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The following article was published in our article directory on November 14, 2009.
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Trade Like A Professional Floor Trader

Article Category: Business

Not surprising the best floor traders are those that have the most experiance, this is no coincidence at all and should be a pointer for those who aspire to become a good trader and earn a living at it.

Day trading can be likened to being a sportsman, such as a golf pro or tennis champion, you need to be very well skilled and in good physical shape.

Skills are needed which must be developed over time and practiced until they become second nature. Then you know you are ready to take on the markets and make money.

If you want to learn how to swing trade or postion trade you must be prepared to put in the effort. Here are some of the key skills that you must develop as a trader, if you want to be in the small minority who make it.

1. Technical analysis can be used for trading futures as well as the more standard stocks, options and bonds that most people trade. Becoming an expert at technical analysis can give you a large edge over other traders who have not taken the time to study the charts, support and resistance areas, trendline and patterns. Learning technical analysis is really a must do if you want to trade futures successfully.

2. This is a very simple point but is very important, always have your trading plan prepared before you enter a trade, never try and make it up as you go along, you will be much too emotional. Make sure that you have both an entry and exit point in your plan.

3. Keep your losses small!, this is the one thing that every trader must do if they want to become a long term successful trader. By doing this you will preserve your capital allowing you to trade another day. Your small wins will compensate your small losses allowing your big wins to give you a trading system that will be profitable over the long runan overall profit

4. Trading too often is a big mistake that a lot of amateurs make. Professionals tend to be more patient and wait for the better opportunities to come along, this is called cherry picking and takes both patience and discipline. These are essential skills that you must develop.

5. This is a big day trading tip, it is important that you track all your trades and review them to see where you are losing money. This is hard work, but this is what separates the professionals from the amateurs. Unless you do this you will keep on making the same mistakes. The best way to do this is to keep both a daily and weekly log. This can be on a spreadsheet or even just a simple note book, just as long as you do it.

6. Only trade when you are both physically and mentally prepared. This is often overlooked but is very important. Do you think a tennis star can win a game when they are tired and mentally not focused?, it's unlikely. Being prepared means getting a good nights sleep, and having your trading station and charts well prepared before the market opens, taking the time each day to review your trading plan and rules. Finally you must have the mental frame of mind and confidence that you are going to be successful today in your trading.

7. If you are new to trading futures take the time to paper trade until you are very confident that you are going to make money. You will know when you are ready because you will start to hate paper trading knowing that you could be making real money profits on a consistent basis.

Remember that the markets only trend for about 20-35% of the time, the rest is either sideways or very choppy, if you want to do trend trading to win you must be fully prepared when the opportunities arise.

Keywords: trading,day trading,futures trading,online trading,stocks,investment,technical analysis

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