Developing patience to allow the winner to run is totally an internal process. There is something that could be added here.
Make your trading process driven.
You take your entry based on the process wherein you find from the chart a low risk entry which is based on EW or TA.
Make your trading process driven.
You take your entry based on the process wherein you find from the chart a low risk entry which is based on EW or TA.
Apply the same logic to hold the trade as long as your EW/ TA suggests that the trade is still on for the calculated target. The moment the reason isn't there, exit but hold on to the trade till the reasons remain.
Most important thing to remember is: there will be corrections along the way while you hold your position and during these corrections which can be just a "flat" or a "zigzag" and TIME value as well as some amount of price value disappear.
However, if you're playing options for the 3rd wave, this factor will be minimum. Understanding corrections and allowing for some time within a reasonable retracement is key. You can also mitigate to some extent by part booking for which you must take more than 1 lot.
Another way is to take a cash position where in "TIME" value has no impact and it's easy to hold. By holding cash position & options, you can begin to understand your predicaments wrt options.
In the end, it all comes down to your belief in your study and your state of mind whether firm or fickle. As long as you're willing to lose a predetermined amount of money in a trade and have the SL in place, it becomes an automatic process.😃🙏
Best wishes.
Best wishes.
