The majority of my members make peace with trading through success; but there is a minority group of traders plow into e-mini trading like a brahma bull in a china shop, usually against my advice. I firmly believe that all traders can achieve some level of success if they are willing to take the time and understand the trader's mindset. But some e-mini traders, with visions of millions dollars of cash dancing in their heads, run into a hail of bullets in their quest to "get rich now." The results are predictable and consistent; disaster.
If you are determined to blowout your account, I think I can help with the following 3 suggestions.
1. Make sure you don't follow the normal guidelines of trading only 1-3% of your account. To make the money of which you are dreaming, you need to trade the maximum number of contracts the brokerage will allow. If you are feeling particularly self-destructive try trading a little of the Monte Carlo system, where you double your bet on each successive loss, I mean, how many trades could one person lose in a row? After all, it only takes one win to double your money. You might also want to remember to keep moving your stop/loss point to accommodate your trade because the news that was just announced is going to eventually send the trade rocketing in your direction; it has to!
2. We often talk about overtrading. With few exceptions, there are usually 3-5 sweet set ups each morning; sometimes more, sometimes less. Be glad that you can see potential trades far in excess of the guidelines. Each morning you see 10 or more possible trades that might be profitable. It's important to take every trade that occurs to you, without looking for confirming factors like trend, indicators or order flow. You have a special gift for pulling out those obscure trades that the pros don't notice. Your motto is "trade early and often."
3. If, through some miracle, the first two methods described haven't decimated your account we are going to have to get into some serious counter trend trading, which is the most potent elixir for novice traders failure; it's almost guaranteed, so you can count on this method. Folks that like to blowout trading accounts can always count on trading those small retracements in a trend. In your mind, those ignorant pros are missing out on some golden opportunities by passing on the retracements. To really assure your demise, make sure you stake your money on a reversal on a pivot point, or even a fib line because the market has to stop there, it's a fib line after all. No, the trend is no man's friend; especially yours, trends are for the weak minded.
In summary, follow these three rules to the letter and your account will be gone in no time. Make sure you use every day common sense to trade because that is exactly how the market works; at least it should work that way. Of most importance, make sure you trade often and the maximum number of contracts possible. There you have it, the perfect formula for failure. I just wish so many people didn't follow it.
If you are determined to blowout your account, I think I can help with the following 3 suggestions.
1. Make sure you don't follow the normal guidelines of trading only 1-3% of your account. To make the money of which you are dreaming, you need to trade the maximum number of contracts the brokerage will allow. If you are feeling particularly self-destructive try trading a little of the Monte Carlo system, where you double your bet on each successive loss, I mean, how many trades could one person lose in a row? After all, it only takes one win to double your money. You might also want to remember to keep moving your stop/loss point to accommodate your trade because the news that was just announced is going to eventually send the trade rocketing in your direction; it has to!
2. We often talk about overtrading. With few exceptions, there are usually 3-5 sweet set ups each morning; sometimes more, sometimes less. Be glad that you can see potential trades far in excess of the guidelines. Each morning you see 10 or more possible trades that might be profitable. It's important to take every trade that occurs to you, without looking for confirming factors like trend, indicators or order flow. You have a special gift for pulling out those obscure trades that the pros don't notice. Your motto is "trade early and often."
3. If, through some miracle, the first two methods described haven't decimated your account we are going to have to get into some serious counter trend trading, which is the most potent elixir for novice traders failure; it's almost guaranteed, so you can count on this method. Folks that like to blowout trading accounts can always count on trading those small retracements in a trend. In your mind, those ignorant pros are missing out on some golden opportunities by passing on the retracements. To really assure your demise, make sure you stake your money on a reversal on a pivot point, or even a fib line because the market has to stop there, it's a fib line after all. No, the trend is no man's friend; especially yours, trends are for the weak minded.
In summary, follow these three rules to the letter and your account will be gone in no time. Make sure you use every day common sense to trade because that is exactly how the market works; at least it should work that way. Of most importance, make sure you trade often and the maximum number of contracts possible. There you have it, the perfect formula for failure. I just wish so many people didn't follow it.
Real Live Trading Doesn't Lie. Spend 3 days with me, in my trading room, and see if you are one of the many that can profit from a fresh and unique view on trading e-mini contracts. Sign up for your free trading experience by clicking here.
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