Learning to Become a Successful Trader | E-Mini Player 7/08/10 9:43 PM

E-Mini Player: EMini S&P 500 Futures Trading

My trading journal documenting my trades and method utilizing Price Action, Market Structure,
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Friday, June 26, 2009

Learning to Become a Successful Trader Contributors

The following was posted as a comment by Ziad in reply to a post E-Mini Player
on Michael Brenke's Blog, but I'm posting it here (with Ziad's Ziad
permission) because I believe it contains extremely valuable and
genuine insights coming from a very disciplined and successful
trader. I would also like to include the following quote by Dr.Brett
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Steenbarger
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"Too many traders are looking for setups, when in fact powered by
they're the ones being set up."

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Hi Michael, Enter your email address:

I've been reading your blog for quite a while now but haven't
commented yet. However, I feel I need to comment now. Subscribe

If you don't mind I'm going to be very straight forward, and blunt
even, but I hope you'll take it from a spirit of sincerity and
genuine desire to help. It's going to be a long comment, so I'm
going to break it up into 2 or 3 comments.
Share
Here's the situation as I see it: For the last few months, and
possibly much longer, you've just been spinning your wheels while
thinking that you are getting somewhere. The reason for this is
that you are going about learning how to trade in the wrong way,
Important Posts
in my opinion. I say this because I've been trading much less
than you, a little over 2 years now, and yet because of the way I
went about learning and what I focused on, last year I netted Ask E-Mini Player
My "Setup" or How I Enter a Trade
$150k while nearly quintupling my account, without a single losing
My Trading Rules
month, and while only risking a very small portion of my account
My Reading List
on any single trade. Now there could be many reasons for the
ROLL CALL
difference in performance, but I think one of the main reasons
Learning to Become a Successful
has to do with what you are focusing on and how you are going Trader (by Ziad)
about the learning process. How to Setup Volume Profile Chart in
TradeStation
To try to put it as succinctly as possible, in my view traders that LBR's Trading Rules
are focusing all their attention on "set-ups" and finding out which Dennis Gartman's 22 Rules of Trading

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Learning to Become a Successful Trader | E-Mini Player 7/08/10 9:43 PM

combinations of indicators work are never going to become 38 Steps to Becoming a Successful
Trader
profitable. They are trying to follow the advice of trading books
that say trading is simple and psychology is everything. So they
search for set-ups that 'work', and that can take the guess work
out of trading. They want to be "disciplined" and have simple Useful Sites
rules that guide all their actions. But there's a few problems with
this. Namely, while psychology is HUGE, it's not everything. And E-Mini Player Premium
while trading is all about simple principles, actually having an My Posts on StockTwits
edge is NOT simple. It's a myth that you can have a couple U.S. Economic Calendar
simple price or indicator set-ups and make money consistently if Int'l Economic Calendar
only you are disciplined. That's a load of crap. It keeps the dream StockTwits: ES Stream
alive for wannabe traders who never realize what it's truly about. My Broker: Infinity Futures
Well let me tell you what it's truly about... CME Group

Trading is about being okay with ambiguity. It's about tolerating

confusion. It's about sitting with discomfort and being at peace Twitter Updates
with it. It's about not having an exact script of when to trade or
not to trade, or what's really a high odds trade, and being okay
HP's CEO is a dumbass about 14 hours ago
with that. It's about exceptions to the rules. It's about
I'm done for the morning. Hope
contradiction. It's about uncertainty. everyone traded well about 19 hours ago
@CGinthehouse Thx about 19 hours ago
And yet traders left and right want to make it simple. They want @SBATrader We've sold off 20+
to reduce it to a few simple set-ups to trade with discipline. And handles on the jobs report....nice down
yet the market is not simple. The market is all about uncertainty, move. 1098.25 is still possible in the
afternoon if we stay below 1112 about
and complexity, and ambiguity. Simple set-ups could never
19 hours ago
capture that, and they can never give you a true lasting edge.
@sugardayfox @trader1806 Thx about
19 hours ago
So what's the solution? Is the problem in the simple set-ups VPOC shift down from 1118 to 1108.50
themselves? No, it's in how they're being used. The bottom line about 19 hours ago

