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What Are Three Secrets of Great Traders?

I am often asked about Three Secrets of Great Traders.  I will be covering these is a Free Webinar on Thursday, November 21 at 5 PM Pacific and 8 PM Eastern time.  Here is a link to the recorded webinar [Read more…]

Money Management and Trading Strategies are much more important than the trades themselves.  There are three steps to making a million dollars trading.  Here they are:

1. Trade enough to know what your expectancy value is for the next trade.  This is controlled by logging every trade and then calculating this Expectancy Ratio Formula as follows:
   ER = (Win x Probability of a Win%) – (Loss x Probability of a Loss%)  You need a positive number
2. Next you need a  trading strategy that assures you can grow your account, besides just betting the same amount on each trade.  That can be a Percentage of your account, a Martingale or Anti-Martingale strategy (discussed in detail in our webinars and course)
3. Finally, you must follow a consistent system as you trade larger and larger numbers of contracts or options.

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I have been trading now for over 20 years.  I gradually moved to trading the eMini S&P using Ensign Software which is a professional charting program with many features, special indicators and an extensive programming language.  You will need a data feed and depending on your trading style I recommend either eSignal or Trader Bytes (less expensive).  Try to avoid the free data guys like Interactive Brokers.  Many of the free data sources chunk the data, or are slightly delayed.

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