How to "sit tight" in the market

I have been reading “ Reminiscences of a Stock Operator” – reminiscences of the legendary speculator Jesse Livermore.

Among his words of wisdom, this is the line I have been repeatedly engraving in my mind:

“The big money is made by sitting, not thinking. Men who can both be right and sit tight are uncommon.” 

The first condition is my tape reading is correct. The second condition is to go along with the speculation and just sit tight until the result becomes clear. 

So far, I came to the point that I do not have second thought when deciding the time to enter the market after waiting for the real chance…thanks to Elliott wave analysis.

The real issue with me is thereafter.

Whenever the market did not accelerate and were rather sluggish, I almost certainly used to start hesitating, and went out and in the market without a good reason.

The recent winning rate of my trading record is over 60%, so if I look back now, those hesitations were nothing meaningful, and the right move was not to jump out of the market unless the loss cut order that had been set at the first place was triggered. Keeping on taking glances on the chart was a total waste of energy.

So, from now on when I make trading plans, I will also consider for how many hours I shut the chart down from my eyes after setting limit and loss-cut orders.

Keeping me from opening the chart – I guess that is the only way for me stop being hesitant, and be able to just “sit tight”.

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"","","","","$29,058.30","","","","","","","","","","","","","","","","","","","","41.95%","","","2.00%","","","","","","","","","","","","","","","","","","","","","","","","","","","",""
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