subject: E-mini Trading: In Difficult Economic Times, Is It Wise To Consider A Career In Trading? [print this page] We are currently experiencing unique and troubling times in our economy and many Americans are operating under challenging circumstances. To be sure, many individuals are searching for a good job, a decent wage, and proper housing. So, the notion of entering a career as a trader, specifically an e-mini trader, would seem to be out of the ordinary and risky.
There is tangible risk in becoming an e-mini trader; that cannot be denied. According to various sources, as high as 90% of all new e-mini traders fail within the first three months. Sound scary? It ought to be a deterrent from entering the e-mini trading arena without proper preparation. Trying to take on the markets without proper training is the recipe for failure. The question is: Why do so many new traders enter the e-mini trading career with so little preparation from professionals or personal mentors who might be veterans of e-mini trading? With proper preparation you can lower than 90% figure to one that is very manageable. Learn specific methodologies and practice on a simulator before charging into the markets.
Of course, there are several routes a new trader may pursue in order to prepare himself or herself for e-mini trading. Perhaps the individual may know an experienced trader who may take him or her on as a student. Many times, older traders who have had a great deal of success are willing to share their knowledge with new traders.
Another and more popular route to gain trading success is to enroll in a successful trading course. I would advise great care in performing proper due diligence on any course before enrolling though, because some courses are of lesser quality and are merely a rehash of common information found in generic text books on trading. To really learn the trading profession is often helpful to learn from an individual who has firsthand experience at the institutional level or other professional level. On the other hand, often times self-taught trader"s initiate trading courses, and these courses are a mixed bag. It takes careful research to determine if this type of trading course is adequate. Use care and ask questions like:
"Is this a course or trading room designed for calling trades or educating new traders?
"Is it possible to get references from successful graduates of the trading course?
"What type of trading does the course teach? Is it a course specializing in scalping? In swing trading
"What are the instructor"s credentials? What sort of experience does the instructor have at trading large accounts?
"What is the cost of the course relative to similar courses?
In summary, learning to trade is possible and can be a lucrative career with proper preparation. Don"t jump into the market without spending some time on a simulator. Be confident in your e-mini trading methodology and be able to execute your plan without emotional reaction. In short, be prepared.