is, every trader needs to learn to READ the markets. This means @Bullballs02 LOL...now that's a tool
that simple rules will not do. There has to be a synthesis of that won't work under any context :D
about 20 hours ago
different elements (whether they be price action, indicators, inter-
We had 1119-1121 as Initial Support --
market themes or whatever), and real-time interpretation must
Broken Support = Resistance about 20
take place. It has to be all about CONTEXT. Once you can read hours ago
the markets, and don't fool yourself it is a very complex process, Gotta know which tool to use under
then you can choose to employ "simple" set-ups to enter and which Context about 20 hours ago
exit. But the real work will be in interpreting the market to see Notice how positive NYSE TICK
when you should use which kind of set-up. Seeing a hammer or divergences are failing -- down trend
day. about 20 hours ago
whatever near a support means nothing unless you've identified
the broader picture and gotten a sense of the kind of tactics you Follow me on Twitter
should be using, and what the odds are for different scenarios
unfolding.
Blog Archive
Now I know you, and most traders do this to a certain extent, but
! 2010 (141)
your main focus is on the set-ups. It's not on reading the market
" 2009 (201)
from minute to minute, hour to hour, figuring out the odds of it
! December (37)
doing this or doing that, adapting dynamically, and thinking of ! November (22)
trade ideas from all your observation as the day unfolds. Rather, ! September (16)
it's waiting for some simple set-up to pop up and then taking it. ! August (12)
! July (2)
Now is it easier emotionally to have clear set-ups to wait for and " June (10)
trade in this simple manner? Absolutely. But who said 'easy' Learning to Become a Successful
would make you money. If I've learned anything, it's that the Trader

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Learning to Become a Successful Trader | E-Mini Player 7/08/10 9:43 PM

market rewards what is hard to do. It's hard to have ambiguity Tuition
Friday 06/12/09 - End of 1st Week on
surrounding your market reads. It's hard being uncertain. It's hard
Live $ Acct
dealing with competing and sometimes conflicting signs. And yet, Thursday 06/11/09 - Indecisive Market
this is what it's all about. You have to stop trying to avoid this by Wed. 06/10/09 - A lot harder than it
needing things to be clear cut. And is it hard to be disciplined looks
when there's so much uncertainty about what is the right trade to Tuesday 06/09/09 - Live on the Real $
Acct
make? Of course. But instead of trying to avoid the uncertainty
There goes my summer
by looking for simple set-ups, or some straight-forward method,
Friday 06/05/09 - Short Day For Me
train your mind to be able to deal with the uncertainty.
Thursday 06/04/09 - Specialize in ONE
Market
As for the learning process of how you go about doing this, it's all Monday 06/01/09 - Break Out
about being constantly engaged with the markets, trying to figure ! May (19)
things out and learn from experience. For me, for instance, what I ! April (13)
did was each and every day take notes in a journal all about ! March (23)
market action and what I think it means, and how I should trade, ! February (20)

and what is working and what's not. I didn't write a journal ! January (27)
! 2008 (35)
describing the trades I took, or what my emotions were during
the day. It was all about market action. And it was all my
perception and interpretation. Day after day, week after week,
Live Traffic Map
making mistakes, wrong calls, being clueless as to what was
going on, not knowing how I should trade, not knowing if my Recent Visitors
views made sense or not, and yet I continued taking notes and
learning. Then I would view charts and combinations of historical
intraday charts, and I'd note certain behavior. For example, I'd
study trend day after trend day and try to notice what they had in
common and how I could have picked up on it in real time. Then
I'd study range days. Then I'd study a price chart of the ES
versus the Advance decline line and see what the relationship was
across many different days. Then I'd do the same with the ES
and TICK chart. And on and on. Over time, this gave me a feel
for the markets, and a certain understanding of how certain days My Blog List
differ and many subtle signs and tells for each type of
environment and context. The Big Picture
Refi Madness: The Heat is Frying your
Brain
As for set-ups, I didn't use any predefined ones. I just formed 27 minutes ago
trading ideas and then tried to get in at good trade locations.
Hamzei Analytics Financial
Even this, which is the art of execution, is quite complicated and
Network
not straight forward. I started realizing that in some environments How Mark Cuban Locked in His
it's best to wait for pullbacks, in others I need to get in at market Enormous Yahoo Fortune: Options Risk
Reversals | Trade Options Like a DPM
or I'll be left in the dust. In some markets I can buy low and sell Webinars with the Admiral #1
high, in other markets the opposite is in order. And so on. 1 day ago

