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In this Edition of Traders Ezine we offer you an in depth article written
by our newest website sponsor Mr. Stephen A. Pierce, CTA. Since Stephen’s
article is long, most of this issue is devoted to it, except for some
interesting comments from Greg, a new CTCN Member from Down-Under.
This issue is our 2nd Traders Ezine of November. As we mentioned in our
Ezine of a few days ago, we are greatly expanding the content and trading
knowledge, plus publishing these Ezines more frequently, with 3 per month
planned for your benefit.
--------------------
214 Questions to Ask Yourself To Create a Killer Commodity Trading
Plan with Breakthrough Results! By Stephen A. Pierce, CTA
Remember the old saying "everybody wants to go to Heaven, but nobody wants
to die"
Well, as it relates to trading futures and commodities; "everybody wants
to win but nobody wants to die"
You see, crossing over from the occasional winner and consistent loser to
the world of consistent winning and big time profits is a path of death.
You MUST die to your old ways of thinking, your old ways of trading and
your old habits.
If the saying "you can't teach an old dog new tricks" applies to you, then
my friend. You will be one cast down, sad and broke old dog... if you
continue to trade the markets without the shift in your trading process
that is a MUST for success.
There's a 97% chance that what you have been taught about how to trade the
markets is flat out WRONG!...period.
While this article doesn't cover the mass media path of losers as compared
to the narrow little know path of winners. We do want to position you for
the best chance of success in trading.
To start, you have to begin asking questions. Not just any questions, the
right questions. Not just a few questions, but a whole lot of questions.
The right series of questions produce the right answers that produce the
breakthroughs you need to succeed in trading the markets.
What exactly are breakthroughs? Breakthroughs are unconventionally fresh,
superior, more exciting ways of doing something. Breakthroughs are the
dramatic improvements in each area making you more powerful, profitable,
efficient, effective and productive and more valuable and inspiring to
others.
Breakthroughs make your trading produce five to ten times the results from
the same effort or less. Breakthroughs transform you from a trading
survivalist to a trading success.
Breakthroughs allow you to control your trading destiny with little to no
confusion while producing more profits and being more productive in both
your personal and trading life.
The following questions are designed to help you reinvent your trading
process. To help you establish directives that will have you maximize your
successes, making them more certain, better and longer lasting while
consistently producing new successes.
The results from the following questions should be a sound and concise
Killer Trading Plan that will allow for you to outthink, outleverage,
outperform, outimpact, outdefend and consistently out-profit all of your
previous trading days.
What do we mean by;
Outthink - better mental processing
Outleverage - better use of equity
Outperform - better trade selections for your portfolio
Outimpact - larger gains from each trade
Outdefend - avoiding the wrong markets at the right time
Outprofit - larger, consistent realized profits in the bank
The following questions are performance-maximizing questions that have
consistently produced trading breakthroughs. It's these breakthroughs that
will get you the big payoff, explode your potential, consistently build
your equity and sustain your new trading success.
No man or women has EVER become wealthy without having breakthroughs.
Therefore, your first step to creating wealth from trading is experiencing
the breakthroughs that are built with the following questions.
So, as we get ready to move forward we will do so with the
possibility-based mind site that looks for new, different and better ways
to attain our trading goals, create solutions and address various
situations that arise from fast markets.
So lay all your cards on the table. No holding out. Everything you can
conceive that could hold you back need to be addressed right now. Become
transparent. Hide nothing. Every so called problem, obstacle, limitation
or boundary you say you have needs to be address in a straightforward and
honest fashion.
By being open, honest and realistic in answering the following questions
will produce a written and concise Killer Trading Plan. You will have a
complete blueprint and road map for your trading success. You will know
where you've been, where you are and where you are heading. You will know
specifically what to do and what not to do in trading the markets to
accomplish your goals.
Remember, your completed trading plan will only be as strong as you are
honest. Lie and your plan is already weak and you are certain not only to
not follow it completely and without question. You are soon to lose your
entire wad of equity.
Be honest and you will see the light while your bank account gets heavy
and laced with the spoils of proper profitable trading.
The following questions require detailed answers. The moment you skip a
question or a section… YOU LOSE! You are NOT ready for this game and as
you watch your equity disappear that will be the proof.
As we begin now, be mindful. The WRITTEN Trading Plan is only part if the
process. You MUST stick with your written Trading Plan once it has been
established.
