Trading the Emini futures market can be the ultimate lifestyle business. No employees, no boss, time freedom, you can run your business from anywhere, and enjoy potentially very good earnings.
If only it wasnt so difficult to make it all work...
You know what I mean. You do your analysis, see a trade, and hit the order button. And then you start to worry. What if Im wrong. What if that reporter on the finance show was right about the jobs number coming in higher than expected. And the Fed could raise rates this afternoon. Your mind starts racing with all sorts of What would happen if? thoughts, so you decide youll wait until tomorrow, just in case these demons combine to knock you out of your trade with a loss.
You hit the shops, or the beach, or the woods...anything to take your mind off trading for today. Tomorrow will be better you assure yourself, and you bask in the feeling of relief that your precious capital is no longer at risk today.But tomorrow is the same. Theres a different set of risk factors for sure, but they are still there, haunting you and your trading. You become paralyzed and cant function. And your confidence and your account balance start to suffer. If this sounds familiar, here is a simple three-step solution to your Emini trading problems.
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Step 1 - Decide that trading is a business just like any other. Traders who are successful over a long period of time treat their trading as a business, not a hobby.
Traders who stick around for a while, blow their accounts and give up are usually trading for the excitement the action gives them or for the rush of being in the market. If that sounds like your current trading style, beware. You are due for a lot of emotional and financial pain before your trading days are over (which could be sooner than you think). Treat trading as a business, learn and test different approaches, and youll massively increase your chances of long-term success.
Step 2 - Dont try to forecast where the market is going - trade reality.
I spent years studying WD Ganns work and all it did was blind me to the facts - if you think you can forecast where the market is heading consistently, you are deluding yourself. The bottom line to whether you can forecast will be your account balance, and for most people who try, its not a pleasant experience.
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Sure youll get it right sometimes, and thats the most dangerous thing about forecasting. By tossing a coin youll be right half the time, so you tend to get random rewards when you trade. You win some, and think your forecasting ability is great. Then you lose some after doing the exact same analysis, and you start to question yourself and your abilities.
Eventually this lack of consistency forces you to either change your strategy or give trading away to protect your sanity...
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Step 3 - Learn how to trade from somebody who is prepared to coach, guide and mentor you until you are proficient and making money on your own.
To succeed long-term at trading you must think and act like a competent business person in any other market. You will need to study and learn your craft by taking courses, you will need to develop a business plan, and you certainly need sufficient capital to ride out your learning curve and become a successful trader.
You will need a certain amount of on-the-job training, but learning this way from scratch can be terribly expensive compared to finding somebody who will coach you until you are ready. Youll learn how to trade the Emini much more quickly if you have somebody whos done it professionally watch over your shoulder and guide you as you trade. You simply cant learn this stuff from books and courses. You need to be shown how to do it...
If you were mining for gold, what would you prefer; somebody to sell you a map, a shovel and a compass and tell you where to go, or somebody to actually take you down deep into the mine, physically show you to where to dig for the gold, and then help you carry it up to the surface?
The answer is obvious isnt it?
Bottom line: Find somebody who is prepared to coach and mentor you and your chances of becoming a wildly successful Emini trader will become a whole lot better.
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3 Simple Steps To Becoming A Successful Emini Trader