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Not a happy story, but the amazing development is that the gentleman is getting back on the horse after falling off, this time getting his own education and finding out for himself whether futures are for him. This book is designed for people like him and for the more experienced technical trader as well. If you had a similar experience, then keep reading and studying and you will continue to increase your knowledge and competence. With that, you will gain confidence. The more knowledge and information you have about a subject, the better you will become in dealing with it. As we all know, knowledge is power. Every investor should know that trading is like riding an elevator. You get on if you want to go up and then get out once you are where you want to be. If you want to go up but then realize that you are going down instead, bail out. Get off the elevator and get back on another ride going up. Risk management and turnover are the keys to successful trading.
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TRADING MENTALITY
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Most new investors are not familiar with trading the short side of the market. I have listened to many novices say that they have a hard time comprehending how to sell something they do not even own. I always tell them that even if they buy a futures contract to go long, they are not going to own anything (except in rare instances where they may take actual delivery of some physical commodities). All futures traders are doing is speculating on the direction of prices on a given product during a given time period. If they are right, they get rewarded; if they are wrong, of course, they get penalized. Remember the elevator analogy. If a building has 100 floors and you are on the 50th floor, you can play a guessing game to see if the elevator goes up or down and by how many floors. You can take the ride, but you don t have to own the elevator to do so. The principle of trading is a very simple concept although we, as humans, tend to make it quite complicated, especially those who have a hard time comprehending selling short. Trading is just a matter of interested parties coming together and speculating whether the price of a specific commodity is going to go up or down. It is that simple. Let s say Bill believes the price of commodity XYZ is going up, so he buys. A second trader, Pete, believes the price is going down, so he sells short. One could win, one could lose. Or, believe it or not, both Bill and Pete can be right and make money during the same day with their opposite positions. Similarly, both could also lose within the same trading day doing the exact opposite trade at the same time. It happens all the time. Volatility
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INTRODUCTION TO FUTURES AND OPTIONS: Understanding the Mechanics
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is the reason. Get to know that term as well as whipsaw, choppy, erratic market behavior, and other terms used in connection with volatility. The market s behavior reflects the emotional condition of those who are doing the trading. The market is the by-product of those who use it. Sometimes it seems like a jungle. It can be financially rewarding and exciting like discovering a wealth of mineral deposits in a hidden cavern behind thick brush. It can also be like enjoying the beauty and splendor of a sunset off the coast of Florida with the sun s light descending on the low clouds as palm trees sway in the breeze. But it can also provide some of the scariest and most financially dangerous adventures you will ever experience. Trading will probably test your emotional strength and psyche. It will be the ultimate financial, emotional, and intellectual challenge you will ever encounter. Fear, doubt, complacency, greed, anxiety, excitement, false pride all can interfere with rational and intellectual thoughts. It is those feelings that create the jungle, and you may need help to overcome that jungle of emotion. Conquer those feelings and you may find the holy grail of trading: a confident winning attitude. Reading this book will give you the knowledge necessary to improve your life as a trader. You will be taught to take the emotion out of trading and to develop a method or trading plan. Remember, Those who fail to plan, plan to fail. I have devoted a chapter to the mental aspect of trading ( 11) because I believe about 80 percent of successful trading is based on emotional makeup. The way to increase your confidence and competence levels is through knowledge, and that comes from learning solutions to problems and then applying or executing what you learn.
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