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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. 

 

Comments 3

Lindsay Revell on Friday, 28 August 2020 06:48

Love it

Love it
Guest - J on Friday, 28 August 2020 07:28

Todays Chart scan : Escape Congestion . This is very practical, when someone make some commentary about chart with possibilities what to do. Please make more chart scans of this sort. Thx.

Todays Chart scan : Escape Congestion . This is very practical, when someone make some commentary about chart with possibilities what to do. Please make more chart scans of this sort. Thx.
Guest - Peter Orange on Friday, 04 September 2020 06:30

Thank you, Joe. I studied under you as part of Shane’s Trading in 1991. You were such a blessing the and you still are.

Thank you, Joe. I studied under you as part of Shane’s Trading in 1991. You were such a blessing the and you still are.
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Monday, 26 October 2020

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Derivative transactions, including futures, are complex and carry a high degree of risk. They are intended for sophisticated investors and are not suitable for everyone. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, and all of which can adversely affect actual trading results. For more information, see the Risk Disclosure Statement for Futures and Options.