Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

% of readers think this story is Fact. Add your two cents.

To be a profitable trader, you don’t have to master every technique in existence. There are many different strategies and styles of trading and there are many different financial instruments you can trade. We trade futures, among which you can trade equities (the S&P mini’s, the Dow mini’s or the Nasdaq mini’s), you can trade currencies or debt (bonds & notes), or you can trade commodities such as oil, corn, and natural gas. Each style of trading can be different and each futures product trades in its own way. The key point is that you need to find a trading strategy and a specific product that you are comfortable with and that fits your personality.

I have read extensively, and several authors have said that the best traders they know only trade one or two products using one or two strategies over and over. Those traders have come to know that specific type of contract so well in every market condition, that they experience almost a Zen-like awareness of what that market is likely to do next.

Author and renowned trader, Larry Williams, said he only has a few strategies (around 5 if I remember correctly) in his bag of tricks that he uses to profit from over and over. Therefore, using your time at TopstepTrader should be considered a search for a strategy and a product that works for you. It is true that there are lessons in common that all traders need to learn, but you only need one strategy with one product that works consistently for you to have a profitable career. Finding that strategy and product and then producing consistent results will take time and effort, but is ultimately what you should be working to accomplish.

Most traders I’ve talked to took at least a year to learn it, so don’t think it will come quick and easy. Some trader-authors even say it took them several years to become consistently profitable. We are smart enough to recognize what professional traders and experts say; therefore we need to understand that it can be accomplished if we are willing to put in the work. Trading doesn’t have to be a solitary thing. We need to be open to learning, listening and communicating with others as this serves to help us better understand ourselves as well as the dynamic of the market and how to achieve long term success. This is the essence of the TopstepTrader community. Use this to your advantage and the rewards will certainly come.

Many Profitable Returns,

Trader Gregg

Mr. Killpack has been studying the markets since 1988. He has read over 40,000 pages about trading and investing strategies, fundamental and technical analysis, and related topics. He began day trading in 2001.

2012-09-28 21:53:19

Source: http://www.traderslaboratory.com/forums/showthread.php?t=14376&goto=newpost