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Tools And Tactics For The Master Day Trader


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Sample Chapter:

INITIATION OF THE MASTER TRADER

Understanding the Master Trader's World

DO YOU UNDERSTAND HOW HIGH THE COST IS?

How high is the cost to be a master trader? While the actual price is difficult to quantify, we have been at the business of trading long enough to know that it's higher than most people think. And in most cases, it's higher than most people are willing to pay. Show me someone who wants to quit his or her job to become a day trader, and I'll show you someone who probably doesn't understand what it takes to be a day trader. Those who feel this is a game that can be conquered or mastered in a few short months are deluding themselves. Not only does it take many months to years of relentless effort to obtain market proficiency, but also excellence seems to emerge only after one has learned and experienced every conceivable way to lose. The truth of the matter is that the pains, the agony, the scars of an experienced trader run especially long and deep. If aspiring market mavens do not possess a great deal of fortitude, or if they lack resolve, are devoid of passion, and are unwilling to forsake all, they simply won't last. Individuals who truly desire market success will have to pay with their blood, their money, and a very big part of their lives. The tuition is high. There is no denying that. But the ultimate reward that goes to those willing to pay the price is immeasurable. Successful traders enjoy an independence that can't even be imagined by most. With a notebook computer and a telephone line, they are free to trade, to book profits, from any place in the world. They can earn more money in 2 hours than most people earn in a month. With the click of a mouse and the stroke of a few keys, successful traders can bring into existence their every material desire and shield themselves from the day-to-day concerns that typically plague the mediocre and the average. By properly responding to the electronic impulses flashing on the computer screen, traders can create the world of their choice, live a lifestyle that supersedes the wildest of all dreams, and rest securely in the fact that no one on planet Earth can take it away. But in order to get there, you must last! To reach the lofty level of which I speak, you must survive, however difficult things get. And that, my friends, is no easy task. So if you are truly willing to pay the price, the best advice I can give you is this. Develop a plan, find a mentor who will teach you, and never surrender! Make up your mind this very day that you will either rise or perish. And then watch your unshakable resolve work out the details. You can do it. We know this to be true because we did it.

SEED OF WISDOM

Recognize that the cost of trading mastery is high. Then, provided you accept the cost, decide to make achieving a successful life your "magnificent obsession." Fan the flame of you passion until it ignites into a white-heat desire to attain that wonderful state we call trading mastery. Make your sole mission in life to overcome all obstacles to your success without any thought of ever giving up. This burning desire for trading mastery is the wind behind the sails of every profitable trader in existence. It is what gives the new trader the ability to survive that first booby-trapped filled year of his or her new life.

THE MASTER TRADER REQUIRES ONLY A FEW TOOLS

It has always been my belief that the mastery of a few trading tools is all that's necessary to become a highly successful trader. Most would-be successful traders are incapacitated by the false notion that in order to trade for a living, one must have accumulated a wealth of knowledge over countless years of experience. Not only is this not altogether true, the exact opposite is actually closer to the truth. In fact, it has been my experience that those who possess a limited amount of trading knowledge have a much better chance of becoming effective market players than their so-called overly experienced brethren. Why? Because varied market experiences, if not utilized and interpreted correctly, help to crystallize inaccurate beliefs. And inaccurate beliefs, which are allowed to exist over time, eventually flourish into full-blown, faulty ideologies that ultimately result in the trader's ruin. Knowledge is power, but only if it's the right knowledge. By mastering any two or three of the many trading techniques contained in the Tactics section of this book, you'll be well on your way to becoming a consistently profitable trader. It literally only takes two or three workable techniques to rise to the top of this game we call trading, and we are certain you will find more than enough of them in this book.

SEED OF WISDOM

The best traders are minimalists. They find two or three tactics or techniques that work consistently. Once they've found them, they simply implement them over and over and over. Repetition really does have value.

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