Sunday, May 04, 2008

Finding Success in Trading

I just received an email from a developing trader who now has been learning trading at an excellent proprietary trading firm in Chicago for the last six months or so. He reported to me two positive events:

* He has made money nine of the last eleven trading sessions;

* He lost money early on Friday, saw that the market wasn't moving his way, reversed his positions, and made money on the day.

Now let me tell you two other things about this trader:

* He keeps a journal daily with specific trading goals and emails his entries to me every day without fail;

* He works at a firm that actually teaches traders how to trade and works hands on with traders to promote their development. (Please, I am required by confidentiality to not disclose the name of the trader or the firm).

What that tells me is that, when you're in the right trading environment and when you have the right work ethic, you will experience a steady, rising learning curve. As my book outlines, this will accelerate your development of competence, and that will put you on a path toward expertise.

Success is possible in trading, but it requires learning and development. Role-modeling from experienced traders and continuous work on one's craft are vital elements in that success. It takes some searching, but there *are* role models on the Web, whether in blogs, online trading rooms, or via coaching/mentoring. The rest is dedication and the willingness to work as hard outside of trading hours as during them.


How Can I Learn Trading?