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Questions to Ask Yourself To Create a Killer Commodity
Trading Plan with Breakthrough Results!
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 report 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 that make
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 outprofit 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 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
wade 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 anmind 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 managetrades?
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 50% 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 50% 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%, 50% 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)