TraderFeed
I became consistently profitable in a timeframe of a few months Trading and Poker: Reaching the Next
Level of Success
by doing this. But of course before that I had read 30 or 40 5 weeks ago
books and so I had all the technical background. I had also
worked a lot on my psychology and personal issues. But all of this
was in conjunction with a method of learning and trading the
markets that was mostly in opposition to what the general Subscribe To
wisdom says about simple set-ups and exact rules.
Posts
Now of course you might say that everyone has their own style,
Comments
some discretionary and some not. Absolutely. But even the purely
mechanical traders are very adept at reading markets, and are

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Learning to Become a Successful Trader | E-Mini Player 7/08/10 9:43 PM

aware of all of the complexity and ambiguity inherent in it. Their

system might end up being simple, but it will come about through World Markets
a very deep and complex understanding of markets. And usually
World Market Watch
this system will take the market environment (i.e. context) into
Exchange Last Change
account. It wont just be simple mindless set-ups. 10653.56 -21.42
DJIA® *
Nasdaq 2288.47 -4.59
In the end, all of what I am saying is meaningless unless you S & P 500 1121.64 -4.17
MerVal 2425.33 -7.52
come to a personal realization. Take a look at your trading career
Bovespa 68094.75 -316.96
thus far. Do you truly believe that if you just learn to focus and TSX 11799.97 25.20
take all of your set-ups then your equity curve will reverse and IPC 32917.92 10.73
you'll be a consistently profitable trader? Why would the world's AEX 331.19 -5.38
FTSE 100 5332.39 -33.39
top institutions spend millions and billions on R&D when a few
DAX 6259.63 -73.95
simple set-ups could make them all of the money. This doesn't CAC 40 3716.05 -48.14
mean that to make money you need extremely complex Nikkei 9642.12 -11.80
mathematical models. Far from it. What it does mean is that you Hang Seng 21678.80 127.08
Shanghai 2658.39 37.63
need extremely complex mental maps that take time and
Straits 2995.06 -11.70
experience to develop, and that will never develop if you spend Jakarta 3060.59 15.65
the whole trading day simply waiting for set-ups to materialize. NZX 50 3044.63 -0.03
That just won't cut it. TSEC 7963.30 26.45
Sensex 18143.99 -28.84
Nifty 5439.25 -7.85
Right now your learning curve is stagnant because you're not
truly studying the markets. Your day is wasted in waiting mode.
It's not in observing and absorbing mode. Also, because you fear
GET QUOTE.. Go
loss, you aren't willing to experiment. This means that you aren't
making mistakes and failing regularly, which is what you need to
do to learn quickly.

So to conclude, based on all of the above, my advice to you

would be to stop trading and make a mental shift. Realize what
you need to do to become successful, and it's definitely not
staying on this endlessly unfruitful path being supported by the
hope of future profits. You're just running in your place unless you
change your focus and your learning method. And if you thought
the journey was tough so far, you haven't seen anything yet. Get
ready for uncertainty and ambiguity like you've never seen it
before. But this shouldn't be scary. It should be exciting, because
this is what trading is all about. This is why it's called an ART.
And it truly becomes one when you change your focus and your
learning process. Then everything, including success, becomes
possible. And until then, it'll be a distant dream that keeps
appearing to be so close and yet stays so far away.

So you need to re-align with a new thought system and then get
on the simulator and trade. Take losses. Make mistakes. Be
clueless. Don't be afraid of it. It's okay, that's the only way you'll
progress. And trust me, progress you will.

Best of luck to you, and I wish you much success.

Ziad
Posted by E-Mini Player at 6/26/2009 02:49:00 PM

Labels: Ziad

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27 comments:

Angelo said...

hey,
i think this is a great article. it is one of the better explanations
of trading. sometimes i laugh when people ask me how to
trade because its hard to explain what it takes.
June 28, 2009 4:59 PM

Chuck said...

Thanks for borrowing and posting this Awais. It gets to the

heart of the matter about long term trading success that you
won't hear from the "educator/internet marketers" because
their pitch has to be "see how simple this is?" or else they will
lose a sale to the next guy who says "I've got an even easier
plan. Buy mine instead".
June 28, 2009 6:56 PM

E-Mini Player said...

