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Learning to Trade Commodity Futures |
Commodity Futures Resources |
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No doubt you've heard the stories of how some people are making fortunes literally overnight and have caught the trading bug yourself. You've armed yourself with as much information and charts as you can stand and your head is swimming from the overload...but you still lack one more thing. Vince Lombardi, the famous football coach, summed it up best when he said that winners don't just have the desire to win, winners are willing to do what it will take to win. Did you catch the difference? Many people have the desire to make money trading futures. Sometimes this desire is so deep that they can almost taste it...but few are willing to do what it takes to become a successful trader. This factor alone can be the difference between winning traders and those that join the vast majority of losing traders. I had an interesting phone conversation with a wannabe trader the other day. This fellow was quite sincere about his desire to learn to trade. He told me all about his life and his work and how the ole pay cheque was getting stretched thinner and thinner every year. He was very eager to find another, better way to earn some money and thought that learning to trade might be the answer. While he had never traded before this fellow told me that he had been following the commodity markets from a distance for several years and had read many books on the subject. Occasionally he would even pick up a trading magazine hoping to find that one missing ingredient that would help him change his trading dreams to reality. Wanting to help him become the "trader of his dreams", I assured him that I would do everything I could to help him on his way. I told him that he should study the trading manual and learn to spot important support and resistance areas. I told him to follow along in the ezine and nightly updates so he could see how Tom and I structure trades based on the materials we teach. I told him that he could write or call me with any trading questions he might have and I'd be happy to help him any way I could. Most importantly I told him that he should begin paper trading as much as possible to get a feel for the markets and to get some practice trading. You know what he said? He said "can't I do it without the paper trading?" I was floored. According to this person, paper trading was too boring, so he didn't want to do it. He asked me if there was another way. I told him that he could circumvent paper trading and begin trading with a small account, perhaps $5000 to $10,000, but to be prepared for a very quick and very expensive lesson in commodity trading. This person had loads of desire. He could see already see himself enjoying the life of his dreams – driving the nice car, living in the nice house, buying all those things he always wanted but couldn't afford – this fellow had the desire, but he was unwilling to do what was necessary to make his dreams come true. Welcome to the 90% club. What about you? Are you going to continue to merely wish for success, or are you willing to do what it will take to succeed? It's not as hard as you might think you know. by Erich Senft, CTA
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