Traders most often fail because they are seduced by the simplicity of the trading proposition and consumed by the Arcade environment (order management systems & supporting charting applications and tools) before they develop understanding for the work that needs to be done, why they need to do it, and how best to support their efforts.
The volume and rate of information driving price movement results in highly inconsistent market behavior requiring a fundamental decision-making process that keeps things simple. Successful traders have learned how to become certain of market state, confident in their strategy, and committed to waiting for market alignment. These three (3) focus points give the clear sense of purpose needed to make sure we are not seduced by the simplicity of the trading proposition or consumed by the temptations of the Arcade Environment. We become certain, confident, and committed by knowing the work that needs to be done, why we need to do it, and how best to support our efforts.
Successful traders have the humility to respect the complexities of futures trading. Here are steps you can take towards developing a more complete understanding for the depth of the trading challenge.
(*) identify your trader profile, acknowledge it, and detail why it places you in the best position to succeed. Make sure you understand the difference between fundamental, algo, and technical profiles.
(*) Develop a clear understanding for what Latency is and how it may affect construction and execution of your trading plan.
(*) set realistic expectations for your development and performance. Make sure to consider how your aptitude and desire will support your efforts.
(*) Understand that successful traders anticipate price movement. In other words they develop awareness for when the bid or offer is now their edge.
(*) Know the difference between managing performance and managing capital risk. Hint - performance risk is managed by embracing beliefs and assimilating behaviors that best support development of market awareness and sensitivity for execution.
(*) Acknowledge your Blind Spots. Each of us has three of them. Two relate directly to trading. The first is created by the difference between what we believe we know and the actual depth of our knowledge. The second is created by the difference between how we perceive our behavior and the reality of our conduct. Either of these Blind Spots can be fatal for a trader.
(*) Focus on developing a Future Vision mind set. Successful traders have developed a thought process allowing them to see further out on the horizon than others to anticipate and respond to opportunity and adversity created by the dynamics driving price movement.
Most of all remember trading will always be an art form. Successful traders have developed the self-trust to think independently. This provides them with the strong external focus needed to tap into their creativity and imagination to best anticipate and respond to price movement. They only sit down to trade when they are certain of market state, confident in their strategy, and committed to waiting for market alignment. If you are willing to figure out the work that needs to be done, why you need to do it, and how best to support your efforts then it is reasonable to expect trading success.
The volume and rate of information driving price movement results in highly inconsistent market behavior requiring a fundamental decision-making process that keeps things simple. Successful traders have learned how to become certain of market state, confident in their strategy, and committed to waiting for market alignment. These three (3) focus points give the clear sense of purpose needed to make sure we are not seduced by the simplicity of the trading proposition or consumed by the temptations of the Arcade Environment. We become certain, confident, and committed by knowing the work that needs to be done, why we need to do it, and how best to support our efforts.
Successful traders have the humility to respect the complexities of futures trading. Here are steps you can take towards developing a more complete understanding for the depth of the trading challenge.
(*) identify your trader profile, acknowledge it, and detail why it places you in the best position to succeed. Make sure you understand the difference between fundamental, algo, and technical profiles.
(*) Develop a clear understanding for what Latency is and how it may affect construction and execution of your trading plan.
(*) set realistic expectations for your development and performance. Make sure to consider how your aptitude and desire will support your efforts.
(*) Understand that successful traders anticipate price movement. In other words they develop awareness for when the bid or offer is now their edge.
(*) Know the difference between managing performance and managing capital risk. Hint - performance risk is managed by embracing beliefs and assimilating behaviors that best support development of market awareness and sensitivity for execution.
(*) Acknowledge your Blind Spots. Each of us has three of them. Two relate directly to trading. The first is created by the difference between what we believe we know and the actual depth of our knowledge. The second is created by the difference between how we perceive our behavior and the reality of our conduct. Either of these Blind Spots can be fatal for a trader.
(*) Focus on developing a Future Vision mind set. Successful traders have developed a thought process allowing them to see further out on the horizon than others to anticipate and respond to opportunity and adversity created by the dynamics driving price movement.
Most of all remember trading will always be an art form. Successful traders have developed the self-trust to think independently. This provides them with the strong external focus needed to tap into their creativity and imagination to best anticipate and respond to price movement. They only sit down to trade when they are certain of market state, confident in their strategy, and committed to waiting for market alignment. If you are willing to figure out the work that needs to be done, why you need to do it, and how best to support your efforts then it is reasonable to expect trading success.