Exactly! I need to start posting more of Ziad's comments here

:)
June 28, 2009 7:06 PM

Chuck said...

I re-read Ziad's post again today (and no doubt will re-read it

many more times) because it really makes me think about how
I analyze the market each day and how I fit my own setups
inside a discretionary plan that has to take into account all the
"reads" the market is giving, or at least how I interpret those
reads. Ziad must be a brainy guy. I have described the market
as being like a maze whereas we show up at the same front
entrance every day, and we navigate the maze in the same
way (i.e. the same timeframes and indicators every day), and
we exit at the same place each day, but every day the walls of
the maze are switched around so that the paths are different
each day. That's how I see Ziad's premise (a correct premise I
believe). We enter the maze each day with the same ability to
turn right or left, but unless we see the bigger picture and
learn to understand and "get a grip on it" on the bigger view
mentally,the turns will lead us to dead ends. Maybe that's
confusing but executing our setups without being able to
interpret the bigger picture "good enough" will lead to
frustration and a lot of "what the hell is going wrong?"
frustration.
June 29, 2009 5:44 PM

Ziad said...

I'm glad you liked the post Chuck. I felt I had to write it
because I know how bad I wanted to succeed at trading when
I first started out and how I searched for every inkling of
advice I could get. So when I have the chance to offer timely
advice I always have to take that opportunity.

And since we're on the subject, I'll share a couple more things
with you. Every day I psych myself up before the trading day
and during it so that I can have that killer mentality needed to

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have peak performance in trading. One thing I read every day

is something that I wrote to remind myself what trading is all
about and where my focus should be. I wrote it because
whenever I faced adversity and had ups and downs it always
demotivated me and knocked the wind out of my sails
temporarily. But I realized that to perform at a world class
level I couldn't let that happen. So I wrote the following, and I
read it every day at least once or twice:

"It’s not meant to be easy to do all of this; in fact it’s meant

to be very hard. If it were easy anyone could do it. Almost
everyone knows what it takes; few can actually do it
consistently. That's the challenge. When adversity strikes even
when you're doing the right things, it’s not unfortunate because
greatness is not just about doing the right things, but about
doing them even when they cause pain and discomfort-
weathering the tough times is the inherent prerequisite for
being great. Adversity is built into the game and therefore it’s
not an unfortunate set-back that is keeping you from your
potential; rather your potential is cut very short without being
able to deal well with adversity. So expect great results long-
term, but adversity and ups and downs short-term. It’s got to
always be about doing the long-term beneficial, not the short-
term pleasurable. And we don’t deviate from that, no matter
the pressure. And we relish the opportunity to be mentally
tough when adversity strikes when so many would wilt and
when it feels so unnatural to be optimistic and confident. That
is the real goal and priority. Now keep conditioning- constantly
reprocess and replace any thoughts that aren’t in line with all
of this. It will take a great commitment to unlearn old thinking
patterns and instill a new way of thinking to the point of habit.
And you can do it."

Reading this reminds me that I'm not a victim of

circumstances. That adversity isn't some external factor
sabotaging my results. It's part of the game. In fact, it's what
the game is all about! You have to learn to relish the
opportunity to remain poised when losses hit or when you
make mistakes. Take pride in it and make it your main focus.
Love trading's inherent difficulties because the ability to handle
them is what will truly set you apart. And always remember:
this is a game of hits, losses, and misses. Those that can take
them best ARE the best.

I wish you all the best in your trading.

Ziad
June 30, 2009 10:02 AM

Denise Shull said...

Reading the markets requires remembering the game you are

playing - are the other guys going to want to pay a different
price when I want out? It is a social cognition question. If more
people realized JUST this, more people would do much better.

Denise
June 30, 2009 7:44 PM

E-Mini Player said...

Absolutely Denise!

I'm usually thinking of who's in a winning/losing position at the

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moment; bulls or bears. Who's gonna pay you? The losers of

course, so knowing how they'll be acting/re-acting in response
to price action can be insightful. As the losers get stopped out,
you exit your trade for a profit by filling their stop-loss orders
:)
June 30, 2009 10:25 PM

Jules said...

