Attribute of a Good Trader - The Waiting

One of the most important things to do as a trader is develop patience. Once we establish patience as part of our disciplinary process, we will find and see those trade set-ups that will earn us the money...which is the reward for our patience.

"The waiting is the hardest part"

Trade Well !

Learn One Thing and Get Good

This commentary was first posted in the Eminiwizard member site.

Here’s a good article with good advice and one that ‘E’ (The Eminiwizard), as well as a few other E-Nation members subscribe to.

http://www.tradingmarkets.com/.site/stocks/commentary/editorial/How-To-Succeed-at-Trading-81039.cfm

When I first started trading, I was like a kid in a candy shop. I was trying to find my way and wasn’t sure what instrument I wanted to trade let alone what was best for me and my personality. I had no one to help guide me.

As I searched for my trading personality and the right trading instrument fit, I culled my many trading books, trading blogs and webinars, I kept hearing/reading a common message; “learn one thing and get good at it”, and then, maybe add another instrument later.

My initial attraction was towards stocks (too slow, good for my IRA). Then I tried options (better gratification, loved the idea of
‘the Greeks” but something was missing). Next was selling spreads (I liked it, made sense and still trade them on occasion but there was still some void). Finally, I discovered the E-Mini’s and it “clicked” with me (fast, analytical, multiple set-ups/strategies, methodology driven, quick money potential). This was the instrument that I wanted to concentrate on.

So, after about 1 1/2 -2 years of trading stocks, options/spreads AND futures, I have for all intense and purposes only been trading the ES for about the past 24 months.

This trading biz is the toughest thing I’ve ever tried to learn. It’s hard enough to learn how to trade, let alone how to trade multiple instruments. Some people can do it, I cannot. I need to concentrate on one thing and get good at it and that is what I am doing with the ES. Progress is being made as consistency in making, not losing money is being achieved…finally!

Passion, persistence, discipline, focus and patience. These are key elements of becoming an effective and successful trader. And it certainly helps to attain competence when one has a good mentor(s). E-Nation is a good place to be.

Trading is a journey, not a destination. Unless we continue to learn and grow in this biz, we will never realize the full potential to master the market, or at least understand it enough to make a decent living, stay out of trouble and avoid “working at Walmart”.

Trade Well !