What's nice about the internet is that even buried under 3+ feet of snow we're able to communicate and educate! That's exactly what Todd Brown, from Triple Threat FX, is here to do today. The title says it all, so I'll leave you to enjoy the article, comment below, and invite you to watch a video from Todd here (just click play).
Of course we aren't psychos! Nonetheless, I want to direct your attention to the most powerful technology for producing positive changes in your trading. What’s that? No, this is not a" whiz bang" indicator or new method. Each of us has this, but few invest the time or manage this properly. What is it?
It is our minds!
That 6 inch space that rests between our 2 ears that leads and directs our every action. Everything you do in your trading every day starts as a thought! And I’m here to tell you after working with traders for over 14 years, it is simply a game changer when managed properly. Let’s look first at how we can optimize our minds through Trading State Management.
“The key is consistency and discipline,” says Richard Dennis who grew $400 into $200,000,000.
"The key is consistency and discipline. I don't think anybody winds up making money in this business because they started out lucky."
For legendary trader Richard Dennis, the importance of being consistent isn't just theory. In 1984, on a bet, Dennis trained 23 individuals off the street to religiously follow a set of trading rules. His point was to provide that discipline was the key to trading success. All but 3 of those beginner traders made over 100% return their very first year of trading and Dennis won his $1,000,000 bet. Consistent discipline is also what is taught in the "Futures in Motion" advisory service.
“It's perseverance” declares Tom Baldwin who started with $25,000 and made untold millions trading upwards of $2 billion dollars a day in T-Bond futures.
"It's perseverance. You don't need any education at all to do it … because it is like any job. If you stand there long enough, you have to pick it up."
By most accounts, Tom Baldwin may be the single largest individual trader in the T-Bond pit and Tom attributes his success to perseverance. This is a principle on which "Futures in Motion" is based. According to Tom, you need no special education to become a super trader. Ken agrees and believes that if you just follow him every day, eventually you have to pick it up.
"It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them. Those who want to win and lack skill can get someone with skill to help them."
“Always use stops” recommends Michael Marcus who turned $30,000 into $80,000,000.
"Always use stops. I mean actually put them in, because that commits you to get out at a certain point … to be a competent trader and make money is a skill you can learn."
“Get someone with skill to help” advises Ed Seykota who turned $5,000 into $15,000,000 trading commodities.
Ed Seykota lives on Lake Tahoe and trades from his office overlooking a view of incredible beauty. Ed's living his life exactly as he wants and the gentle philosopher within him wishes you to enjoy the same privilege. To Ed, it's a simple matter; if you have a true burning desire, get someone with skill to help you. Ken Seehusen and the "Futures in Motion" advisory service fits the ticket.
“Your Passport to Professional Advice”
"MarketClub" is your passport into the exciting and sometimes super profitable world of trading, where turning a small bankroll into a huge fortune is not an impossible dream.
Notice that none of these incredibly accomplished traders attribute their success to some secret formula. The methodologies of Schwager's 17 super-traders varied greatly, but they all had one thing in common. Through experience they developed the method and the discipline to act decisively time after time.
This is great advice from some very successful traders.