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First of all...yes, it's hard to do well. No matter what anyone says, or
what you might see on the screen, or in ads, daytrading successfully the
futures markets is not easy...nor should anyone expect it to be. The
ultimate rewards (which are substantial) are too, and I do mean too, great
for this to be an easy exercise.
That said, one CAN enjoy success daytrading futures.
Rules that make sense:
1. Find a methodology or system that is successful. Backtest it to the
best of your resources, ask questions about it, understand it completely,
and set yourself up to trade it.
2. Trade the methodology. After a reasonable amount of time, examine your
results. Examine them carefully. Consult with others if necessary. If
changes are needed, then feel free to make them.
3. Resume realtime trading the methodology. Continue your periodic
examinations of the trading methodology. Constant tweaking is not the best
course...periodic evaluations and changes are prudent. How I traded in 1993
is different now as we move into 1999. Same basisc ideas...just different
applications and filters.
4. NEVER enter a strategy which puts your trading capital at risk of a
blow-out. If you want to trade, don't have much capital, there is always
the Mid-Am. Nothing wrong in trading the Mid-Am...many of my most
successful trading friends started out there. In order to play this
game...you have to be able to show up tomorrow with enough in your account
to put on a trade. You can't "bet the farm" in this business.
5. When your "ducks are in the row", then pull the trigger. I can tell
you...outside of experiences with my family...there is no greater "high"
than being on the right side of a trade. Especially, because I worked real
hard and figured it out. So can you.
Jim
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