38 steps to becoming a trader !!!!!!!!!!!!!

Dear All,

38 steps to becoming a trader

They are as follows:

1. We accumulate information - buying books, going to seminars and researching.

2. We begin to trade with our 'new' knowledge.

3. We consistently 'donate' and then realise we may need more knowledge or information.

4. We accumulate more information.

5. We switch the commodities we are currently following.

6. We go back into the market and trade with our 'updated' knowledge.

7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.

8. We start to listen to 'outside news' and to other traders.

9. We go back into the market and continue to 'donate'.

10. We switch commodities again.

11. We search for more information.

12. We go back into the market and start to see a little progress.

13. We get 'over-confident' and the market humbles us.

14. We start to understand that trading successfully is going to take more time and more
knowledge than we anticipated.


MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED.


15. We get serious and start concentrating on learning a 'real' methodology.

16. We trade our methodology with some success, but realise that something is missing.

17. We begin to understand the need for having rules to apply our methodology.

18. We take a sabbatical from trading to develop and research our trading rules.

19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute.

20. We add, subtract and modify rules as we see a need to be more proficient with our rules.

21. We feel we are very close to crossing that threshold of successful trading.

22. We start to take responsibility for our trading results as we understand that our success is in us,not the methodology.

23. We continue to trade and become more proficient with our methodology and our rules.

24. As we trade we still have a tendency to violate our rules and our results are still erratic.

25. We know we are close.

26. We go back and research our rules.

27. We build the confidence in our rules and go back into the market and trade.

28. Our trading results are getting better, but we are still hesitating in executing our rules.

29. We now see the importance of following our rules as we see the results of our trades when we
don't follow the rules.

30. We begin to see that our lack of success is within us (a lack of discipline in following the rules
because of some kind of fear) and we begin to work on knowing ourselves better.

31. We continue to trade and the market teaches us more and more about ourselves.

32. We master our methodology and our trading rules.

33. We begin to consistently make money.

34. We get a little over-confident and the market humbles us.

35. We continue to learn our lessons.

36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.

37. We are making more money than we ever dreamed possible.

38. We go on with our lives and accomplish many of the goals we had always dreamed of.


Thanks & Regards
Abhay Mehrotra

How I Trade For Living !!!!!!!!!!!!!!!!!!!

Dear All,
I trade for living , how here's how i try to do it with some rules that i follows regularly.

1. Have Trading Plan

2. Think in Terms of Probabilities

3. Know Your Time Frame

4. Define Your Risk

5. Always Place a Protective Stop

6. Your First Loss Is Your Best Loss

7. Never Add to a Loser

8. Don’t Overtrade

9. Keep Good Records and Review Them

10. Add to Your Winners

11. Use Multiple Time Frames

12. Know Your Profit Objective

13. Don’t Second-Guess Your Winners

14. Know the Limits of Your Analysis

15. Trade with the Trend

16. Use Effective Money Management

17. Know Your Ratios

18. Know When to Take a Break

19. Don’t Trade the News

20. Withdraw Equity Regularly

21. Be a Contrarian

22. Study Winning Traders

23. " Be a Student of Yourself "



Thanks & Regards
Abhay Mehrotra