Submitted by Mark Hodge on Mon, 2009-08-31 16:44

* day trading

* E-mini S&P 500

* Getting Started

* Live Workshop

* Trading Education

* Trading Experience

* Trading Plan

Having worked with traders all over the world, I typically find that MOST traders fall into one of the following categories:

A) The “newbie” – Someone new to the wonderful world of trading that is mesmerized by the thought of trading electronic markets from his or her home, but has no idea how to get started or where to begin.

B) “Mr. Dangerous” — The trader that knows JUST enough to be a danger to his or her trading account, but doesn’t have enough experience, education, or discipline to trade with consistency.

C) The “Pro” – Although most traders fall into the first two categories, “The Pro” is a trader that has seen success and consistency during their trading career but often search for coaching and guidance when market conditions are difficult, or as they transition from one trading arena to other (example: trading floor to trading screen, or hedge fund trader to independent trader).

Although I have a great time coaching “The Pro” the other two categories are the most important for me to work with as a trading coach. This is because “The Pro” KNOWS what it takes to be successful, but is just looking to open the door to new ideas or guidance. “The Newbie” and “Mr. Dangerous” can have great ideas, but often have the most to gain or lose. Like we’ve heard time and time again, the key to proper development is to introduce education and good habits early on.

Working with traders, I’ve discovered that there are 3 key pillars to success. Are you ready to know the secret of all trading secrets?

You need a PLAN.

You need an EDUCATION.

You need EXPERIENCE.

I’m going to pass on an acronym for this one. The great part is that Trading Plans are pretty easy to create although they vary from trader to trader, and if trading is really for you, getting an education and proper experience is fun! Traders however, can’t skip getting an education or having experience before seeing the consistency and success they expect from a solid trading plan. If you lack one of these 3 key trading ingredients, you are going to struggle.

Every trade you take and every success and failure you will have as a trader will contribute to your eventual success. Start small, take the time to get an education and build your experiences early on, and you will be rewarded.

Happy Trading!

Mark

FYI – For those of you in Southern California, I will be in San Diego on September 2nd, and Los Angeles September 23rd conducting live trading workshops where we will watch the E-mini S&P 500 live, and discuss trading opportunities using our simple strategy. For new traders we will discuss ways to survive the learning curve. Hope to see you there!