The 38 steps to trading for rookies!

Hi, all newbies

I found this on another thread here, not sure which one, anyway read carefully - this is the truth of trading- how many of the 38 steps have you been through and where are you stuck?


38-STEPS TO BECOMING A
SUCCESSFUL TRADER
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Steps to Successful Commodities Futures Trading
as published in Commodity Futures Trading Club News
and in Traders Organization's Real Success Daytrading Course

1. We accumulate trading information - buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realize we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to 'outside news' & other traders.
9. We go back into the market and continue to donate.
10. We switch commodities again.
11. We search for more trading information.
12. We go back into the market and continue to donate.
13. We get 'overconfident' & market humbles us.
14. We start to understand that trading success fully is going to take more time and more knowledge then we anticipated.
    
    --------------------------------------------------------------------------------
    
    
    Many Traders Will Give up at this Point as they Realize Work is Involved
15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realize that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We go back into the market and continue to donate. We go back into the market and continue to donate.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and trading rules.
33. We begin to consistently make money. We begin to consistently make money.
34. We get a little overconfident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
37. We are making more money then we ever dreamed to be possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.
    
    
    
    from -- http://www.commodities-futures.com/

i have been through that steps and right now i think i'am at the stage 31

thank you for posting that stuffs

Well done , Bob

Very few new traders get to this stage, I wish you well in your trading

MT

no doubt based on our conversation today, i am number 15. thanks

Sounds like AA's steps but for traders.

Spot on, Gold, good progress.... now it gets interesting

nice post, so true.
I think the steps must be fractal though and part of bigger steps cause I keep going over the same ones over and over.
"time to donate again"

Mountains and mountains of self doubt that need climbed first. So very true.

LOL,, spot on and something that we all need, at least if you are a newbie..

Only at step one, but isn't that how every journey starts

Hi, GlodexFx

Yes, it is, hopefully the above will allow to progress a little faster.

Trade well

MT

Thanks for sharing and remind me this list again, I had forgotten it.

I think I am at number 30 right now. I know what I have to do but the fear is stopping me and sometimes I finished doing thing I know I am not allowed to do.


Thanks again,


oggalan

I'm between 35 and 36. I remember finding this list when I first started trading. I think it was DbPhoenix who posted it.
It took me a long time to pass the steps, and you don't even realise that they are passing, but slowly, they do.

Something I remember reading:

What is one thing, that if mastered, would help you the most?

Remember, time passes, wether we work on our dreams or not. Without work, without dedication and the guts to push reality, your dreams will only fade.

Trading is like priesthood, you don't choose this, you are called.

Hi,

Thanks for your post. You have done well to get this far. To battle fear you need a strategy that you have moulded to your personality and the confidence to trade it. If you need any help, feel free to Pm me

MT

Hi, Tavurth

Thanks for your post and I congratulate you on your hard work.
I like your quote about working on our dreams - it is the same for all goals in life. There are the dreamers and the doers!

MT

still on #15
i think the "bridge" is long enough to make you hesitate to cross the border.

I do not know where I belong . what I know is move forward forever, never give up

This is really very interesting. I'm glad that I came over this tread. Also thanks for being warned in advance that on a definite stage it is easy to give up. If trading becomes to difficult in my opinion, perhaps I know what to do next. This information affirms the fact that real defeat in forex (as in everyday life maybe) is when one gives up. Thanks again!

Hi, Jart

Thanks for your comments. Trading is likely to be one of the hardest things we will ever do in our lives but new traders don't understand it. i have come across and helped a number of traders over the years and most have not had the will to carry on in the face of difficulties and their own ideas of what trading should be.

I don't know where you are in your trading journey, I applaud you for taking the challenge and wish you the very best.

MT