The Discipline of Excellence
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, and to keep your system current.
The Profit of 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. More than a virtue, patience for the futures trader is sheer profit.
Learning to Deal With Loss
Loss is simply 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 him or herself. 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 or who second-guess themselves on every trade 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, and to make changes to your system so it remains viable and in tune with current market conditions.
Each individual component of futures trading -- from timing, to entry, money management, and exit -- is directly affected by the person calling the shots: the trader. For this reason, personal traits and characteristics of the trader must be continually examined and developed, in order that optimal performance be accomplished and maintained.
Bill McCready teaches people to make money trading. For 11 FREE futures trading lessons, and a free ebook, visit http://www.FuturesTradingSecrets.com
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