable Forex trader if you don’t understand why patience is a crucial component to Forex trading success and make it a part of your daily trading routine. The power of price action trading and the positive habit of patience is a very potent combination that can drastically improve your odds of becoming a great trader. If you want to learn some excellent price action trading strategies that can put you on the path towards becoming a profitable trader, check out my forex trading course for more information.

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. MUNGE August 13, 2019 at 4:36 pm

    Some points to be highlight patience is key ,not interfering with trades

    Reply
  2. Tom May 4, 2012 at 7:54 pm

    Thanks Nial.
    Am really encourage, though am new to FX!
    Great stuff, God Bless You.

    Reply
  3. Dillon May 4, 2012 at 12:12 am

    This is my first time here, and a lot of the information on your site fits me exactly! I have every single one of these problems…

    This article may have changed the way I look at the market, excellent stuff!

    Reply
  4. Sonja May 1, 2012 at 6:51 am

    You rock Nial, you are THE BEST mentor in the world!
    Keep it going!

    Reply
  5. slivester May 1, 2012 at 1:47 am

    thanks very2 much sir

    Reply
  6. Todor May 1, 2012 at 1:17 am

    You have my bow again, Nial! Everything you teach i find a piece of genius. I should only learn and apply. Thank you very much indeed!

    Reply
  7. julius April 30, 2012 at 9:02 pm

    Nial, All that you listed were the things that choked me.Thank you for always being there. May God bless you.

    Reply
  8. eileen khoo April 30, 2012 at 2:42 pm

    Thank Nial! You had just hit on my obsession and over-analyzing so much so that more often than not I just missed th trade. Will take note and work on that, thanks once again!

    Reply
  9. Kevin(Zach)Harper April 30, 2012 at 9:19 am

    Great Stuff Nial
    Have to totally agree….Be Patient…Be Patient….and then finally ask yourself …Is this really a quality trade setup ???

    Excellent Nial

    Reply
  10. anton April 30, 2012 at 6:33 am

    A++ Article. If you cant grasp the above points then their is no saving you from ruin.

    Reply
  11. pecsen April 29, 2012 at 8:02 pm

    Very useful article again, thank you Nail for your effort!
    In many cases I tried to be patient, but I wasn’t strong enough, so I did some mistakes:
    I checked the charts during working hours, I checked it on mobile phone and modified stop, limit etc. Like others I also do try to reduce the number of my mistakes,
    so first of all I decided to remove the trader application from my phone (however it was perfect, I loved it, but don’t need it), and I started to use weekly charts and the daily. Nowdays I take pending entry (stop, limit) orders and I don’t check the charts for one or two days. I will try to not change the view of the charts to 4h candle, the daily is much stronger and contains everything I need.
    And I wait to close the daily candles. I already haven’t read articles about economy for x month, I’ve spent my time with much more useful things (want to improve my english).
    I’m sure If I’ll not violate these rules, I’ll be much more successful in trading (of course by Nail’s price action) with less effort and less stress and with better english :) Sometimes you have to be strict with yourself (others will not be) during the road to the main goal. Just my two cents! Good luck! :)

    Reply
  12. Yusuf Hammed April 29, 2012 at 5:53 pm

    Nial you are a FX GURU you know how unsuccessful fx traders feel.Every FX trader most learn how to be Patient and looks for Good set up before they enter the market.I like you, you just keep it simple and make it simple.

    Reply
  13. Jerry Snyder April 29, 2012 at 11:48 am

    Hi Nial,
    as always you are right on – I know that I have to keep reminding myself and your timing is remarkable – thanks -jerry

    Reply
  14. Amio April 29, 2012 at 6:33 am

    Very true.What are the antidotes?

    Reply
  15. DRS April 29, 2012 at 5:45 am

    2 years is what it takes to work out the markets.

    Reply
  16. sez elabor April 29, 2012 at 4:25 am

    what can i say Nial? you are the epitome of a professional trader.. this artcle is splendid and good for traders.. you are the best Forex Mentor i have ever known.. thank you a million times..

    Reply
  17. Robert Meinecke April 29, 2012 at 4:21 am

    Thank You Nial for a Block Buster Article. This is exacttly what has happened to me and it is a wake up call for me. You really know how to hit home in such an easy understanding way. I really liked your “Holy Grail” desription about patience. Thank you again.
    Robert

    Reply
  18. Bhupinder April 28, 2012 at 11:42 pm

    Just Brilliant. Thanks for making things easier Nial.

    Reply
  19. AMIN MALIK April 28, 2012 at 11:20 pm

    NIAL! Thank you for being pretty serious in your MISSION of helping Traders at large. For sure, many of us are improving/ developing the proper MINDSET to become a successful TRADER. Your ability to get to the MEAT of the subject is IMPRESSIVE. Please keep coming. THANKS & REGARDS. AMIN

    Reply
  20. Jude FX April 28, 2012 at 9:32 pm

    your articles are very factual for anyone who can follow them. keep it up because you are changing lives!

