There’s a saying in the online futures day trading arena. Not just futures trading, but all online trading (futures, forex, options, stocks, etc.) The saying goes: “Day trading is not easy, but it is simple”. I tend to agree and disagree with that statement. I actually think that it’s both easy and simple if you learn the proper way and you can get rid of excess baggage (bad trading habits from before).
There are a few useful tips to look for in order to be successful in online futures trading and in general all online trading.
- Find a good mentor. This is probably the most important and the one people bypass. A good mentor does cost a bit. But never look at price. Always look at value. It’s like saying, all new cars, homes, schools (education), etc. are the same price. We know that statement is completely false. Not to say that everything higher priced is necessarily higher quality. Just do your due diligence and if your comparing 2 mentors/methods and one is $5,900 and one is $590, don’t go with the lesser one and expect the same education. Remember, when comparing always compare value, not price.
- Be patient. Difficult, but very important in online futures trading. Don’t just trade for the sake of trading. Don’t force it. Sometimes you might get 8 trades in 1 hour and some days you might get 0 trades in 5 hours. Another saying in the day trading arena is that “Traders get paid to wait”. Some of the best traders have extreme patience.
- Time. If you really want to be successful in online trading, you need to give yourself time. There’s a reason why a 4 year degree takes 4 years and then takes another few years of experience before you get fully comfortable in your field of work. If the mentor tells you that you can grasp the method in 2 months and fully trade it within 8 months, then give yourself 4 months to grasp and 18 months to fully trade the method. Don’t rush it. It can be done if you follow step by step. But if you have the notion or urgency that you need to learn and start trading immediately and start making 10k a week as of next week, then just give me all your money and find a different hobby.
If you treat your trading education more like a serious business and less like a hobby and a make money fast scheme, it will treat and reward you beyond your wildest dreams.
Hopefully these tips and hints will help you on your journey to becoming a successful online trader.