Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Four Milestones You Must Pass to Become a Trader

By

You should have a long-term goal of where you want to eventually get to, but you also need to have short-term goals that are specific, realistic, and measurable.

PrintPRINT
3. Add more indicators and another level of sophistication to your analysis.

In the first stage of the trader path, you should be able to define your edge, but that doesn't mean you have a complete tool belt! The core of your strategy should not change; you should simply add a few indicators to sharpen that edge. A few indicators that you may consider (which are taught in our Active Trader, Momentum Trader and Swing Trading Courses) include, but are not limited to: Fibonacci retracements and extensions, volume weighted average price (VWAP), tick readings, MACD, stochastics, trading oscillators, and relative strength index (RSI).

Adding a couple of advanced indicators to your trading arsenal can be a powerful step, but it is very important not to use too many indicators. The nature of technical analysis dictates that some indicators may often contradict each other. If you try to wait for trades where seven to eight indicators line up, then you may never place a single trade! Find a few go-to indicators in which you have supreme confidence, and incorporate them into your trading strategy.

4. Add a second strategy to your arsenal and learn hedging techniques.

The journey to the fourth stage of the trader path usually takes several years, and some may never even choose to take that last step. Many traders have a go-to strategy and simply ride it until it becomes obsolete. However, if you want to take your trading to the next level and become versatile, it would be wise to have a second strategy in your back pocket.

For example, a trader may have a predominantly long strategy focused on buying dips in relatively strong stocks, but if we enter a bear market cycle or the market starts to get toppy, that trader will have a tough time making money. Going back to Marc Sperling, for example -- he tells stories of traders in the tech boom that were buy-only. When the boom went bust, those traders were left out in the cold, many going bankrupt and exiting the business as they tried to buy every dip. Marc will admit that he was caught in the same mindset, but the reason he is still in the trading business is that he eventually made the adjustment to learn how to identify strategic shorts and hedging techniques.

Marc is an example of someone far along on the trader path, but he will never tell you he has arrived at a destination. He is always working to improve, constantly searching for new indicators and new strategy tweaks that can help take him to another level.

You will hear Marc Sperling talk about his journey in depth at the T3Live Super Conference Oct 6-7 at the Marriott Marquis in NYC.

The Super Conference is T3's signature live event, and will feature lessons from nearly every member of the T3Live team, including Scott Redler, Marc Sperling, and Steve Levay, among others. In addition, we will have several appearances from prominent traders outside of T3Live that will add even more value to your weekend experience!

Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
No positions in stocks mentioned.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE