Trading has been around since the Japanese Rice Traders developed the Candlestick Trading System. Like other systems the candlesticks were pretty simple. Now, according to Steve Nison, one of the Candlestick guru’s who have written extensively on the subject there are now over 57 candlestick formations, Trying to trade all of them becomes another impossible task.
Futures Traders Must Learn the Art of Pulling the Trigger
December 29, 2007 By
There is an art to pulling the trigger that futures traders must learn if they are to achieve success. Setting up and learning your system, studying and knowing the market, reviewing your charts and watching your indicators — all these important elements of futures trading come together in that critical moment when you pull the trigger.
Keys to Becoming a Successful Futures Trader
December 29, 2007 By
There are a number of qualities that define a successful futures trader — the keys to success.
- Discipline. Discipline is the primary key to successful futures trading. You must have the discipline to learn your system, study it daily and tweak it to perfection. You must have the discipline to keep a trading log that records your trades, as well as the market conditions, thought processes and external influences that affected each trade. Without such a log, you are doomed to repeat your mistakes, rather than learning from them. You must have the discipline to do your homework, to study and keep up with the market, to keep your system current.
- Patience. You must be patient if your trading system is to be effective. By trading too soon, you negate the value of your trading system. You must exercise patience and give your system time to work.
- Loss. Loss is part of the trading game. You must be able to take losses in stride and get right back in the game. When your system dictates that a loss be taken, you must have the discipline to follow your system, take the loss quickly, minimize the damage and move on.
- Perseverance. There are no overnight success stories in futures trading. Success is a matter of building experience, working and perfecting your system, minimizing losses, and capitalizing on small gains. Success, particularly at the beginning, is more often a series of small steps than giant leaps.
- Confidence. Above all, a futures trader must have confidence in himself. You must have confidence in your system and your ability to work your system — to pull the trigger. Futures trading is a game of risk. You can’t be afraid to act. You must have confidence in your ability to read your system and act. Those who hesitate are doomed to lose in the futures trading game.
- Flexibility. The market and market forces are ever-changing. You must have the flexibility to change with the times, to make changes to your system so it remains viable and in tune with current market conditions.
Futures Traders Must Learn How To “Pull The Trigger”
November 10, 2007 By
We’ve been talking about charting basics lately and the signals charts give the futures trader. But signals are worthless if you fail to act. To be a successful futures trader you must not only know when, but have the courage to act. In futures trading, we call this pulling the trigger.
