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Secret 9

Patience pays

As Gann once said, “People are in too big a hurry to get rich, and as a result, they go broke.” Don't try to get rich in a few months. Don't try to catch all the fluctuations. Market movements of importance require weeks, even months to get ready. A few days (or longer) after a big move gets underway, there's generally plenty of time to buy or sell. At times, a man or woman with nerve, knowledge, and a bit of luck can turn a small amount of money into a fortune. However, this cannot be done continually. The very best trades come along only rarely. You need the patience to wait for the right trades. When they come, you need the patience not to be overanxious and get in too soon or overtrade. When you do get in and the market starts to move your way, you must have the patience to hold on tight until there's sufficient cause for closing out the trade. Remember that every act, either opening or closing a trade, must have a sound basis behind it. Never trade for the thrill of it. If you cannot see a definite trade, use your essential quality of patience and wait!

One last point on patience: After you are out of the market with a big profit, you don't need to be in too big a hurry to get back in. The best opportunities might be just around the corner, but they're not there every day. You need the patience to wait. Big account balances lead to the temptation to play for less than desirable trades. If you made a good profit, then look at it this way—you can now afford to wait a few weeks or months for the signs of the next big move.


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