Ziad,
I kept going back to read what you wrote on Michael's blog,
and I read your follow-up comments. I owe you an apology (if
EP hasn't told you about my rant yet). It is clear to me now
that you truly care about Michael's progress, and I really
respect you for that.
The irony of it all (again, I'm referring to my rant) is that I
actually agree wholeheartedly with you on what trading is
really about. It isn't straightforward, and most of the time, it's
what you don't expect to work out that works out.
I have to say, you are the most intriguing character I've come
across on cyberspace, not just because you are wise and
extremely eloquent ....it's your guilelessness - it's refreshing.
So, my apologies for having criticized you.

EP: thanks for helping me make a good call. I would have

really regretted it had I kept the post.
July 7, 2009 9:53 AM

kwcah said...

Thx ziad,

just found this article, very very useful indeed especially the
"psyche me up" part.

just what i need

thx
July 9, 2009 1:48 AM

fozzking said...

what blog are the referring to?

July 11, 2009 6:21 PM

Romain Bisseret said...

Are you the Ziad that shows up in the FX500 Club?

July 12, 2009 4:09 PM

De'Trader said...

Great Article, Market is alive,not just some robot. The market

mover every day is different. Economic News different from
Earning News.
Currency,Future,Index,Bonds,Commodity,showed link to the
mind of market. It's how you intepret it. So Complex,
Dynamic. Even learning what's on the mind of market maker
also important. How the retailer or amateur would react to
price action, Fade or breakthrough linked with the market
environment. Anticipating what news will move the market,
how the market react before earning announcement major
stocks. How VIX and TICK react, what sector move the market,
Behaviour of Pre Market Opening, and still more.
July 17, 2009 9:55 PM

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share trader said...

Great read and covers the question why more than 90% of
traders lose money.
But don't think that a little more education (blog like yours)
and some discipline will improve success ration?
August 4, 2009 2:28 PM

Anonymous said...

Ziad

Your message is inspirational and I only just discovered this

after reading the posts you have been making on
Trade2win.com in the last couple of days.

Have you any practical tips on how to start the process. There
just seems to be such a mass of material to look at.

Ben
August 13, 2009 10:04 AM

Ziad said...

Hi Ben,

I've never written a post on T2W before. Apparently there has

been someone by the name of GladiatorX pretending to be me
and making a lot of false statements, not least of which is
probably that of his trading prowess. I just posted a couple of
comments on that thread to clear up the mess he's created
with everybody wondering what's going on.

Anyhow, for advice on how to start the process, I'd first say
make sure that you want to trade for the right reason. You
can't be getting into trading because you want to be your own
boss, or because the money is great etc. You have to do it
because it's something you truly love to do. And be honest
with yourself because trust me you are going to need "the love
of the game" to fall back on during the many many tough
times you'll face. I know I did.

After you've determined that, then I would suggest starting out

by educating yourself in a quality way. Of all of the books I've
read, these are the ones that I would recommend.

1) Trade Your Way To Financial Freedom - by Van Tharp

2) Technical Analysis of the Financial Markets - by John Murphy

3) Enhancing Trader Performance - by Brett Steenbarger

4) The Art of Learning - by Josh Waitzkin

5) The Psychology of Trading - by Brett Steenbarger

6) The Disciplined Trader- by Mark Douglas (or/and Trading in

the Zone - by same author)

7) Mind Over Markets - by James Dalton

8) Mastering Futures Trading - by Bo Yoder

9) Reminiscences of a Stock Operator - by Edwin Lefevre

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10) Golf is Not A Game of Perfect- by Bob Rotella

Not all of these books are trading related, and you don't have
to read them in that order. But I think these 10 books contain
all of the foundations of trading, from technical to
psychological. Read Tharp's book first, as it will give you a
strong base on what trading is all about. Then after you read
the others you can
deduce where not to take that book too literally in its concepts.

Of course this is just the educational foundation, the real work

is described in the post I wrote. And when you start to gain the
experience then you'll be able to judge what's truly good
advice when you read blogs and such, and what to disregard.

Anyhow, best of luck on your journey.

Ziad
August 19, 2009 1:36 PM

kkaech said...

Awesome stuff, thank you!

November 14, 2009 3:19 PM

Robbie said...