THE KILLER PREP QUESTIONS (if you don't know, your equity won't grow)
1. Am I mentally prepared to trade futures? How so?
2. Am I spiritually prepared to trade futures? How so?
3. Am I physically prepared to trade futures? How so?
4. Am I emotionally prepared to trade futures? How so?
5. What's the difference between a Trader and an Investor?
6. What's my type? A Trader? Or an Investor? How do I know?
7. What is my reason for trading futures?
8. What is being secure?
9. Do I want to be secure? Why?
10. What is being comfortable?
11. Do I want to be comfortable? Why?
12. What is being rich?
13. Do I want to be rich? Why?
14. What's my most important core value?
15. What matters most in my life right now?
16. Who matters most in my life right now?
17. What are my key life relationships?
18. Who is my supporting cast, my hallmark cornerstone for strength?
19. Do I live with a sense of purpose? What is it?
20. Who is God?
21. Who is God to me?
22. What does God have to do with trading the markets?
23. How do I see the futures markets?
24. What do the markets mean to me?
25. What can I bring to the markets?
26. What's a Gambler?
27. What's a Speculator?
28. What's a Trader?
29. What's a Saver?
30. What's a Giver?
31. What's a Dreamer?
32. What's a Loser?
33. What's a Winner?
34. What am I?
35. Do I realize that no one person can know it all? That includes me?
36. Am I willing to keep an open mind while trading futures?
37. Am I willing to invest the time to find out where I am financially
today?
38. Am I willing to create a financial blueprint to direct my futures
trading?
39. Am I planning to be rich? How do I know?
40. Am I planning to be poor? How do I know?
41. Am I even planning at all? Where's the beef?
42. Am I ready to establish and follow a simple formula for trading
futures?
43. Am I ready to start with a simple plan, keep it simple and improve on
it regularly?
44. Am I willing to stick with this plan and trade by it without exception?
45. Am I willing to start taking control over myself? How so?
46. Who benefits from me trading futures? How? Why?
47. How can my trading futures help others?
48. Am I willing to give a minimum of 10% of my winnings to a Church or
charity?
49. Who will I give to?
50. What is my reason for trading the markets?
51. Do I understand the risk involved in trading futures? What is it?
52. What's the worse case scenario?
53. How does the worse case scenario affect my family and I?
54. Can I live with the worse case scenario?
55. Do I understand that I'm both the asset and the liability?
56. Am I prepared for whatever happens?
57. Do I understand risk and reward? What is it?
58. Do I understand fear and greed? What is it?
59. How do I deal with fear?
60. What has fear cost me in terms of dollars in trading?
61. How do I deal with greed?
62. What has greed cost me in terms of dollars in trading?
63. How do I handle winning?
64. How do I handle losing?
65. Do I understand that I can have a higher number of losing trades
oppose to winning trades, yet still win more in realized profits trading
futures? How is this so?
66. Am I educated about the markets? What do I know?
67. Am I experienced in trading futures? What have I done?
68. Do I have excessive cash to trade the markets? What can I lose?
69. How has my trading changed today from when I first started?
70. What kind of results do I get today from my trading?
71. I'm I satisfied and content with these results?
72. What is my biggest trading problem or challenge today?
(describe it in detail)
73. How have I addressed this issue? What has been the result so far?
74. What ongoing learning and developmental process efforts do I do to
improve my trading skills, wisdom, knowledge and understanding? (explain
in detail)
75. What is my current process for selecting, entering, managing and
exiting a trade? (describe in detail)
76. Am I willing to make mistakes? A bunch of them?
77. What if I lose all of my money?
78. What's does failure mean to me?
79. How do I measure failure?
80. What's been my life's biggest failure?
81. How did that happen?
82. How did I deal with that?
83. What does success mean to me?
84. How do I measure success?
85. What's been my life's biggest success?
86. How did that happen?
87. How did I deal with that?
88. Am I trading for fun?
89. Am I trading for sport?
90. Am I trading for cash flow?
91. Am I fooling myself?
92. Am I a fool?
93. Where's my trading journal?
THE KILLER FOUNDATION QUESTIONS
(get it together before you get it going)
