There is no shortage of talk about the type of person that should trade, personality traits that are conducive to trading, and overall trading technique. My general observation is that traders portray their profession as something akin to brain surgery. There are, in fact, very technical and complex trading systems employed by professional traders and they certainly would not be a good choice for a trader who plans to day trade from his or her home. But I tend to disagree with the complexity argument in trading, and believe that effective trading is the result of a proper mindset and thorough preparation. And really, neither is terribly difficult.
First and foremost, a good trader realizes that day trading e-mini contracts is not a get rich scheme. Further, if you approach trading and highly aggressive manner in hopes of striking it rich you will fail. You have the wrong mindset. A good trader fully understands that consistent trading is the key to winning trades. Aggressive trading usually entails initiating low probability trades with predictable results. A good home trader will stick with trading with the trend and being highly selective in the trades he or she takes during that trending period. There can be no substitution for this methodology, because aggressive trading inevitably results in catastrophic results.
And what causes aggressive trading? It's the old get-rich-quick mentality many traders believe. Oddly enough, I don't necessarily blame this condition on the individual trader. I was perusing some of the trading education programs this morning and was shocked at some of the claims the programs were putting forth. Many advertised that you could double your money in a single month, and others claimed they averaged 35 points per day on the ES e-mini contract. This is a real head scratcher, as I know of no methodology, or at least no sound methodology, that will allow a trader to attain these sort of rates of return. Potential traders are misled as to the potential they may realize if they sign up for "Course A" or "Course B". The claims of many of these trading practitioners are well beyond what any day trader can expect. Personally, I suggest that earning 4 to 6 points every day, on a consistent basis, would qualify you as a competent trader. Incidentally, depending upon the number of contracts he or she traded, you would make a tidy sum with this much smaller prediction of potential earnings.
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