    Reply
  21. Tay Jui Chuan April 28, 2012 at 8:23 pm

    Hi Nial,
    Thank you very much for this timely article and a very timely reminder.
    Thank you very much

    Reply
  22. hamish April 28, 2012 at 6:34 pm

    todays lesson is bang on and a must for all wannabe successful traders. great insite and knowledge to be gained for all. thanks Nial

    Reply
  23. Ramli April 28, 2012 at 4:52 pm

    Thanks n Cheers

    Reply
  24. John April 28, 2012 at 11:20 am

    Banks and institutional traders sit on the side line, why shouldn’t we. Thank you Nial Cash is a position.

    Reply
  25. Colin April 28, 2012 at 7:54 am

    Thanks Nial thats the best lesson yet. It somes me up what I used to do, But slowly breaking all my bad habits. I am saving all these 5 lessons & will keep going over them just to help me through some rough patches Thanks Nial Great Lesson

    Reply
  26. Oztrades April 28, 2012 at 7:42 am

    Well said. Just topped up my account and am sitting. Missed the big pin bar on the AUD/USD 4 hrly yesterday….. waiting for the next bus to hop on.

    Reply
  27. Isaac April 28, 2012 at 6:18 am

    Great write up, thanks

    Reply
  28. wilson April 28, 2012 at 4:06 am

    Nial excellent theme, the simple is better, thanks.

    Reply
  29. Russ April 28, 2012 at 4:04 am

    Nail on the head Nial!!!! You are a truth bringer!

    Reply
  30. dcsneeden April 28, 2012 at 3:19 am

    Excellent article Nial! If feels like you know all my struggles or maybe you have experienced all of these challenges. I definately need more patience! Thanks.

    Reply
  31. inder sachdev April 28, 2012 at 2:18 am

    Simply amazing!

    Reply
  32. Zahid April 28, 2012 at 1:58 am

    Great article as usual. Scanned the brain, thinking and psychology of the newbi. I have learned a lot through it. Thank you Nial.

    Zahid Malik

    Reply
  33. flash April 28, 2012 at 1:36 am

    I dont often post comments, but it is warranted this time. This one is a duizzie! 10/10! Well done Nial.

    Reply
  34. Pham April 28, 2012 at 12:59 am

    Great article, very useful, I like it a lot, thanks Nial for that!

    Reply
  35. Jeevan April 28, 2012 at 12:33 am

    well said, a lesson to be followed and applied for each traders on their trade, as you always say keep it simple and short – is the key to success i always believe, nice work again,, may this lesson awakes someone

    Reply
  36. Kimbo4x April 28, 2012 at 12:32 am

    Great article. I believe overtrading is part of our “work ethic.”

    Many of us think that if we don’t trade today, we didn’t put in an honest days work. It goes against our “work ethic.” Deciding NOT to take a trade is WORK, too. Work smarter, not harder.

    Looking at Andy’s post, I would greatly appreciate feedback from Nial.

    Personally, I believe in setting pending entry orders. You must be careful, though. I reduce my position size, and I only choose trades where the risk reward ratio is quite high — in fact a set my entry level to increase that RRR (like using a 62% retrace instead of 50% retrace). Also, I only do this in early to mid Tokyo session so the limit order trade has a chance to grow throughout London and NY.

    Kim

    Reply
  37. AndyH April 27, 2012 at 11:57 pm

    Great article. Trying to internalize all these lessons. I often feel compelled to trade because I have a narrow window in which I can. 6PM to 1AM EST when things can be a bit slow. Nial, since we are most clear minded when we are out of the market, would it make sense for us to set up pending orders?

    ~ Andy

    Reply
  38. YangL April 27, 2012 at 11:42 pm

    Technique, patience and discipline are key to win, thank you for your sharing!

    Reply
  39. ed April 27, 2012 at 11:39 pm

    #1 hits the nail on the head! thx

    Reply
  40. cheetu April 27, 2012 at 10:59 pm

    Hi,

    Essentially it says get off the GRQ brain!

    -Cheeti

    Reply
  41. Wes April 27, 2012 at 10:51 pm

    Yea Man! Didn’t start being profitable until I learned patience.

    Reply
  42. onesi John April 27, 2012 at 10:18 pm

    nice article, thanks for all ur service to the trading community

    Reply
  43. samuel April 27, 2012 at 10:04 pm

    What an article! Thanks Nail,prof of price action.This is too good.

    Reply
  44. Kenny R April 27, 2012 at 10:04 pm

    Great Great post Nial. I used to do all that before I learned Price Action trading on a naked chart. I’m making a killing using just one Price Action setup that I can call all mine now. Trading can get pre-school easy when you have a well defined strategy and plan with strict money management. Mix in some patience and discipline and BINGO!!! There’s your holy grail right there. Account is up 40% in 120 days taking a few trades a month of just pin bars! Love it!

    Reply
  45. Chris H April 27, 2012 at 9:51 pm

    Good stuff Niall and I recognise some of thse. You deserve encouragement – there are some dreadful so called mentors out there. Keep it going m8!

    Reply
  46. Chris April 27, 2012 at 9:33 pm

    An amazingly intuitive piece of work Nial. You really hit home. recently I was thinking about what the most powerful weapon in the forex asrenal is and maybe illogically came to the concusion that “you do not have to trade”. No-one is holding a gun to your head and forcing you to trade. So patience, waiting for best opportunity to come along is everything.

    Reply

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