Six Steps to Becoming a Successful Trader

1. Focus on trading vehicles, strategies, and time horizons that suit your personality.

2. Identify non-random price behavior.

3. Absolutely prove to yourself that what you have found is statistically valid.

4. Set up trading rules.

5. Follow the rules.

6. Don't be afraid to abandon a rule that is no longer working.

In a nutshell, it all comes down to: do your own thing (independence); trade what you see (self-discipline); execute properly (self-control).

For the most part, we find that traders get caught up in all the wrong things. They come into this business and almost immediately are misdirected by the plethora of hype that serves only to confuse them. They are bombarded with misinformation of every imaginable kind. Is it any wonder that aspiring traders lack the courage of conviction needed to become winners in the market?

The key to successful trading is to keep it simple. The less complicated, the better. The less you trade, the better.