3 Good Reasons Not To Rush Into E-mini Training

Once I see the e-mini trading fever hit, I have observed new traders go to fantastic measures to achieve success in a short period of time. Some are guided by the get rich quick mentality; others are simply fascinated with the worlds most meaningful and dangerous video game, the e-mini markets. I encourage my students to ease into trading to avoid some rather obvious unpleasant outcomes. No, trading is an acquired taste and I encourage new traders to be prudent in their career decisions. In other words, don't quit your day job.

Of course, there are many more than three reasons not to rush into e-mini training but the three most disastrous reasons to be careful are:

1.Do you have the skills be a consistently profitable e-mini trader?

It's no secret that an inordinate number of e-mini traders exit the business before three months. There are a wide variety of reasons for e-mini tracings high turnover rate, but I observe with regularity traders entering the market without proper training. Further, many new e-mini traders trade the ES market, which is a difficult and treacherous market to navigate. The point is a simple one; you cannot expect to succeed trading e-mini contracts unless you have some basic knowledge and experience on that topic.

2.Do you have the temperament to be a successful trader?

I have had very successful students come to me that they simply do not enjoy the hours and stress that trading involves. In short, these traders didn't like the working conditions or the job description. Despite the fact that they were successful, I suspect the stress of trading daily soured their appetite for a career in trading. Trading is not for everyone.

Many traders are crushed when they suffer their first large loss, or series of losing days. All traders go through periods of time where they have to readjust their trading strategy to changing market conditions. Traders also go through periods where they simply don't trade well; this is usually a temporary condition.

3. Do you have the dedication to become a successful trader?

Success in e-mini trading comes in fits and starts and it is not reasonable to believe you are going to make fabulous amounts of money in your first year. Of course, with some specialized training and mentorship you can greatly increase your learning curve. Just the same, it takes hours of chart study to become truly proficient on a consistent basis. The effort to learn the wide range of material, and continue to learn throughout your trading career will by and large determine your success. Many new traders, when they learn the wide spectrum of knowledge required to be a trader are unable or unwilling to spend the time to truly become proficient.

These and other variables all need to be learned, and a new trader must be truly enthusiastic in earning to achieve success. To some, this natural enthusiasm is part of their personality; to others, the process of learning to trade is drudgery and they spend a great deal of time trying to locate a magic formula to become a proficient trader. Given that there are so many considerations in choosing a career in trading, I strongly advise my clients to give their decisions some serious thoughts. The e-mini trading lifestyle can be very rewarding and very punishing. Do you have the above listed qualities to overcome adversity?

In summary, I have urged individuals considering a full-time career and e-mini trading to give the matter careful thought and not quit their day job. We have talked about what I consider to be the three most important variables in the successful traders. Finally, I have challenged new traders to consider whether or not they are up to the task. If not, keep your day job.