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5 Steps to Trading Like a Professional Trader

Being a professional trader is a dream many investors strive for. According to Moby Waller of Big Trends, it is an attainable goal that like everything else, requires a strong foundation. Here are 5 tips to becoming a full timer from Moby that you or may not have considered. Be sure to comment and let us know what your ultimate trading goals are and what you have found to be important parts of your trading routine.

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So you want to be a professional trader?  Here are some aspects of the job that you might not have thought of.

1.  Have a dedicated working environment and structured work hours.

Create a space for your trading that is solely devoted to that and make sure it is suitable for your needs.  What kind of computer power do you need?  How many monitors will you be using?   What software packages and scans will you be running?   Do you want CNBC or other channels on a television?  What newspapers, magazines and websites will be perused each day?  And so on…

Next, devote a set amount of time to trading every day.  Whether it’s the 6.5 hours that the U.S. market is open, or 1 hour at the open/close, or 2 hours before the open and after the close, find a time that works for your trading and stick with it like a real job.

I knew a trader in Chicago who began “scalping” U.S. Futures vs. German DAX Futures, which required him to go into the office every night from about Midnight to 5 am.  Is this a sacrifice? Yes … but the pay and profits from it made it worth his while.

2.  Have regular performance reviews and keep detailed records. [Read more...]

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