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THE ESSENTIAL COMPONENTS OF A SUCCESSFUL TRADING APPROACH, MONEY AND SELF-MANAGEMENT
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MY TRADING PLAN INCORPORATES THE KNOWLEDGE AND IMPLEMENTATION OF:

•  MONEY AND SELF MANAGEMENT

•  MARKET MECHANICS

•  TREND AND DIRECTIONAL ANALYSIS (LAGGING AND COINCIDENT INDICATORS)

•  OVERBOUGHT/OVERSOLD EVALUATION

•  MARKET ENTRY TECHNIQUES (LEADING INDICATORS)

•  MARKET EXIT TECHNIQUES (LEADING INDICATORS)

MONEY AND SELF MANAGEMENT

I've already alluded to certain critical self-management techniques in CHAPTER 1. There's a lot more that you need to know 1 . In the reference section, I've made mention of some alternative sources of information that may be useful to you. Finding good material on market psychology will likely be easier than getting good, practical money management material.

Regarding successful personality profiles, I can add to the above reference material that successful traders are typically confident, self-made individuals, who can handle criticism and loss without defensiveness. There is no room in their minds for jealousy, envy, or emotional insecurity. It took me a long time to realize why nearly all my friends were traders and why I like being around traders so much. I don't know a better way to put it other than that they are real men and women. I'm not saying that traders must be perfect individuals. I am saying that the demands of this business substantially exceed those of other endeavors. If you suffer significantly from any of the personality flaws mentioned above, first iron out those flaws, then learn about trading specifics.

In any discussion of personal management and significant amounts of money, I guess it would be fair to comment on the people you'll run into as a part of your trading experience. We all know that there are thieves and unscrupulous individuals in any field. Such individuals exist in this business as well. I can honestly say, however, that in almost 30 years in and around this industry, I've run into only two. One has been indicted and the other is likely to be at some point. Those thieves that exist on the floor are straightened out by their (floor) colleagues. The motivation to clean things up is not moral, it's practical. There is only so much money to go around. If someone consistently gets too much of it unscrupulously, the others perceive this person as a pariah and find very effective ways to rid themselves of his presence.

The FIBONACCI, MONEY MANAGEMENT, AND TREND ANALYSIS, in home trading course delves into the personality profile of successful traders. This portion of the taped discussion is

approximately three hours long. It examines each aspect of successful thinking. More time is spent thoroughly covering money management techniques, an understanding of ruin (gambling) theory, as well as aberrant runs. The course explains how to handle margin during winning periods and losing periods. It discusses positive and negative expectation games and how your trading is defined by the nature of the methodology you are using. There is also a section that contains more basic information on how to open a futures trading account, how to choose a broker, and so on. Since these topics are well documented and thoroughly covered, they will not be repeated here. The appropriate audio portions referenced above, along with sections of the accompanying manual may be broken out of the full course. This way no one will feel forced into buying material that is perceived to be redundant.

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