Great post, I just found this blog. (i'm rfoust on twitter) I feel
i've hit a roadblock and this might be the reason why.
December 15, 2009 7:11 PM

Anonymous said...

ziad,
what you have written is truly enlightening and empowering.
And so different from many authors.
And to me it seems a life lesson,not only about trading!
Do you write on markets and other subjects?
And where?
thx
sharma
December 20, 2009 7:03 PM

Niraj Prasad said...

Ziad, very nice post!! You have tackled head on the myths in
this business!

Can you please tell us the execution platform and the

brokerage firm you use. I know in trading it is the trader who
is left, right and center, who solely determines the success, but
I think we can all agree a good brokerage and a good platform
helps the trader better execute his trading plan. Do you think
it played any role in your success?

Niraj
January 14, 2010 1:00 PM

JimRI said...

Ziad is not only a good trader he is a good writer. This article

communicates and does it with action - the way he trades no
doubt.

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This is very insightful and personally I have done many of the

learning phases he has but he is a much better trader than I.

JRtrader.
January 21, 2010 4:08 PM

SoCalTom said...

An excellent overview on what it takes to make it - and stay in

it - as a dedicated trader. I smiled when I read the list of top
10 trading books, noting the ones I've read and the ones I
have yet to read. If one has the type of personality that revels
in a lifetime of learning... trading can be the 'best of all
possible worlds' for meeting this challenge.
Cheers,
Tom Wiggins
Pasadena, CA
January 21, 2010 4:15 PM

John said...

Probably the most true thing I've ever read about trading.

Thank you so much for the contribution.

January 28, 2010 3:45 PM

Metalda said...
This post has been removed by a blog administrator.
February 6, 2010 12:03 AM

Ziad said...

Thanks for all the kind comments everyone. Sorry about the
late response Sharma and Niraj but I don't go back and check
the comments often on this older post.

Niraj: I trade with Infinity Brokerage and use their Infinity At

platform. It's not as fast as TT's Xtrader, but I'm not a scalper
so that's not a major issue. What I like about it is that it's the
most intuitive platform out there in my opinion that virtually
eliminates potential order entry errors. I tried out NinjaTrader
and a couple others before and found them to be too easy for
one to make order entry mistakes on them. Also, Infinity itself
as a broker is quite good.

Sharma: Thanks for the kind words.... but no I don't write

anywhere else. In fact I've only written two posts on this blog.
I often have things that I'd like to talk about but my passion is
trading and not writing (I find it too laborious and time
consuming), and I can't seem to justify spending time on
writing when I could be working on my trading! :)
February 8, 2010 12:38 PM

NVP said...

Hi Ziad

wow - nice piece of work here and a great way of explaining

the learning process

being uber sucessful in any field is not just about combining

constant and continual learning with practice and
experience...its about challengng every single thing youve ever
learned everyday and being ready to throw things away to
move forwards....and that hurts !

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humans are not programmed to do this easily (self help 101)

and the trading marketing machines know that....so we are fed
learn simple formulas and indicators that are kinda right some
of the time and thats the best it gets ....right ?

trading behaviour is a mirror on life (except its on

turbocharged steroids !) everything you experience and see in
the market is happening in a watered down way across this
planet as people go about their daily activities....and the ones
that are smart and willing to learn and adapt and change will
achieve a lot more of their dreams and ambitions than those
that dont

one more thing of course - the big difference between tradng

and life is that in trading the goal is simple (make pots of
money) .....whereas life .....hmmm thats another subject !

Neil
NVP
May 13, 2010 11:57 PM

Anonymous said...

kiddddaaaa

Very Inspiring post Ziad...Thanks

May 14, 2010 11:32 AM

Siyabonga said...

Hi Ziad

I also want to thank you for your true comments and

inspirational truth about the market, I so wish I can be
successful on this game but since you gave out all the advices
and tools to build up the better trading I will do that.
May 22, 2010 3:13 PM

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Disclaimer
Trading of securities, options and futures may not be suitable for everyone and
involves the risk of losing part or all of your money. Commentaries are educational
in nature and are designed to contribute to your general understanding of financial
markets and technical analysis. Use it how you want and at your own risk. I am
not a registered investment adviser. This information is a general publication that
reflects my opinion and is not a specific recommendation to any one individual.
You must consult your own broker or investment adviser for investment advice.
Controlling risk through the use of protective stops is essential.

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