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RT'ers,
I've been following this thread with quite a bit of interest.
Many professional traders have contributed their ideas, and I have
been thinking about what I could add, that hasn't already been said.
Here are my thoughts:
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# 1
Have attainable goals ---
Write down one or two long term goals, and then
write a list of short term goals that will get you to them. The short
term goals should be reasonable, and progressive, although not
necessarily large. One short term goal might be nothing more than
getting your modem set up just right, or making sure all of your
charts and information are set up for tomorrow's trading.
Remember that your time is a commodity, and you have to put every
minute to good use. When you complete a goal, take the time to pat
yourself on the back.
Creating and attaining goals makes you a better trader because it
gives you confidence.
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# 2
Trading isn't about beautiful technical systems, or crystal trading
epiphanies. Trading is about making more money than you lose ---
In the end, our egoes won't put the Ramen noodles on the table.
Scratch and fight for even the smallest ort of information that will
give you an edge.
Examine every trading idea you come accross in that light. take the
time to look at EVERYTHING, no matter how bizarre it might sound,
because you will probably come away with at least one good idea
from it.
****************************************
# 3
Every trader has access to "The Holy Grail". It is that Cauliflower
shaped organ in back of their eye-balls. ----
The greatest trading tool you have is your brain. Don't take any
trading idea you see or read at face value. take it apart and
spread it out. Add, subtract and divide it. What is your own good
common sense telling you about it?
Don't be afraid to use your brain to create a new system from the
bits and pieces of others. And NEVER be afraid to strike out on
your own and create a system for yourself.
************************************************
# 4
Watch the world around you. It provides excellent trading ideas
every day ----
Did you know that many of the more popular martial arts are based on
the movements of animals? The Masters were keen observers of Nature,
and knew that acts displaying natural harmony carried intrinsic power.
We can apply these concepts in modern terms.
One system that I wrote, and it is one I still trade, had it's
origins in watching the way a Frisbee behaved in flight.
Yes, I KNOW that sounds stupid, but it works (See thought # 2 ! ).
*******************************************************
# 5
When you aren't in a good frame of mind to trade, don't . When you
are, trade like you mean it. ----
Basically, this means that when you aren't trading, get a life. Don't
spend all your time thinking about it. Play with your kids. Rake up
the leaves in the yard. Go to the movies. Whatever.
This also means that when you ARE trading or analyzing, DO IT. No
distractions. Make sure you create an environment that allows you to
tune in on what you are doing.
**********************************
# 6
After you have traded futures for a while, start taking a hard look
at learning how to trade options. -----
It is vitally important for a trader to know how to implement and
use options to their advantage. They are a wonderfull tool because
many people are not willing to take the time to understand how they
work.
No doubt you recently heard Norman Winski mention his
successful Silver trade. I've got five bucks that says he was also
selling option premium before rolling out, and selling it later on as
well.
**********************************************
Well, I guess that's it. Anything else I can think of has been said
100 times already. :)
If you don't understand something that was said above, make it your
business to find out. In the end, that's the only real difference
between the professional trader, and the part-timer.
Walt Downs
CIS Trading
http://cistrader.com
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