June 19: Yum! The Seasoned Online Trader Feeds on the New Trader.

If youíre a new online trader, youíve got to pay your dues.

Seasoned traders know this and thatís why we love you so much. Look at your charts, mimic the experts, and buy those expensive traderecommendation newsletters.

Dream your dreams.

But PLEASE just keep trading, because as you trade, weíll be on the other side, putting YOUR cash into OUR pockets.

Iím not kidding.

So the thing is, you donít want to stay a new online trader for long?

What is a new online trader?

A new online trader, the way I refer to it here, is either someone who has just begun trading and has yet to make the mistakes of a beginner, OR someone who keep making the beginnerís mistakes over and over again and never learns.

Most online traders that Iíve come across over my 22 years as a online trader and CTA (three years as a new online trader and 19 years as a seasoned trader) have never gotten out of the new online trader category.

Itís hard to transcend.

To some, itís impossible and they wind up walking away blaming the volatility or the institutional online traders for their failures.

OK, hereís the key to taking the leap from newbie to successful online trader: Your mental discipline.

The fact is, the beginner whoís done his/her homework before trading is (largely) using the same indicators and techniques that the successful online trader is using.

The difference is that the successful online trader is IN CONTROL.

The new online trader is not.

The beginner is controlled by emotions and fears and has not learned… I mean REALLY learned… that trading the market is a math game.

Itís an exercise in probability and statistics and you must keep the odds on your side, even if, from time to time, it hurts.

If youíve back-tested your system properly… if youíve followed your guruís past recommendations carefully… and youíre ready to start trading…then you have one job and that is to follow your system like the IceMan.

If, over your chosen period of time, the system is not working, then change the system.

Never change your commitment to following your system to the letter once youíve decided to trade it.

All this is MUCH easier said than done.

Fears and emotions can easily overtake you. Weíre humans, not machines.

You must TRAIN your mind to be disciplined. Thatís what seasoned online traders do.

They train their minds because they know that habit patterns are simply neuro-pathways that are etched into your brain… AND…

When one identifies a poor trading habit (and you know who you are) all that needs be done is to train your mind to create a new neuro-pathway to replace the old one.

Itís science, man, just science.

A good trading system and the mental strength to commit to and execute the signals that system gives you is the way of the seasoned online trader.

Most seasoned online traders wonít actually tell you that.

Why?

Yum, yum!

By Norman Hallett

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