Here are the remaining steps to becoming a successful trader

The 38 Steps To Become A Successful Trader (part 2)

You can read part 1 of this article here

When we left off last time, about halfway up the mountain, many had quit when
they realized that hard work was involved.  This is for those who have the
stamina and discipline to continue the ascent to the peak.

15. We
get serious and start concentrating on learning a “real” methodology.

16. We trade our methodology with some success, but realize that something is

17. We begin to understand the need for having rules to apply our methodology.

18. We take a sabbatical from trading to develop and research our trading rules.

19. We start trading again, this time with rules, and find some success. 
But, overall we still hesitate when it comes time to execute.

20. We add, subtract, and modify rules as we see a need to be more proficient
with our rules.

21. We go back into the market and continue to donate.

22. We start to take responsibility for our trading results as we understand
that our success is in us, not the methodology.

23. We continue to trade and become more proficient with our methodology and our

24. As we trade we still have a tendency to violate our rules and our results
are still erratic.

25. We know we are close.

26. We go back and research our rules.

27. We build the confidence in our rules and go back into the market and trade.

28. Our trading results are getting better, but we are still hesitating in
executing our rules.

29. We now see the importance of following our rules as we see the results of
our trades when we don’t follow them.

30. We begin to see that our lack of success is within us (a lack of discipline
in following the rules because of some kind of fear) and we begin to work on

knowing ourselves better.

31. We continue to trade and the market teaches us more and more about

32. We master our methodology and trading rules.

33. We begin to consistently make money.

34. We get a little overconfident and the market humbles us.

35. We continue to learn our lessons.

36. We stop thinking and allow our rules to trade for us (trading becomes
boring, but successful) and our trading account continues to grow as we increase

our contract size.

37. We are making more money then we ever dreamed to be possible.

38. We go on with our lives and accomplish many of the goals we had always
dreamed of.

Daily Pivot Points for 11-11-05

Symbol Pivot       R1 R2 R3 S1 S2 S3
INDU 10605.01 10690.62 10741.15 10826.76 10554.48 10468.87 10418.34
SPX 1226.14 1237.23 1243.50 1254.59 1219.87 1208.78 1202.51
ES Z5 1228.83 1240.42 1247.08 1258.67 1222.17 1210.58 1203.92
SP Z5 1228.83 1240.17 1246.63 1257.97 1222.37 1211.03 1204.57
YM Z5 10625.33 10712.67 10763.33 10850.67 10574.67 10487.33 10436.67
BKX 102.51 103.78 104.44 105.71 101.85 100.58 99.92
SOX 461.62 468.41 472.28 479.07 457.75 450.96 447.09


Weekly Pivots for the Week of 11-7-05


Symbol Pivot       R1 R2 R3 S1 S2 S3
INDU 10493.56 10598.36 10665.96 10770.76 10425.96 10321.16 10253.56
SPX 1214.58 1230.26 1240.37 1256.05 1204.47 1188.79 1178.68
ES Z5 1216.42 1233.33 1244.67 1261.58 1205.08 1188.17 1176.83
SP Z5 1217.40 1232.30 1242.60 1257.50 1207.10 1192.20 1181.90
YM Z5 10498.67 10609.33 10684.67 10795.33 10423.33 10312.67 10237.33
BKX 99.50 100.24 100.69 101.43 99.05 98.31 97.86
SOX 443.85 461.94 472.06 490.15 433.73 415.64 405.52

Please feel free to email me with any questions
you might have, and have a great trading week!

Chris Curran

Chris Curran started his trading career at the
age of 22 with a national brokerage firm. He combines fundamentals and
technicals to get the big picture on the market. Chris has been trading for 15
years, starting full time in 1997, and has never had a losing year as a
full-time trader.