38-STEPS TO BECOMING A
SUCCESSFUL TRADER
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Steps to Successful Commodities Futures Trading
as published in Commodity Futures Trading Club News
and in Traders Organization's Real Success Daytrading Course
- We accumulate trading information - buying books, going to seminars and
researching.
- We begin to trade with our 'new' knowledge.
- We consistently 'donate' and then realize we may need more knowledge or
information.
- We accumulate more information.
- We switch the commodities we are currently following.
- We go back into the market and trade with our 'updated' knowledge.
- We get 'beat up' again and begin to lose some of our confidence. Fear starts
setting in.
- We start to listen to 'outside news' & other traders.
- We go back into the market and continue to donate.
- We switch commodities again.
- We search for more trading information.
- We go back into the market and continue to donate.
- We get 'overconfident' & market humbles us.
- We start to understand that trading success fully is going to take more
time and more knowledge then we anticipated.
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Many Traders Will
Give up at this Point as they Realize Work is Involved
- We get serious and start concentrating on learning a 'real' methodology.
- We trade our methodology with some success, but realize that something
is missing.
- We begin to understand the need for having rules to apply our methodology.
- We take a sabbatical from trading to develop and research our trading rules.
- We start trading again, this time with rules and find some success, but
overall we still hesitate when it comes time to execute. We start trading
again, this time with rules and find some success, but overall we still hesitate
when it comes time to execute.
- We add, subtract and modify rules as we see a need to be more proficient
with our rules.
- We go back into the market and continue to donate. We go back into the market
and continue to donate.
- We start to take responsibility for our trading results as we understand
that our success is in us, not the trade methodology.
- We continue to trade and become more proficient with our methodology and
our rules.
- As we trade we still have a tendency to violate our rules and our results
are erratic.
- We know we are close.
- We go back and research our rules.
- We build the confidence in our rules and go back into the market and trade.
- Our trading results are getting better, but we are still hesitating in executing
our rules.
- We now see the importance of following our rules as we see the results of
our trades when we don't follow them.
- We begin to see that our lack of success is within us (a lack of discipline
in following the rules because of some kind of fear) and we begin to work
on knowing ourselves better.
- We continue to trade and the market teaches us more and more about ourselves.
- We master our methodology and trading rules.
- We begin to consistently make money. We begin to consistently make money.
- We get a little overconfident and the market humbles us.
- We continue to learn our lessons.
- We stop thinking and allow our rules to trade for us (trading becomes boring,
but successful) and our trading account continues to grow as we increase our
contract size.
- We are making more money then we ever dreamed to be possible.
- We go on with our lives and accomplish many of the goals we had always dreamed
of.
from -- http://www.commodities-futures.com/