I haven't always been the most patient trader. In fact, in my early trading career I could never find the time to wait, I was always pushing for a new trade. I rarely cared about the environment and if it was fertile ground to make money or just a trap door waiting to open.
Not being patient taught me some powerful lessons and they hit me very hard on my bottom line. I can only imagine how some huge losses early on due to impatience would have been avoided simply by waiting a bit longer for the right moment.
Being an aggressive trader does not necessarily mean you're in the action all the time. Contrary to popular belief, having your capital on the line doesn't equate to being in the game. Some traders prefer to sit and wait for conditions to be more favorable, watching and observing the action rather than risking capital on a trade that could be risky. Strike like a cobra when the prey is within reach. Most successful traders are patient, waiting for their 'fat pitch' before taking a quality swing.
As an options trader, time is the most important element that I have to fight against. Buying options, calls or puts, gives the immediate advantage to the seller, my trades would be fighting the clock until they are closed out. I cannot spend my time holding onto a wasting asset if a stock is not going to move in the direction I am expecting. I need to move on.
Conditions do not have to be perfect to win, whether it is stocks, options, futures or commodities. But certainly the playing field should at least be even and fair, an opportunity using your technical or fundamental skills to make a profit.
The current market conditions are challenging at best, so now is my time to be patient, waiting for my moment to step in and trade. It's hard to do, but very beneficial to have plenty of firepower when the time is right.