I am convinced that one of the elements of successful trading is
passion for the activity. I just got back from speaking at Traders
Expo in New York and realize that whenever I attend an event like that
I come back really pumped up about trading all over again. I am happy
to report that my speech was very well attended (standing room only)
and apparently well received since I was mobbed afterwards with
requests about where the attendees could get "Trade Your Way to Wealth" (amazon.com).
Many of the presentations I attended were nothing short of
excellent and I always come away with something valuable. One of the
speakers was a well known trading coach who related many positive
experiences with successful students but who does not trade herself.
One of the attendees asked why she didn't trade herself if she was so
good at it. Her answer was that it was not her passion. Her passion is
helping traders get even better and she is well paid ($7,500 for a two
day private session). Though she is a good trader she just doesn't
enjoy it as much as she enjoys the coaching.
Tenacity and persistence were concepts frequently advanced as
qualities of good traders. In my mind, a trader is unlikely to have
either unless they are also passionate about their trading.
Interestingly, the point was made again, as I have often preached,
that good traders get their own education. They go out and get the
books and do the reading and attend the classes and get the coaching
because they want to learn.
Nearly every speaker advocated the need for a plan and for
discipline in trading. One speaker was even selling the template for a
plan for $120. (I include the ingredients for your own plan in "Trade
Your Way to Wealth" at no extra charge, but the point, of course, is
to have a plan). The old saying is: "plan your trade and trade your
plan." Passion to succeed leads the good traders to follow that mantra.
Another exceptional speaker, Dr. Ari Kiev, a psychiatrist,
advanced the importance of setting a goal. Those who set a goal have
a much better chance of achieving success in their trading than those
who don't. I suspect the efforts to attain the goal also serve to
fuel the passion for trading and the passion, in turn, helps achieve
the goal. Pretty nice circle to ride around, I'd say.
In my view, it all begins (and maybe ends well) with
self-education and, without the passion, it seems that no one is
likely to expend the effort necessary to get the education. I suspect
that you, the reader, already do have some passion about trading or
you would not have bothered to read this article in the first place.
My best advice is to follow your passion, whether it be trading or
something else. If you do, your chances of success are great.
On a related subject, I intend to write more over the next weeks
concerning picking stocks and entries and exits. In order to do that,
I expect I will include some articles on at least basic technical
analysis. Technical analysis is not as mystical as some fear and it
does provide a great method to discipline trades and money management
as well as suggest entries and exits.
Good Trading!
Bill Kraft
Editor of $10 Trader, Option Trader and Trend Trader
You can comment on this article!
"Trade Your Way to Wealth" by Bill Kraft is an Amazon.com best seller!
Mr. Kraft's past articles are posted on our website for your review.
$10 TRADER -- by Bill Kraft
We really enjoy trading stocks that are $10 and under. Often they provide the chance to enjoy high percentage gains and, of course, at worst, the risk is limited to what we paid for the stock.
Details Here.
OPTION TRADER -- by Bill Kraft
Our Option Trading Service is for conservative traders that understand leverage principles. We focus on powerful option trading strategies that place volatility and momentum in your favor. And we pride ourselves on minimizing our losses. We always know our downside potential in a trade.
Details Here.
Trading is a path to financial independence, personal freedom, and wealth. But the path is immensely challenging and only a few emerge victorious. Bill Kraft's book Trade Your Way to Wealth, an Amazon.com "best seller", shows you the path.
SUCCESS TRADING GROUP -- by Eric Aafedt
52 Wins in 52 Weeks
Our Success Trading service delivers quality trading ideas for the elite investor that has the financial wherewithal and market nimbleness to profit on small moves in a stock's price. Become a member and you will be provided with email and/or PDA alerts intended to provide you with the opportunity to make many, many profitable trades.
Details Here.
TREND TRADER -- by Bill Kraft
Trend trading as we try to practice it is a form of momentum trading. We prefer to try to capture profit out of the middle of the trend rather than try to catch reversal at bottoms and tops.
Details Here.
DIVIDEND INVESTOR -- by Eric Aafedt
Perfect for your IRA! Our Dividend Investor service focuses solely on the "best of the best" dividend paying stocks. Many of the stocks that we will be buying in our Dividend Investor service raise their dividends almost every year. Year after year! This is powerful. We buy these stocks for their powerful dividend producing income; and we will also buy these with a purpose to make capital gains as the stock increases in value.
Details Here.
COVERED CALL SERVICE -- by the Covered Call Research Team
Details Here.
|
Success Trading Group Trade the same stocks over and over. 330 trades with only 9 losses on our Main Trade Table!
Trend Trader "The Trend Is Your Friend". Utilize trends and momentum in your stock trading!
Option Trader Use the power and leverage inherent in option trading to your advantage!
$10 Trader Focusing on stocks under $10 per share!
Dividend Investor Perfect for your IRA! Quality dividend paying stocks!
Covered Calls Conservative option writing -- Allowed in your IRA!
|
|
The foregoing is commentary for informational purposes only. All statements and expressions are the opinions of Online Investment Services, LP. or the associated editor. This information is not meant to be a solicitation or recommendation to buy, sell, or hold securities. Past results do not guarantee future performance. Stock investing is risky. Option trading is risky. Futures trading entails great risk where one can lose more than his account balance. We are not licensed or registered in the securities or futures industries. The information presented herein and on the related web sites is presented "as is" without warranty of any kind either express or implied. Although the information has been obtained or derived from sources believed to be reliable, but its accuracy is not guaranteed. The security portfolios of writers for this issue may, in some instances, include securities mentioned herein and on the related web site. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ materially due to many factors. No one associated herewith receives compensation in any manner from any of the companies that are discussed in this newsletter or on the related websites. By accepting emails, including various paid subscriptions and free email reports and newsletters, you agree to the terms of the MarketFN.com's website Disclaimer, Privacy Policy and Terms of Use provisions as such may be amended from time to time.
This email was sent to ~~EMAIL~~.
|
|
|
|
|
