I prefer to concentrate on good habits and a winner’s mind-set, but time and time again I come across prospects who have not been getting the help they need and are making major mistakes. Though I understand that this is not thier fault because they had the best of intentions when they set out to learn how to trade, as any judge in Chicago will tell them, ignorance is no excuse for breaking the rules. And in trading there are very definitely rules that need to be followed.
1) Be honest with yourself about the risks. There is a difference between doing something wrong and losing money and doing nothing wrong and losing money. Know the difference. Be honest when you are doing something wrong, regardless of where you picked the habit up from or how much you paid for it. Too many traders don’t know whether they are making mistakes or not. In a game where there is nothing wrong with losing 35% of the time, you need to get used to doing everything right and not being rewarded. Likewise you can do something really wrong and get lucky and be rewarded for it. Know the difference and always be truthful.
2) Be humble. I BIG problem with people learning to trade is they can’t put their ego away. If you are constantly seeking ways to prove you are smarter then someone, you are not going to be listening when something worthwhile is being taught. Do not think you know what you are looking for because you will find it, and it won’t be any help.
3) Simple is better. The best things in life are free. A professional can and usually will show the student something very simple and worthwhile in a very short amount of time and too often the student doesn’t grasp it because they are thinking how they can contribute instead of listening.
4) Have a Trading Plan spelled out and with easy reach. This one is self-explanetory, yet the most over-looked rule in trading. The vision is worthless and the will and work wasted if you do not have a plan to connect them.
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DISCLAIMER: Futures and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. In no event should the content of this correspondence be construed as an express or implied promise, guarantee or implication by or from Brewer Futures Group, LLC, Brewer Investment Group, LLC, or their subsidiaries and affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of options and/or futures positions such as “spread” or “straddle” trades may be just as risky as simple long and short positions. Past results are no indication of future performance.
Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
