Patience in trading is the ability to wait to take action until it's the right time. Ego, impulses, boredom, and greed, can overcome a traders resolve and cause them to take action too soon or too much.
Patience is the ability to follow a trading plan in real time with discipline and focus. Although the best investors and traders understand the importance of patience, it is one of the most difficult skills to learn as an investor and trader.
Patience and discipline are both virtues that will benefit all traders, keeping emotion and snap judgments in check. Due diligence and quality research should inform your decisions about when to get in and out of trades, and allowing the price to catch up with the fundamentals can take some time.