TRADING AS A PROFESSION

Issues for New Traders
Michael Covel (March 12, 2006)
Think you can't make a living trading? Think Again. Traders fail because they risk too much and often have no trading plan. Today it's more crucial than ever to become "Market Wizard" knowledgeable about the real money-making techniques of the great traders. It is no longer rational to invest your personal net-worth in a mutual fund hoping for it to go up forever. Most people are afraid to learn new ways of thinking, particularly when it comes to their money. But the bottom line is, you have no choice if you want to build a fortune. Trend following is designed to keep your emotions in check. Being objective and unemotional is the big difference between the great traders and losing traders.
Formal Education Is Not the Key
A top CEO recently spoke before a class of Harvard MBAs. After his presentation students asked questions one of which was, "What must we do now?" The CEO replied, "Take whatever money you have not spent on tuition and do something else." His point was clear: formal education means less and less in today's world. Trading is no different. The best traders are usually not the products of a formal education in business or finance. Bottom line: you don't have to be a Ph.D. or MBA to trade. You only need to have the desire to work hard and learn. If you must have a Ph.D make it a "Poor, Hungry and Driven" degree instead. If you want honest, straightforward training, we can help. If you want short cuts and hype, do yourself a favor and move on. This is not for you. The great Trend Followers don't ask for permission, they don't make excuses, they just do it.
Geographic Irrelevance: Learn Anytime, Anyplace
You can trade from anywhere in the world as long as you have access to the internet. You do not have to be on Wall Street or have access to Wall Street's buzz as demonstrated by where these superstar trend followers live:
Canadian, Texas (Salem Abraham)
Incline Village, Nevada (Ed Seykota)
Towson, Maryland (Keith Campbell)