To be a successful futures trader you have to master three essential elements: technique, psychology and money management. Mastery and balance of all three elements is vital to success. In our last post we talked about the importance of money management. Today we’re going to discuss psychology.
Get Your Head Into The Profit Zone
If you don’t BELIEVE you will succeed, you won’t. You have to believe in yourself and in your system or you’re dead in the water before you even start the engine! Proper trading psychology is the key to success as a futures trader. You have to realign yourself mentally and get your head into the profit zone.
Three basic emotions control the market: patience, fear and greed. If you’re going to be a successful futures trader, you can’t afford to let your emotions control you. YOU must always be in control.
- Don’t second guess yourself. Stop believing in your system, lose your PATIENCE and you’ll pull out too fast, losing the profit.
- Don’t wait for the perfect trade. The perfect trade is a myth. Don’t let FEAR put you on the sidelines. Stick with your system, believe in yourself and GET IN THE GAME!
- Don’t get greedy. Stop using your system, give in to GREED and you’ll hold on too long, losing the profit.
There many qualities that make a good trader. Do you have what it takes?
- Passion. You have to like the action. You have to live for the thrill and greet every Monday charged up and ready to play.
- Daring. You have to be willing to boldly go where no man has gone before. You can’t jump on the bandwagon or follow the crowd. You have to trust your system and forge your own way.
- Confidence. You have to have ATTITUDE, and lots of it. You can’t allow yourself be beaten down by losses. You have to be able to pull yourself back up and still BELIEVE in yourself and your system.
- Intelligence. You have to be willing to learn and have an aptitude for math.
- Discipline. You have to be able to stick with it, work hard, and tough it out. You have to have the discipline to stick with your system even when you lose.
- Humility. You have to be able to look past your pride and ego. You can’t afford to cling to a losing scenario because you’re too proud to admit a mistake. Take your lumps and learn from them.
- Stamina. Futures trading is a stressful occupation. It’s a roller coaster ride that taxes your brain and your body. You have to have the physical and mental stamina to stay on top of things.
- Professionalism. Futures trading is business. Follow your brain, not your heart. You have to detach your emotions or you’ll suck you into bad decisions.
Visit the Futures Trading Secrets website to find out how you can master the essential elements of futures trading and learn the expert secrets that will allow you to become a successful futures trader. Stay tuned. Next time: Technique
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