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"I lost "X" amount of money taking the advice of so- and- so" is not something you' ll hear a successful trader say. You can learn a lot from an experienced trader but your results are the result of YOUR actions. Habit #3 - The Habit of Focusing on 1 or 2 Techniques that Work. Rather than constantly searching for new strategies and techniques, the profitable trader will constantly use 1 or 2 approaches and nothing else.

Scared money never wins. It's wrong to borrow money to trade or take out a second mortgage on your home for trading capital. The way to begin is to determine how much you could afford to lose financially and then from that amount determine how much money you could afford to lose emotionally. Many beginning traders will look to their accountant, financial planner or spouse for advice regarding the amount they could lose financially without considering the emotional side.

Having an unemotional attitude and a deliberate futures trading system are the hallmarks of a successful trader engaged in futures trading. Never before have I seen so many people with such an intense desire to make money trading futures and commodities online. The technology we have today makes it extremely easy to get an execution - just point and click - compared with the old days, but even with the technological ease and the abundance of information available on the internet about strategy, (although most of it is just plain wrong), the aspect of trading that is more important than technology or strategy is having the proper mental approach to trading.