Part4 - If you wish to win read on

A few simple steps which followed will give you an edge when attempting to day trade the futures markets

1. Design a system that works on the mechanical principle of trading
2. Keep emotional descion making to the bare minimum
3. Accept that once in a trade the outcome is out of your hands completely
4. If you have a losing trade mentally move on and wait for the next signal
5. After a losing signal ask yourself ‘can I learn anything from this’. ‘did I do anything wrong’
6. After a winning or losing trade check in your trade execution software that you are flat in the market and hold no positions. Sometimes after a busy day you can find you are still live 1 position, that position could take all your profits and needs to be closed. Check and recheck after every trade.
7. Have a list of emergency contact numbers that can put you in touch with your broker in the case of your software going down whilst in a live trade.
8. If possible have a UPS so that if you have a power cut you still have time to close out any positions
9. Never rush into a signal because the market 'looks long or short' wait for a valid signal.
10. Sit on your hands if you have to while your waiting for a valid signal , stay out of the market,one reason for failure is peoples inability to remain on the side lines and they over trade trying to 2nd guess where the market is going to go - no signal = no trade = simple