Here are the steps to becoming a successful trader
I was
going through some old files and came across this again, which I had written
awhile ago. Obviously, it should be taken “tongue in
cheek” and not literally, but anyone who’s lasted in this business can relate to
it.
The 38 Steps to
Become a Successful Trader
1. We accumulate information–buying books, going to seminars, and researching.
2. We begin to trade with our “new” knowledge.
3. We consistently “donate” and then realize we may need more knowledge or
information.
4. We accumulate more information such as buying “the last seminar you’ll ever
have to buy.”
5. We switch the markets we are currently following.
6. We go back into the market and trade with our “updated” knowledge.
7. We get beat up again and begin to lose some of our confidence. Fear starts
setting in.
8. We start to listen to outside news and others who claim to be “experts” but
have no clue what they’re talking about.
9. We go back into the market and continue to donate.
10. We switch markets again.
11. We search for more information.
12. We go back into the market and continue to donate.
13. We get overconfident and the market humbles us in a not-so-nice fashion.
14. We start to understand that trading success fully is going to take more time
and more knowledge than we anticipated.
Most people will give up at this point as they realize work is involved.
Stay
tuned for the rest!
Daily Pivot Points for 11-7-05
| Symbol | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| INDU | 10546.07 | 10567.87 | 10596.01 | 10617.81 | 10517.93 | 10496.13 | 10467.99 |
| SPX | 1218.98 | 1221.87 | 1225.16 | 1228.05 | 1215.69 | 1212.80 | 1209.51 |
| ES Z5 | 1221.75 | 1225.00 | 1227.75 | 1231.00 | 1219.00 | 1215.75 | 1213.00 |
| SP Z5 | 1221.67 | 1224.83 | 1227.47 | 1230.63 | 1219.03 | 1215.87 | 1213.23 |
| YM Z5 | 10563.67 | 10589.33 | 10612.67 | 10638.33 | 10540.33 | 10514.67 | 10491.33 |
| BKX | 100.29 | 100.52 | 100.72 | 100.95 | 100.09 | 99.86 | 99.66 |
| SOX | 452.28 | 455.79 | 459.27 | 462.78 | 448.80 | 445.29 | 441.81 |
Weekly Pivots for the Week of 11-7-05
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| 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.