“Great things are not done by impulse, but by a series of small things brought together.” ~ Vincent van Gogh
Ask a successful trader what it takes to become successful and you may be surprised at what you hear. It is unlikely that you will be told where to buy that foolproof system or which style of trading will make you money the quickest. Most of the experienced, successful traders will tell you to educate yourself before you start. Take your time and look deep inside yourself. Make sure you want to do this because it is going to take work: dedication, patience and hard work.
One of my friends who is a trader sent me a chart yesterday for review and asked if it was a proper representation of strategy “B.” I asked him, “What about strategy A? I thought you were working on that?” He replied that he thought he would speed up his progress by working on both, which led me to delete his chart and not respond to the original question. “Get back to work on A,” was the response he received.
They key to mastering any trading strategy is to focus on only that one strategy. More specifically, focus on mastering each individual step of that strategy, one step at a time. Trading strategies are the sum of their steps. Once you master the micro, the macro is naturally mastered and becomes habit.
By the same logic, choose a product. Do not jump around from Nadex Binary options to Nadex spreads, then back to binaries. You can jump around marketwise as long as your method is market neutral. Given that Nadex provides you with 2 very good limited risk products though, it is up to you to figure out which profit model is the best fit for your strategy. Just be patient and learn the steps. If you cannot focus during the learning stage, you will not be able to focus during the high emotion trading stage.
One more quote for you to contemplate: “The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.” ~ Mark Twain
Trading is no different.
Futures, options and swaps trading involve risk and may not be appropriate for all investors. Past performance is not necessarily indicative of future results