When perusing some of the myriad of trading websites, I decided that many of the sites create unrealistic expectations for e-mini trading success. From the onset, I want to emphasize that e-mini trading is not an easy, and most certainly is not a get rich scheme. Which is not to say that you can't make a great living trading; only that success is related to 3 factors.
Consider this:
· Can you make abstractions? By this, I mean to question whether you can monitor a given set of variables and when these variables (for example; price, volume, order flow, read tape, monitor indicators and support and resistance on your chart) are present in a certain configuration, can you deduce the story the variables are telling you?
· Can you control your emotional reactions to both good and bad outcomes in your trading? You often read in trading publications and articles that you have to trade without emotion. However, it my opinion that we experience an emotional response to every variable presented and traders must learn not to react to their counterproductive emotional urges. The idea that you can become an emotionless machine is not realistic. Learning to control your emotions is a realistic goal, but it takes a good deal of practice.
· Can you dedicate a considerable amount of time to learning how to trade e-minis? You cannot become a trader by sitting in a trading room. Most trade room owners are careful not to fully disclose their trading methodology. The point is simple; learning to trade takes a considerable of, well, learning. Can you dedicate an hour a day to learning your craft? Before deciding to trade, dedicate some financial resources to learning the craft and decide whether you can spend the amount of time necessary to learn the foundations of trading and mastering trading technique.
It's important to understand that e-mini trading is not a great way to accumulate piles of cash fast, despite what some of the gaudy websites proclaim. I don't know many novice traders who are consistently earning $1500 a week, as one site claimed. However, with good training and a good effort, along with the 3 factors described earlier, you stand a decent chance of succeeding.
In summary, I have described 3 characteristics that cause problems for e-mini traders. These factors are the three most pivotal problems, in my experience, that beginning traders face. I have cautioned against exaggerated claims of potential earnings. You will have to learn to trade e-minis and hone your skills until you become profitable. Generally speaking, it is going to take a couple of months, at a minimum, to learn enough to trade with confidence.
Consider this:
· Can you make abstractions? By this, I mean to question whether you can monitor a given set of variables and when these variables (for example; price, volume, order flow, read tape, monitor indicators and support and resistance on your chart) are present in a certain configuration, can you deduce the story the variables are telling you?
· Can you control your emotional reactions to both good and bad outcomes in your trading? You often read in trading publications and articles that you have to trade without emotion. However, it my opinion that we experience an emotional response to every variable presented and traders must learn not to react to their counterproductive emotional urges. The idea that you can become an emotionless machine is not realistic. Learning to control your emotions is a realistic goal, but it takes a good deal of practice.
· Can you dedicate a considerable amount of time to learning how to trade e-minis? You cannot become a trader by sitting in a trading room. Most trade room owners are careful not to fully disclose their trading methodology. The point is simple; learning to trade takes a considerable of, well, learning. Can you dedicate an hour a day to learning your craft? Before deciding to trade, dedicate some financial resources to learning the craft and decide whether you can spend the amount of time necessary to learn the foundations of trading and mastering trading technique.
It's important to understand that e-mini trading is not a great way to accumulate piles of cash fast, despite what some of the gaudy websites proclaim. I don't know many novice traders who are consistently earning $1500 a week, as one site claimed. However, with good training and a good effort, along with the 3 factors described earlier, you stand a decent chance of succeeding.
In summary, I have described 3 characteristics that cause problems for e-mini traders. These factors are the three most pivotal problems, in my experience, that beginning traders face. I have cautioned against exaggerated claims of potential earnings. You will have to learn to trade e-minis and hone your skills until you become profitable. Generally speaking, it is going to take a couple of months, at a minimum, to learn enough to trade with confidence.
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