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If I had a nickel for every time I was asked this question I would be a rich man indeed. I don't know if it's just the American way, but new e-mini traders are often convinced that there is some sort of secret equation that will assure them success. Nothing could be further from the truth when trading e-mini contracts; there are no shortcuts and most of the real valuable information is not in an average e-mini trading textbook. That being said, why are some traders so much more successful than other traders? There can be several explanations for a relatively rapid success and they all center around the concept of proper education. Most new e-mini traders, for egocentric reasons, tend to buy a few “how to”trade e-mini textbooks. This doesn't work very well, as most texts are very generic in nature and, so far, have stuck to introducing outdated and lagging indicators and oscillators. To the average new trader, shelling out a moderate sum of money to learn the tricks and internal workings of the market seem to be a waste of time. After all, they have already read several books and feel well-equipped to tackle the markets. That's when I usually meet up with these folks; after they lost $10,000-$20,000 trying to implement the simplistic strategies their beloved textbooks preached. I tried to explain that most indicators/oscillators are lagging in nature and it is very difficult to trade profitably with this trading framework. Usually it is a pretty tough sell; has students generally returned to the market to be further beaten up. Eventually they end up in my room though, and I show them tape reading, order flow and other market internals. This experience is a completely new one for them, and many think I am some sort of mad scientist or a crackpot. Eventually though they see how smoothly educated traders (I have been trading for nearly 30 years, mostly in an institutional setting) handle the market. This is not to say that I don't have losing trades, but I have been trained on how to deal with losing trades and do not attempt to over trade and these situations. The same can generally not be said for new traders, there are a litany of mistakes that are not covered in the “how to trade e-mini's” textbooks. That being said, I can generally get most of these traders straightened out and on their way to profitability. On the other hand, the stubborn ones refuse to listen and go ahead and blow up their account. That makes me feel sad, I often wish I could've reach them before they made a hasty exit from the e-mini trading. Real Live Trading Doesn't Lie. Spend 3 days with me, in my trading room, and see if you are one of the many that can profit from a fresh and unique view on trading e-mini contracts. Sign up for your free trading experience by clicking here.
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