Robert Kiyosaki - Rich Dad, Poor Dad
Persistence in working hard each day to achieve these goals is essential. Objectives are usually reached in stages, with each step of the journey clearly defined. How does this apply to the futures traders? Why do, as conventional wisdom tells us, 95 percent of futures traders end up net losers? Discipline must be exercised in setting realistic goals. Some people get in the market on a whim. Someone gives them a tip that corn is going to $4 or silver to $10 in the next 3 weeks. They call a broker and put on a futures position or buy an option. Conversely, a broker might have called them with the "trade of the century." Their odds of winning are the same as someone who purchases a lottery ticket. Very few win; many lose.
Jim Cramers Real Money Sane Investing In An Insane World Cramer
Patience must be used by the serious futures trader. The trader is no different from the serious athlete. The professional football player starts playing in grade school, going on to 8 or 9 successful years at the high school and college levels. And yet, after 10 to 12 years of hard work, the player is still a rookie! More years of sweat and bruises and the player may be taken seriously in the NFL, and make it eventually to the Pro-Bowl or Super Bowl. Most commodity traders do not spend 10 years preparing for their first serious season in the markets, but in the long run they must learn the regimen. Independence in knowing yourself and staying focused is important. It really doesn't matter what type of trading system is employed. Systems of all sorts have proven successful. It is important that you choose a system that fits your personality and unique character so that you will be consistent with the elements of the systems that are profitable, but will maintain the individuality to change the system when necessary.
Here are a few oversimplified examples. If you look at a head- and-shoulders topping chart formation that projects a 22-point move lower and feel "in your heart" it is all hocus-pocus, you should not be a technical trader. Or if you feel totally overwhelmed by all the information processed by a fundamental trader, that's probably not your calling either. Any system must suit the individual or it will fail. Traders who develop sophisticated systems requiring 1 or 2 hours of daily updating may be frustrated to learn they don't have the time or inclination to service such a system.