




It's not uncommon for me to talk with e-mini traders who have been at it for several years and are still losing money. Usually, these traders have invested in a wide variety of books, pamphlets, and watch numerous YouTube videos in a desperate attempt to turn their e-mini trading around. You certainly can't say these traders are lazy or unmotivated. On the contrary, they have put a tremendous amount of effort into trying to master the e-mini market.
So why don't these traders succeed?
A small minority of these traders simply are not meant to be e-mini traders. There are a variety of reasons that some people are incapable of trading; they may have a psychological makeup that is unfavorable for trading, or they may lack the intellectual ability to grasp the basic concepts of the successful trading.
The vast majority of these unsuccessful e-mini traders simply lack the skills to trade effectively. You would think that several years of failure would deter most people from continuing in a given profession, but these traders are determined to learn to successfully trade. Learning to trade successfully is generally (with a few exceptions) not a profession that lends itself to relying on one's own intuition. The market doesn't move in a logical manner at times, and this often baffles unsuccessful traders (and sometimes highly successful traders) who have relied upon common sense in their trading. I'm not sure what this says about successful traders, but common sense is not always useful in trading e-mini contracts.
So what should unsuccessful traders due to become profitable?
If you have been trading for several years and not achieved success, it's time to rethink your trading methodology. Start from the beginning, and about to learn to trade a system that produces consistently profitable results. This is no small task, and may require tutoring (sometimes called mentoring) from a trader who has enjoyed a considerable amount of success. This mentor may be a friend or you may end up hiring a trading educator to the serve in the mentoring role for you. This is often a difficult step for a trader, as many traders are determined to succeed on their own. A dose of humility is needed to right the ship, though. If you are unsuccessful, you may have to admit that you cannot "go it alone" and need the help of a third party. It's a tough pill to swallow for many e-mail traders.
Some characteristics of unsuccessful traders are:
• Unsuccessful traders cut winning trades short. The root of this behavior is in fear-based trading. The trader gets three or four ticks into the money and fears the market will retrace and they will lose, so they lock in small gains instead of letting their trades run.
• Some unsuccessful traders let their losing trades run until the price hits their stop loss. This trader is often times emotionally attached to their position and unwilling to bail out once he or she sees the trade is a loser. These traders are trading on hope; they are irrationally hoping the trade will turn around.
• Some unsuccessful traders do not differentiate between trading with the trend and trading countertrend. I keep a very detailed trading Journal and know that I trade with the trend 93% of the time. When I trade against the trend, which is a 7% of the time, my cumulative win loss record is negative, substantially negative.
• Unsuccessful traders often times become angry when they lose trades and proclaim that there is a conspiracy against their trading positions. The market does not know who you are, and impartially moves in the direction that supply and demand dictates. The market does not care about you or pay attention to your trading decisions. Often times, in a fit of anger, unsuccessful traders will take a revenge trade that has a low probability of winning.
If you are trading unsuccessfully, how do you learn a new system? Of course, we all realize that the repeating the same unsuccessful actions and hoping for a positive result is the definition of insanity. Give the previous sentence some serious thought and seek out someone who has demonstrated a successful track record when in e-mini trading. Work hard and learn the fundamentals of the successful trading system, and learned not to allow your emotions to dictate your trading strategy. In short, change what you are doing for the better. This may require seeking the help of others; and that may be a blow to some individual's ego. That's okay, I would rather be a humble and successful trader than deluding myself into thinking that success is just around the corner; it isn't. Become a student of trading and learn all you can on the topic. Trading is not and 8 to 5 profession, you must spend time and effort learning outside the normal trading hours.
In summary, I have encouraged unsuccessful traders to seek the help of a successful trader. I have suggested that some traders allow their ego to prevent them from seeking third-party help; and also pointed out that some traders operate in a fear-based mode. None of these habits is conducive to successful e-mini trading. We can be our own worst enemy and I encourage you to avoid falling into that trap.
Article Source: http://EzineArticles.com/7424420
Online College Bachelor Degree for a Brighter Future
It is common knowledge that an advance educational degree makes a big difference and will add up to earning more in the profession. There is a great disparity between the income of high school graduates compared to those of college graduates, more especially if compared to those with more than one college degrees or postgraduate degree. The earning potential of people with college bachelor degrees is definitely higher and mostly triples that of the high school graduate. Knowing these facts, are you already convinced in pursuing higher education? The problems of time and money will always be a consideration; however, there is an abundance of online college bachelor degrees available nowadays.
Changing jobs
You love your chosen career, you earn just enough, but you do not want to change jobs. That's okay. But wouldn't it be better if you were given a higher pay but still be in the same job? Improving your educational standing gives you a better chance for an increase of your wages. You can still work but however at the same time, pursue higher education by applying for an online college bachelor degree. All employers know the value of education and give high regard to those who pursue it. They will go the extra mile to pay employees with higher educational degrees. They consider it part of a business strategy by investing in their own people.
Advantages
You might have heard time and again about the many advantages of pursuing higher education and having a college degree. You may have even considered it but workload might have kept you from going back to school. You only solution now is to apply for an online college bachelor's degree which is not only cost efficient but also advantageous to your career as well as your employment record. There are reputable and accredited numerous universities to choose from. By being accredited and recognized, these universities provide for a high level of education similar to that of a traditional college. Thus, you will be having equal worth to those coming from brick and mortar colleges.
Another advantage in earning your degree from an online college bachelor's degree is that you will be able to graduate at the soonest time possible. The credit hours are cheaper compared to those that are taken from traditional colleges. What is important is that, getting your degree online is the most cost-efficient and time-effective way in achieving your income goals but at the same time managing your busy life.
Article Source: http://EzineArticles.com/5733666