We often hear about how patience is essential for great trading. We need to give our trades some time and space to work. If we are overanxious and micro-manage them, then there is a good chance we will overact to minor movement and react at the wrong time.
While patience is essential, it must be balanced with aggressive and decisive action at the correct time. Great traders need to shift from doing nothing to making some big and bold moves in a very short amount of time. This is not an easy skill to develop, but over time as you become used to the ebb and flow of market action, it becomes easier.
There is a misconception that traders are constantly in motion. If you have very short time frames, you will be much more active at times, but even hyperactive day traders find that there are periods when they simply have to relax and let the market develop further.
Jesse Livermore, who is considered by some as one of the best traders ever, is credited with saying, "It was never my thinking that made big money for me. It was always my sitting."
There are times to act, and there are times to sit and wait. The key is to work on your strategy and plans while you are waiting to be mentally and emotionally prepared to take advantage when conditions start to shift.
I'm not doing much today in this lackluster market, but I'm ready to move when the time is right.