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Before we get into philosophies, methods etc., I have some good news and some bad news for aspiring traders. The good news is that it is easy to make money trading. The bad news is that it's much EASIER to lose money trading.

My goal each day is simply to trade well. I try to begin each day without a clue as to what might happen (my friends will tell you that I have a distinct advantage in this regard as being clueless comes perfectly naturally to me). I do not try to predict whether the market will go up or down, or by how much. I also don't try and pick tops/bottoms or think in terms of dollars. I take the trades that I see and then manage each trade based upon its own merit. I have good days and an occasional bad day, or as one of my favorite sayings goes -- "Some days you are the dog and some days you are the hydrant." BUT, I go into each day knowing that I'll win if I simply wait for the markets to put me into a trade and then wait for them to take me out.

There are several "parts" to learning how to trade and learning a methodology is just one of them. Most seem to think that once they master this part they are home free, but eventually you'll discover that learning a method is the easy part. The hard part is learning how to trade that method because it's what you do once in the market that ultimately determines your success..…it's easy to hit great shots on the driving range but it's a different story when they count.

Following up on that thought, it is also my firm belief that you will never be able to Win at trading until you learn how to lose properly. Most try desperately (and in vain) to try and find ways to avoid losses but you can't avoid them - just accept them as part of the game and learn how to like them. Plus it's been my experience that losing trades are the easiest trades to manage…..it's the winning trades that prove the most challenging.

Required Regulatory Reading
NFA REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING FUTURES CONTRACTS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.