Patience pays.<\/p>\n
When it comes to trading, that’s my motto.<\/p>\n
I’ve now coached a statistically significant sample size of over 3,000 traders. And I’ve worked with enough traders to find reliable patterns based on what gets results and what doesn’t.<\/p>\n
One of the most common reasons that traders fail has nothing to do with their ability to read the market or manage a position.<\/p>\n
Instead, the biggest downfall for many traders is their impatience. A good trader isn’t defined by their ability to spot great trades.<\/p>\n
Instead, it’s by their ability to avoid bad trades. This is where trading and playing Texas hold ‘em poker are very similar to one another…<\/p>\n
You see, a game of Texas hold ‘em will see a total of seven cards dealt in three stages…<\/p>\n
First, each player will get two cards, and won’t reveal them to their opponents. Next, the dealer will lay three more cards facing up. This sequence is known as the flop, and are communal cards.<\/p>\n
After the flop comes a fourth communal card, the turn. Finally, there’s the fifth and final communal card, the river.<\/p>\n
Between each stage that the cards are handed out, a round of betting takes place. This is where players will jockey for position and try to force their opponents to fold their hand by raising the stakes.<\/p>\n
If a player bets the required amount to stay in the game, then they get to see the next community cards that the dealer will pull from the deck.<\/p>\n
But here’s where trading and poker are very similar…<\/p>\n