Article: Become a Better Trader

1- Get Ensign Windows
You can play back any day to practice. Buffy is often available in the B-Line chat room for great commentary and instruction on high % setups. I believe Ensign Windows is the best tool an unprofitable trader can have. If you already have another charting program get Ensign also. Its only $49.95/month. Better is to also get a real-time data feed. If you’re still working a 9/5 job as you learn you can trade the playback anytime.

2- Only trade with Sim-broker in Ensign Windows...no real $$ trades allowed.
Great to have arrows automatically placed on chart showing all your entries and exits. When you’re done it will show how many trades you took, % winners/losers and total profits/losses. Really GREAT.

3- Trade only 1 setup, high % trade with the trend.
Flag break...1-2 bar setup----slingshot. MOF or whatever works for you. Find your high % trade setup.

4- Keep all screenshots and Sim-broker results each day.
Study your good and bad entries and exits.

5- No posting allowed in chat rooms.
Most unprofitable traders can't concentrate on trade execution/management and post at same time or simulate trade and learn effectively at same time. Chat rooms can be a great place to learn from moderators and some posters that explain why they entered and exited a trade. Chat rooms can offer a wealth of trading related information. Unfortunately there is also a wealth of misinformation dispensed in chat rooms. So...verify all yourself.

6- After market, mark trade entries and exits you missed or those that would have maximized your bottom line.
I believe marking charts trains the brain to see it easy and fast in real-time.

When you can show 4 profitable weeks in a row, I believe you’re ready for a new setup high % trade and can trade for $$$.

Article by Jim Swartz (NQoos)

Editor note: Mr. Swartz and the B-line chat room typically trade the e-mini futures.

Risk Disclosure
Trading stocks, futures, options, and foreign exchange currencies on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You may be liable for losses that exceed the amount of margin that you post. You should be aware of all the risks associated with trading stocks, futures, options, and foreign exchange currencies, and seek advice from an independent financial advisor if you have any doubts.