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Can You Succeed As an E Mini Day Trader?
I am asked a multitude of questions throughout the course of the day and this particular question is among the most common. Of course, there is good reason to question whether or not a novice trader has what it takes to become a successful trader. Since learning to trade is a difficult and trying experience, I think the question is a fair one. Further complicating the question, are the statistics that measure the success of an average day trader. The results aren't pretty; well over half of all traders who began to trade fail.
There are many reasons novice traders do not enjoy the kind of success ratio they expect. There are a multitude of reasons for this dismal success rate. In my opinion, most traders fail because they lacked a firm understanding of how the market functions. As I have stated in previous articles, trading is essentially learning to evaluate probability and choosing trades which have the highest potential probability for success. This is, of course, a nebulous and tricky question to answer. Just the same, there must be a concrete reason why some traders succeed and other traders fail miserably.
Need this to say, all traders must spend the prerequisite time either learning or developing a trading system that is reliable and consistent. To make matters worse, there is no shortage of hucksters promoting trading systems that are, at best, dubious in nature. Other systems simply do not work at all. So the first objective for any trader is to settle on a system that will allow them to succeed. There are a multitude trading chat boards, and most traders are not shy about the success and/or failure they have experienced trading a given system. To a certain degree, many of the comments on these chat boards need to be taken with a grain of salt. Some traders would have a difficult time successfully trading under any circumstance. It is my observation that most traders who fail are among the most vociferous posters on these chat boards.
By and large though, if a novice trader can find a reliable system he or she stands a better than average chance of succeeding. I say that with several caveats though, because there are several less than obvious, intangible behaviors that must be mastered. Emotions play a primal role in learning to trade, and lack of emotional control can be a death knell for any trader; novice or professional. Further, learning proper money management techniques is another hurdle all traders must master. Novice traders tend to over trade their accounts and often find themselves in trouble. Over trading a futures account is generally the direct result of greed and trying too hard to make money.
Contrary to popular opinion, futures trading is not a get rich quick business. While most traders make great money once they have learned the business, the learning curve can be very steep is proper money management techniques are not employed.
So the question stands, Can You Succeed As a E mini Day Trader? Yes, you can if you do everything right. But it's a treacherous landscape any trader has to negotiate, and there are no real shortcuts to success. In short, successful traders are individuals who have spent long hours learning how to trade, and even longer hours perfecting their trading technique. The perception that you may be able to waltz into a trading situation and make a boatload of money is simply a false one. Becoming a good trader is a function of the amount of time and effort you are willing to spend learning the craft.
My answer to the question I posed in the title is simple; I think most people can become traders if they are willing to spend the time and effort it takes to become good. Trading is like many things in life, success is generally dictated by the amount of work spent attaining success. Trading is no different. There are no natural traders, just traders who have spent the time and effort to make their trading appear effortless.
About the Author
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