E-mini Trading: What Are My Real Chances Of Being A Successful Trader?
When chatting with individuals who have heard that e-mini trading is a great way to make a living
, I am invariably asked if they really have a chance of succeeding in e-mini trading. In my opinion, there is no more difficult question to answer than this simple inquiry. Without knowing an individuals skill set there is no honest answer for me to summon.If you want to consider your chances from a straight probability standpoint, the chances are you will fail miserably. Depending upon which source you care to quote, anywhere from 80-90% of all new traders have depleted their e-mini trading account within three months of initiating their career.
But this particular question goes a step further than will I be in the business after three months? I believe that individuals are asking whether they will be consistently making money from the onset of their e-mini trading career; and my answer to that question is always unequivocal; probably not. As an individual who is engaged in the business of training individuals to be successful traders, you might find my response a bit startling. After all, countless e-mini trading websites tout potential earnings of 100-300% a month. I would also point out that there are many sites that are excellent and do not engage in trumpeting unrealistic rates of return.
In order to understand how well you may perform as a trader, variables need to be considered, like:
What is your aptitude in abstracting conclusions from a given data set? For this skill, a rudimentary background in basic math is a real plus.
Are you able to adjust the mode in which you analyze problems? Common sense is a wonderful skill to possess, but markets often make little common sense, but market sense is a skill to be learned.
Can you maintain a lifetime attitude of being a student? Trading knowledge is an ever-evolving skill set, and your ability and desire to continue on the path of learning is essential.
Do you have the intellectual capacity to assimilate the skills needed to trade? This requirement is not a reflection on whether you are intelligent or daft; the real question is whether your brain processes information in a manner consistent with trading.
This is far from an all-inclusive list of possible innate skills you may need to possess. We all have these skills in varying measures. It takes the proper measure of each skill to be successful, along with a sincere desire to succeed in e-mini trading. Finally, it should be needless to say that the level of effort you put forth will be one of the most important factors in gauging your potential to succeed.
Finally, it is important that you prepare yourself properly:
Find a quality e-mini course with an experienced instructor, preferably one with professional experience at the institutional level.
Find a personal mentor, or hire one. You need one on one coaching to perfect your newly acquired trading knowledge.
Reading a couple of books on trading technique will not suffice for most people. You need an instructor that can help you learn what the books dont tell you about.
With hard work, proper instruction, and willing mentor, your chance of succeeding increase exponentially and you may well find yourself in a position to trade successfully. In the final analysis, you will get the amount of success commiserate with the amount of hard work, flexibility in thinking and sheer desire you display. Incidentally, there are scores of successful traders and your goal is to be among their ranks.
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