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This futures training video demonstrates the ease in whcih you can trade the pound futures using a day trading method that has a great strike rate in the live markets. The Global Market Trader team who specialize in providing trading education for traders in the markets often provide futures trading videos for free so you get a better understanding on how to trade. A trading education is the key to being successful trading the markets, so get that from GMT before you live trade.
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This trading video shows you how Global Market Trader is trading the dax using a new cutting edge method which is really performing well on the dax futures market. Trading the dax is always a bit tricky due to the volatile nature of the market and currently with the banks having to pay back the massive loans they were given in June last year this market is going crazy. A large sell off yesterday was evidence that Europe is feeling the pinch of the current load repayment request.
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Trades, we can unlock the way the traders at GMT make so many points trading the Dax. Watch this short video for an understanding on how they do it using the HVMM 2010 futures trading system. Trade the Dax futures in a live trading room using a futures trading system that works and is easy to use.
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What is a loss?? Wikipedia says “event in which the team or individual in question did not win”
Ask yourself if it is worse losing as a team or as an individual? Do you find it easier to lose in a team as it can be someone else who made you lose? Is is even worse losing as an individual because the only person to judge is yourself? The answer is….. It doesn’t matter.
If you are a trader and you come from a competitive background where winning is everything and losing is never ever an option, you will find trading extremely difficult to deal with when you lose. Losing is part of trading and you have to be able to cope with a losing streak or you will have a very short trading career. Some of the key factors of trading are simple
- Market is the boss
- You can not control the market
- Losing is part of trading
- You cannot and will not win on every trade
- Most traders fail
Therefore you know that it is out of your control if the trade you put on in the live market will be a winner or a loser. All you can do is trade to your trading plan and manage that trade accoring to your plan. DO NOT and I repeat DO NOT change your plan for any reason especially if you are going through a losing streak, which all traders do. Here are some more mistakes traders make who can’t cope with a losing streak.
- Trade without a stop to “give the trade a bit of room must be the stops fault”
- Double the contract or lot size “doubling your bets”
- Trade more frequently “trying to get a winning feeling must be the previous markets fault”
- Change the trade plan too often “Must be the trade plans fault”
The above points are typical of an inexperienced trader who wants to get that winning feeling in every trade. To be brutally honest trading should be a boring monotonous job that requires little to no imagination or emotion. A monkey can execute a trade plan if it is the same plan day in day out. The key is to take the emotion out which you have heard a thousand times and trade your plan 100% to the rules. Here are some more tell tale signs of a losing traders mentality. Is this you?
- Have a losing session and bring that losing attitude to your home or family
- Ride each and every trade like you are rooting or cheering for your team or horse race ” come on get there keep going get to target!”
- Try each and every system under the sun
- Refuse to get help or education as you are too proud to ask for it
- Trade money that you shouldn’t be
- Lie about your results to make friends and family think you are winning
Don’t be ashamed that is part and parcel of most traders when they start out and get hit with the sobering reality from trading the markets. The market doesn’t judge you, it preys on the weak and will take money and losses from each and every person in the market. I guess you are starting to get the point, losing is part of trading and if you have had the same mentality from any of the above points you are human and the beauty about that is that you can change. We can help change you into a mentally equipped trader who knows how to take a loss to be able to take the next winning run. Here are some tips
- Know that losing is part of trading, love it, enjoy it and live with it
- Have a trade plan that has a circuit breaker and once you hit the circuit breaker shut down the computer
- Get help and complete some trading education (We can provide that part)
- Have a trading method and risk management plan that suits your financial situation (We can also provide this part)
- Know the statistics of your trading system, what the biggest losing streak is, biggest losing trade, biggest draw down etc etc
- Come and talk to a Global Market Trader staff member to find out more and we’ll help you change….. that’s what we do
Regards
Global Market Trader
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I, like many of you when I first started out exploring the futures and forex markets searched far and wide for a great system. However, with the internet churning along at an incredible rate and the proliferation of free, easy access information I quickly formed the opinion that there was enough information on the net to really get me started in futures and I could just teach myself!
After all I had conquered options trading so why would I have any trouble adding futures to my list of achievements………….wrong!!
Firstly, I’m not sure why I arrived at my initial decision to “Do-It-Myself”. Sure DIY improvement shows and stores were popping up everywhere; however DIY trading was a massive step……….could it have been a little over-confidence?
I had spent a lot of money investing in educating for myself on how to trade options and had a coach and mentor but for the futures and forex markets I believed I could cover!
In the first month I did reasonably well with a good solid start and was enjoying the intraday action. However, overconfidence quickly got the better of me and the next 2 months were a massive reality check. Not to mention the personal comments I was getting from my wife after sharing my initial success, the losses started to chip away at my confidence and self belief because it was every day………….a whole new animal than trading options where I was able to plan my move like a slow chess game. I definitely enjoyed the time to sit and strategize. A luxury not afforded to you in the intraday arena.
