It’s also important to find the right mindset. Are you an independent thinker who isn’t afraid to go against prevailing market trends? Do you have comprehensive strategies designed to help you prosper in bullish, bearish or sideways markets? Are you committed to rigorous self-evaluation and continuous learning? Are you aware of the cognitive biases that can trap traders and create suboptimal outcomes?
Once you can answer in the affirmative to those questions, you’ll be close to finding your best form as a futures trader.
1. Avoid the Urge to Trade with Excessive Frequency
It’s easy to get the itch to trade if you haven’t done so in awhile, but circumstances sometimes favor caution or inactivity. Let the market come to you — never trade simply to trade.
If you’re running cold and you’re trading in multiple markets, consider streamlining your positions. Successful trading requires patience, discipline and strong knowledge of individual markets. Sometimes it’s better to move with deliberation.
2. Use the Proper Futures Trading Platform
A builder is only as good as his materials — and a trader can be made or broken by his choice of trading platform. Choose one that’s unreliable, and you might miss out on your best trading opportunity of the year.
To give you the best chance at success, you need a platform with 24/7 trades, high-end analysis, a wide range of platforms and services designed to meet the needs of each trader and the technological tools to spot market opportunities as they develop.
With the appropriate support from a reliable, full-featured futures trading platform, you’ll have the resources required to become a better trader.