94. What is my philosophy as it relates to trading the markets?
95. What is my immediate term financial objective (1 day-3 months)
96. What is my short-term financial objective? (3-12 months)
97. What is my intermediate term financial objective (1-5 years)
98. What is my long term financial objective (5-10 years)
99. How does winning affect my taxes?
100. How does losing affect my taxes?
101. How can I optimize both for tax benefits?
102. Do I know what a margin call is? What is it?
103. Why would I get a margin call (not following my trading plan, etc)
104. How do I handle margin calls? (send money, duck and hide, etc)
105. Who is my broker?
106. Does my broker know who he is?
107. Do I respect my broker? How so?
108. Does my broker respect me? How so?
109. Does my broker respect my trade decisions? Where's the proof?
110. How long have they been in business?
111. Do they have any complaints on file with the NFA? (better check)
112. Am I getting full service or not? Why?
113. What am I paying per completed trade?
114. Who is the floor broker for my desk broker?
115. Who is the clearinghouse?
116. Am I trading via phone, fax or online?
117. What is my broker phone number?
118. What is my broker fax number?
119. What is the url or software for online trading?
120. If I'm trading on the phone, does my broker record each trade call?
121. If I'm trading online, how reliable is the online system?
122. What kind of assistance has my broker offered to give?
123. Who is my trade advisor?
124. What software do I use? (if any)
125. At what scheduled time of each day do I go over my portfolio, look
for new trades and manage open trades?
126. When do I revisit my trading plan for updates and revisions?
127. Do I have my record keeping system in place for all my trades? (if
not - get one!)
128. Do I have a trading journal to write in daily? (if not - get one!)
"ON YOUR MARK" KILLER QUESTIONS
(let's get this show on the road)
129. What is my starting (equity) risk capital?
130. Am I willing to trade only 60% of that as margin?
131. Am I trading technicals or fundamentals?
132. What is my source (system) for getting trade entries and exits?
133. How reliable is this source (system) of trade entries and exits?
134. Does this source (system) have the winning percentage and net gains
to support my goals?
135. What is the drawdown and net loss of this source (system)?
136. What markets can I trade with my 60% allocated risk capital based on
the source (system) drawdown percentage and lose to win ratio?
137. How many contracts will I trade per entry?
138. What markets are an absolute NO-NO and I will not trade under no
circumstances whatsoever?
139. Do I have the latest margin sheet from my broker?
140. Of those identified markets how will I diversify them in my account?
(write 10 combinations)
141. How many different trades will I hold at one time for diversification?
142. What kind of diversification will I pursue? Inter-market or
Intra-market?
143. What time frame while I trade? (intra-day charts or end of day charts)
144. Is scalping and day trading allowed (holding for a few minutes to
until the close)
145. Is swing trading allowed (holding for 1-3 days)
146. Is position trading allowed (holding for 3 days and beyond)
147. How do I know a trades probability for success?
148. What's the formula for determining a trades probability for success?
149. How accurate is this formula?
150. What are the rules for adding on to a winning position? (when equity
gains equal margin for new positions, etc)
151. How do I keep proper portfolio balance and diversification when
adding to winning positions?
152. When do I let a losing position go?
153. What are the exit rules for losing positions? (stops, time, price
retracements, moving averages, etc)
154. What filters do I use to control exit signals to prevent premature
exits?
155. How does this filter work?
156. Do I trade options? (straddles, strangles, etc)
157. If so, do I sell options? (overvalued options, etc)
158. Do I buy options? (undervalued options, etc)
159. At what point and for what reason do I trade options? (controlling
risk on futures with options, longer term trades, hedging, selling during
declined volatility to take advantage of cheap prices in sideways markets,
etc)
160. Do I trade spreads?
161. If so, what kind, for what reasons and when?
162. What about Holidays and thin trading? Do I trade or not?
163. What about long weekends do I exit or stick to exit rules?
164. Are there any exceptions to any of the above?
165. Did I write all of this in my trading journal for my trading plan?
"GET SET" KILLER QUESTIONS
(pay attention... or pay)
166. Where is my trading journal?
167. Can I see the difference between a sideways market and a trending
market?
168. Which market personality do I trade? (sideways or trending?)
169. What is the rule of timing entries?
170. How do I know to enter a market?
171. What filters do I use to control entry signals to prevent bad trades?
172. How does this filter work?
173. Do I trade Elliott Waves?
174. What Waves will I trade? (impulsive waves 1, 3 and 5 only, etc)
175. How do I know what Wave it is?
176. Do I hold during corrective Waves 2 and 4?
177. If I exit at what point do I reenter?
178. If I hold at what point do I exit?
179. If I exit, why am I going to exit? What's the reason and what's the
rule?