So three months in and down plenty on my starting test account……as I decided to go with real money and it was time for a review:
Mistakes:
- Searched on the net and downloaded an number of free trading e-books;
- Purchased a cheat system utilizing multiple timeframes and indicators which were complex, and difficult to read in real-time.
- No coaching or mentoring and no accountability;
- Traded during news and through lunch as well – poor discipline;
- Spend 4-6 hours a day watching the market for opportunities – waste of time;
- Told my wife about my initial success and then she had an emotional attachment to every days trading as she rode the emotional ups and downs with me……….that was a very big mistake!
- Changing my plan 2-3 times within the first 2 months;
- Not backtesting the system properly gave me very little confidence when I had a losing streak;
- Starting with Real capital;
- No daily circuit breaker;
- Overleveraging;
- No positing sizing strategy.
As you can clearly see my foray into the futures markets was unplanned, undisciplined, uninformed, under prepared and amateurish to say the least………. Reality Check!!
Unfortunately many, if not most people starting their trading career start this way and are easy prey for Professional Traders. Everyone has to start somewhere but why waste your time as a DIY trader when there is ample opportunity to approach the venture as a true professional because they are the only ones making money.
We need to make one thing perfectly clear. Online retail traders, you and I will not be taking money off professional traders. To put this into perspective for you I have included an article for Larry Levin’s insight into Goldman Sachs which is an interesting look at the performance of Institutional Traders.
Larry Says…..
Stock market probabilities differ somewhat. Insight improves the odds. Lots of insight improves the odds greatly…over a long-term timeframe. But over the short-term, insight provides a very limited and unreliable benefit. “The markets can stay irrational,” John Maynard Keynes famously observed, “for much longer than you can stay solvent.”
That said, successful stock market traders tend to “win” about 55% to 60% of the time. This win percentage is not so different from that of successful sports bettors. Again, these probabilities make sense. If you possess relevant insights into the “markets” you are trading – be they S&P 500 futures or professional football games – you can improve your odds of success…a little. Chance and pure, dumb luck still play a prominent role…unless you happen to be a trader at Goldman Sachs. For reasons that neither logic nor probabilities can explain, Goldman’s trading desk “wins” more than 90% of the time…or at least it did during 2009.
The inexplicably successful Wall Street firm lost money on only 19 trading days last year, which means it made money on 244 days out of 263. And Goldman did not simply makesome money, it made lots of money. The firm booked a daily profit of more than $100 million on 131 trading days – that’s almost ten times the number of $100 million days it booked in 2004.
Even during the rough and tumble days of 2008, Goldman still managed to amass an implausible record of success by booking a daily trading profit 63% of the time and racking up $100 million profits on 90 trading days. A cynical observer could easily deduce that: 1) the “level playing field” on which Goldman purports to operate is as crooked as can be and that; 2) Goldman’s miraculous trading success in 2009 may have something to do with the disappearance and/or emasculation of former competitors like Bear Stearns, Lehman Bros. and Merrill Lynch.
“Traders are supposed to live by their wits, making judicious bets on the market,” observes financial commentator, Sean Paul Kelley. “Good traders who don’t have inside information tend to win about 55% of the time and lose money 45% of the time, the difference being their profit resulting from their trading acumen.
“Goldman Sachs doesn’t work this way,” says Kelley. “They have bright people no doubt, and somewhere on the trading floor these people on occasion make good and bad judgment calls. From what it looks like, however, their traders are benefiting from two advantages: information not available to the market, and muscle. These two things give the firm an edge that almost guarantees substantial ‘trading profits’ quarter after quarter.
“The information part comes from a variety of sources,” Kelley continues. “We’ve seen the scandal over High Frequency Trading, where Goldman and other firms have computers positioned at the New York Stock Exchange, getting information on trades a millisecond before they are posted publicly. Goldman sees where the market is going second by second, positions itself for very short term profits, and in effect extracts a tax on trading by individual investors and mutual funds. Goldman Sachs is the biggest player in this business… For credit products, mortgage securities, and equity derivatives, Goldman Sachs extracts similar information from its clients interested in buying or selling these products…
“None of these information sources or uses are illegal at this point,” Kelley concludes, “but this is hardly the profile of your typical day-trader pitting his wits against the fickleness of the market; this is the profile of a hedge fund with critical information and size advantages, using them to maximize profit.”
As Kelley correctly observes, none of Goldman’s known trading practices are illegal. On the other hand, legal trading practices have never before generated such a sustained record of improbable success. So just maybe, Goldman’s brilliant trading record emerges from something other than gee-whiz computer programs and the brilliant instincts of trading jocks.
Remember, Goldman generates its trading results from the activities of hundreds of traders, operating in dozens of different financial markets. And yet, somehow, the collective activities of this gun-slinging diaspora produce a daily profit 93% of the time. That’s either very impressive or very illegal.
(Source: Larry Levin’s : Trading Advantage)
If you would like more information on the Global Market Trader Pro-Trader Mentoring Course please email info@globalmarkettrader.com
Have a great day.
Cheers
GMT Pro-Trader Team.
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