Build a foundation in trading or fail

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Information about Build a foundation in trading or fail

Published on February 26, 2014

Author: NetpicksTrading


Description -- Build your trading foundation here.

Building a foundation in trading before trading any market including forex, futures, stocks or options is a must. Learn the three legs of the tripod that you must master to succeed at trading. For a shortcut, take a look at Premier Trader University for your trading education.

I had a conversation today with an ES trader who has been in the markets since 2009. We talked a little about the markets such as Euro Futures, Wheat, Soybeans and a few other ones.

It is hard to talk with passion about individual markets however everything changed when I said “Trading is simple. It’s just not easy”.

Once I said those words, I was in a place that I really enjoy talking about.

I am not one for reading a lot of trading “technique” books but enjoy reading about successful traders. After all, as the Turtles proved, same method – different traders – different results.

What I get from that is once you understand your method, assuming it has an edge, the rest is all on you and how you act.

What happens when you read these books is you start to assimilate the wisdom of these people without even trying. It then becomes a part of you and starts to become the words you speak. It becomes how you act if it makes sense to you.

During this conversation, the words from Martin Schwartz started to come out. For those that don’t know, Martin was in the Market Wizard’s book and also penned the book “Pitbull: Lessons from Wall Street’s Champion Day Trader.’

Starting with $100,000, his first year he made $600,000 and the following year – $1.2 million.

Pretty impressive results. This trader has an audited average return of 25% — per month!

Martin is a former marine and worked on Wall Street as an analyst for almost a decade before quitting and entering trading. Talk about building a foundation!

Work ethic, intelligence and sheer guts are his philosophy and are great attributes for all traders. Pick up his book as it is a great read.

Anyway, I talked about foundation and how people enter the trading world really without a clue. Perhaps they picked up a book or read about some system in a forum.

Regardless, many enter without a foundation on the markets, risk, human emotions and a history of following rules.

Thinking of college/university, the costs for enrollment is expensive and there is zero guarantee of success. There are a lot of people flipping burgers with an MBA.

Trading can provide an income that rivals many professions and the reality is that far too many people don’t respect that. They are hobbyists that have not taken the time to build any foundation.

In a rush to get into the markets, they take a few weeks of study and dive in with real funds. Soon, as expected, the account has dwindled and their dreams are shattered.

Some head to the “halls of higher learning” for years and it is not unrealistic that you do the same with trading education to build a foundation.

That education can encompass many things starting from the basics of fundamental/technical analysis all the way to aiming for 25 mistake free demo trades before committing funds.

A part of that foundation is to have a support structure. In my case, I work with a great company in Netpicks but my wife is extremely supportive of what I do.

At first though, she was hesitant as making money without leaving your home is something that many people find unrealistic.

Perhaps you don’t have a network to tap into and in that case, Netpick’s Premier Trader University (PTU) may be something that can take you over the edge.

The coaches trade everything from Options and Forex to Crude Oil and Soybeans and can give you support that can only come from those that relate to where you are and where you want to go.

I want to cover more of what Marty represents in upcoming segments. Starting with foundation makes sense as it lays a groundwork for you to launch from.

You can think of the foundation as a tripod that supports you: 1. Method. 2. Money Management. 3. Psychology.

Take a trip over to the website of Premier Trader University or watch this trading video and see if that type of support suits your goals

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