180. How do I know when to exit Wave 5?
181. What are the SPECIFIC technical and/or fundamental parameters that a
market must meet prior to me entering either long or short?
182. What if the technicals are in conflict with the fundamentals? What
then?
183. What if the market goes limit against my position and I still have
profits? Then what?
184. What if the market goes limit against my position and I have
drawdown? Then what?
185. Will I be trading using protective stops?
186. What are my protective stop rules? (risk 1% of equity per contract or
more, moving average crossover, Elliott Wave violation, etc?)
187. What are my profit exit rules? (price targets, trailing stops. etc)
188. Are there any exceptions to the above?
189. Did I write all of this in my trading journal for my trading plan?
"GO" KILLER QUESTIONS
(it's showtime!)
190. What do I think about this trade?
191. What do I feel about this trade?
192. Is this market trending or choppy?
193. If trending, what's the current trend, up or down?
194. Where is the current price in relation to Price Gates, Support,
Resistance, 38%, 60% and 62% Retracements levels etc?
195. What's the previous significant high or low?
196. Is this a fractal trade set up?
197. What Wave is it in?
198. Is the market corrective or impulsive?
199. What's the margin on this trade?
200. Does this trade meet my trading plan rules?
201. Is this a counter trend trade?
202. What is the market volatility like?
203. Where is my fear level on a scale of 1 - 10?
204. Where is my greed level on a scale of 1 - 10?
205. Are there fundamental factors that can alter the technical picture
either short or long term?
206. How does this trade diversify my portfolio?
207. What is the probability for success for this trade?
208. Is it a stop, limit or market order entry?
209. What is my entry price?
210. What's my fill price?
211. What is my protective stop strategy for this trade (if any)
212. What is my profit target for this trade (if any)
213. When do I exit this trade?
214. Where is my trading journal?
Stephen Pierce is a registered CTA with the NFA and CFTC and author of
"Secrets of the Chart Traders." For an in-depth look at the formula
presented in this report, visit Stephen's web site at:
https://www.secretsofthecharttraders.com Stephen continues to personally
coach and assist traders from around the world in becoming consistently
profitable in trading commodities and futures. Clients pay $350.00 a month
for his personal guidance and he commands $3000.00 to customize a killer
trading plan. His success system for helping others trade profitable is
the top-ranked system today amongst its users.
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Dear Dave, I think the material on your site is exceptional in that you
are committed to helping other traders. This commitment I believe is very
genuine and comes through strongly. I think people like you are meant to
be a blessing to others and I feel very privileged to be able to receive
from you and your group. I have been trading the US Futures in Australia
for the last couple of years and loving every minute of it. I am addicted
big time.
I have traded the E-mini contract (staying up all night) but much prefer
the Nasdaq E-mini because of the long runs and not so much channeling. I
trade off the 1 min and 5 min charts mostly and use Elliott waves for
most of my trading.(Note: wave counts are notoriously unreliable on the
short time frames but good for direction on the longer time frames). I
have one protégé at the moment and the other person that I have taught is
consistently making five grand a week. So something must be working??
I believe that trading is a journey. A journey that is much more enjoyable
in the company of friends and fellow traders. I think this is also what
your club is all about. It doesn't matter how much I know, there always
seems to be so much that I don't and so I am constantly hungry for more
knowledge and better ways to do things.
I believe the Club has the ability to satisfy some of this hunger. I am
continually amazed by some of the generous contributions and "secrets"
given away by some of your members. By comparison I much more selfish and
guarded in this area. Shame on me! So there, you may quote me as much as
you like and thank you for the opportunity. Greg
--------------------
Editor’s Note: Thanks Greg for the nice words and your interesting
article! By the way, please consider explaining for everyone’s benefit how
the protégé and other person you taught is making approx' $5,000 a week! I
can understand you may not want to give secrets away but perhaps you could
explain how they are doing it in general terms to help our Members out!
Sorry for imposing on you like this! It’s just that I am somewhat
surprised those 2 traders are making money in terms of thousands of
dollars in profit a week. That compares to our Real Success 2 Methodology
which talks in terms of hundreds of dollars rather than thousands.
--------------------
All the best,
Dave Green, Editor
P.S. Here are some suggested trading related links:
Stephen A. Pierce, CTA, who wrote the extensive article in this Traders
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