The 3 Biggest Road Blocks To Emini Trading Success
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Business
Apr 18, 2007
The 3 Biggest Road Blocks To Emini Trading Success
Imagine the perfect business...time freedom, you control your own destiny because you have no boss to answer to, you can work anywhere you have a laptop computer and an Internet connection, and potentially lucrative earnings. Emini futures trading has all this and more. So why is it that so many people who trade the Emini market, probably at least 80% of those who try, fail to become consistent, profitable traders? There are many reasons, but here are three major road blocks that stand out among the traders I know that tend to limit a traders' career to weeks or months instead of years. Road Block 1 - Not taking responsibility for your own actions. Taking responsibility for ones own actions brings up a huge divide between good traders and those who fail to make it long-term. Any time you hear a trader blaming his Broker, the Fed, the TV journalist, other traders running stops or anyone else, you just know they probably aren't going to make it as a professional trader. Professional traders never blame anyone or anything else. They make the decisions based on their analysis and live with the consequences. These outcomes can range anywhere from profits and losses, but the good trader knows that if he sticks with his winning system he will make money over the long term. You cannot blame other people's actions for your results. Stick to focusing on the things you can control, take responsibility for your actions, even when they result in a loss, and your trading results will improve over time. Road Block 2 - Become risk averse instead of going for the big profits on every trade If you take big risks in the Emini market you'll most likely have a very short trading career. The huge leverage futures trading gives you means that your gains and losses are magnified, so overtrading, or taking a position that is too large for your account can create catastrophic losses and force you out of the game. Profitable traders tend to be risk averse, taking many smaller profits (and fewer, even smaller losses) over a long period of time. They build their accounts steadily rather than plunging a large chunk of their capital on one position and hoping for the best. No matter how good your system and analysis, you will have losses trading the Emini. By keeping them under control you can gradually build your wealth, grow your account and stay in the business long term. But one catastrophic loss can shake your confidence (not to mention your account balance) to the point where you will eventually give it away and stop trading. Professional traders always consider the risk return ration of any trade and use prudent position sizing to minimize risk while maximizing their potential profits. Road Block 3 - A lack of trading knowledge and experience Many traders read a couple of technical analysis books, glance through a book on Candlestick charting, and set off with high hopes of becoming a professional Emini trader. Unfortunately there's a bit more involved in trading success than that. The problem with reading books and most training courses about trading is that they usually only give you part (and often a very small part) of the big picture. All professional athletes, business owners and entrepreneurs have coaches, advisors, mentors or boards of experienced directors to guide them as they build their businesses. To become a professional trader, you too need a coach or guide to show you the ropes, test and challenge you, and help you to succeed at the very highest level. The best coaches are people who have been there, done it, and have the experience to show you the short-cuts to success. Find somebody who can share this knowledge with you and you will increase your chances of becoming a successful Emini trader immensely. Try to do it on your own and you'll waste years of valuable time and money trying to work out the best system for yourself.
Rocky Tapscott works with Emini Trading Coach Sam Goldberg who has written a Free 5 day Mini Course called 'The Futures Trading Mastery Course' which shows how to become a professional Emini trader. Drop by http://www.futurestradingcoach.com/speminicourse.html for a Free copy.
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