Today's guest is Mark Hodge of Rockwell Trading. The very basics of trading are often overlooked by new traders and I think we all can agree that you need a solid foundation to prosper in today's markets. Mark decided to write a post on what, in his experience, makes a successful trader. Be sure to comment and feel free to share your success (and horror) stories of becoming a trader. Also, don't forget to visit Mark at Rockwell Trading.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
With the way the markets have been behaving these days, it’s no surprise that more and more people are interested in trading. If you’re new to trading, you’re probably attracted to the potential to make money, but you’ve heard horror stories about traders that have lost money in the markets as well. If you’ve been trading for awhile, you probably have a horror story or two of your own. These stories and experiences are important to share, but it’s unfortunate when many of these horror stories could have been avoided by understanding what it takes to become a trader, and by having direction early on.
The following “10 Steps to Becoming a Trader” provide a structured and systematic approach to becoming the trader you want to be. By following these “10 steps” you will be in the best position possible to achieve your goals as a trader:
Step 1 – Determine the type of trader that you want to be.
Sounds simple enough, but if you don’t address this key step it will be difficult to progress as a trader. What markets and time-frame will you trade? You’ll discover that your situation and goals will have a direct impact on the type of trader you decide to be. So ask yourself, what type of trader will you be? Continue reading "10 Steps to Becoming a Trader"
