ES Emini Day Trading – Sure Fail Methods

I mentioned in a previous article that I have had the opportunity to sit in more trading rooms than my fair share. Some were very good, others were… ah… erm… not so good. I’m a big believer in sound trading education, flawless execution of the technique you’ve learned, and trying to keep your emotions from affecting your ability to read the chart you’re trading.

I have created a list of things that I believe are essential for the average trader to fail.

1. Make sure you listen to CNBC all day. This station provides adequate coverage of the market, but its analysis is often filled with glowing reports of wonderful things happening in the market, rumors circulating about the flow of trade, and interviews with dubious guests. I feel like you will constantly get the wrong reading on the market by watching TV while trading. Turn the damn thing off and keep it off.

2. Make sure you set up your business space in the living room. In this way, the kids, your wife, the phone, and every other conceivable distraction can keep you from really concentrating on the chart you’re trading. If your broker calls, be sure to follow all of his advice because he has your best interests in mind.

3. Pay close attention to what your friends who are “non-expert” traders have to say about the market. Especially gold, because gold lovers are afflicted by the delusional belief that gold will rise to infinity and the rest of the world’s paper money will become worthless. Be sure to read the market chat forums for other dubious information that affects your trading. Above, don’t pay strict attention to the chart you are trading, look for outside influences to help you make your trading decisions.

4. Make sure you save a ton of money and don’t spend it on a trading course and mentoring program. You can choose everything you need to know from daily periodicals that explain a variety of trading techniques at a glance. Tailor those trading systems to suit your needs and trade them hard.

5. Your common sense is your guide and use common sense to trade. Of course, we all know that common sense is your worst enemy in trading, along with your emotions. But if a trade just “just feels right”, go ahead and take it, you have a 50-50 turn of winning. Above all, don’t study the intricate machinations that the market goes through in price theory, it’s all rubbish.

6. Don’t waste time reading the great authors who wrote about trading. Heck, what did Charles Dow, Ben Graham, John Murphy, along with current authors like John Carter and Martin Pring know? You can solve these things by yourself.

7. Skip whenever possible to save business costs and overhead. You don’t need one of those new computers and the fastest possible data source. No, go out and find the cheapest discount broker you can find and sign up with them. Your computer is good enough to operate, after all, it has always worked before. Also, don’t have a backup system to get you out of a trade if your computer goes down, it never happens.

8. And finally, the best trades always happen when the trend changes. So make it your goal to determine when the market is going to change direction. There are loads of books out there that claim to have something special inside of them to help you find this shift in this direction, buy as many of these books as you can. You can succeed no matter what you do, don’t trade with the trend, that’s for risky traders.

Of course, I am joking about these practices, but I see these mistakes being made on a daily basis. There is no reason for you to do them. Get a great trading education, run it smoothly and enjoy your profits.