1. Resolve to learn how to trade successfully without adding more money to your trading account.
2. Develop a clear, understandable Trading Plan and follow it, unfailingly (if you become an Electronic Trader Mentoring trader, you can use my Trading Plan template).
3. Trade on the simulator using the same limits and set-ups that you intend to use in the live market. When you have mastered consistency move to the live market.
4. Have your broker hard code your daily loss limit at $300 and set your contract limit at two contracts.
5. Define your setups in writing so that another person (me for Mentoring traders) can tell if you are executing the setups you said you were going to take.
6. Limit your tick per trade loss to some small, but reasonable, number and live with it.
7. Start each day trading one-lots and only advance to two lots when you are, at least, x ticks ahead on the day.
8. Never add to a losing trade.
9. Anytime you have three losing trades in a row, take a meaningful break (turn off the monitor, leave the room, get some fresh air).
10. Trade only during the clearly-defined, productive times of day (i.e. for stock indexes 9:10AM to 11:30AM CST and 1:15PM to 2:30PM CST).
11. Decide what futures contract you are going to trade and stick with it. Do not switch between contracts.
12. Mark your trades on a chart and write a brief narrative about the day on the chart. Mentoring traders should send me a copy.
Follow my twelve steps and move from the frustration of being a struggling trader toward the calm, confidence of a successful trader.
Working together for your success, Jeff
Copyright © 2009 by Jeff Quinto All rights reserved
