Successful Trading: The Importance of a Solid Foundation
Ken Packard here with Daniels Trading. Technically, I’m the Chief Sales and Marketing Officer, but the reality is I’m the guy that holds it all together. From managing, training and supervising all of our brokers and branch offices, to being in charge of our marketing department, I oversee it all.
I’ve been with the company for nearly 24 years, and what a journey it has been. Ironically enough, I have a Bachelor of Fine Arts and moved to Chicago with aspirations of becoming an actor. As a young man, I was parking cars across from the exchange and through a combination of drive and fate, I wound up in this role. It’s interesting how our stories unfold sometimes. How will your story unfold?
Your Trading Journey
I’ve watched people make and lose money in these markets for nearly 24 years and have seen consistencies on both sides. In my opinion, in order to be successful, you must first correctly identify the nature of the challenge, and then from that reality, intentionally build a foundation to support you for that challenge.
I want to be upfront – I’m not going to provide you with technical tips and tricks for trading. There are countless resources available to help you with whatever your chosen trading discipline is and there are pros and cons to them all. Considering all the information out there, I would argue that the trading public probably has access to too much information in that regard. New traders are prone to starting their journey focused on technical strategy before establishing a strong foundation from which to build success.
You’re on a trading journey – and I’ve learned a thing or two that can help you along the way. I want to talk to you about how to build trader self-awareness. You can’t control the markets, but you can control how you approach them. After more than two decades in the industry, I’ve learned how important it is to build a solid trading foundation.
I’ve found that purpose is an important part of the journey. My purpose as a person, as an individual who runs this firm and interacts with traders like you, is to move others to create deep fulfillment in their lives through intentional living, personal evolution and fostering rewarding relationships. Can you define your personal purpose? Can you define your purpose as a trader?
I encourage you to inject a new level of intent and purpose in your trading journey and as a result, you should evolve. The goal is to get better. Trading is a significant journey and like any memorable journey, it has its highs and lows. I’ve seen this time and time again: if your journey is especially impactful, it’s going to shape you and it’s going to change you, and the value that you get out of it may be much more than what you expected when your journey first started.
A Solid Foundation
Let’s start at the beginning. Why did you start trading or why are you starting now? There is no right or wrong answer, so don’t overthink it. What were your goals? What challenges did you expect? Did you think about them at all? Did you prepare for them? It’s okay if you didn’t have any because you are not alone. I know there are many traders who didn’t necessarily know why they started and they didn’t think too much about it before they did, so that’s quite all right.However, these are things I want you to consider and you should absolutely define them now.
When our trading journey begins, we have a blank canvas, but the mindset is really trader versus market. You start with knowledge of opportunity versus risk and you have the hope (or belief) that the opportunity will ultimately outweigh the risk. The market is the manifestation of both the opportunity and the risk. As our journey progresses, it becomes evident that traders of all perspectives and experience levels need to make sense of the market forces at hand and fortify their trading foundation to withstand uncertainty.
You are not on this journey alone. Join me on December 10th as I go in-depth to explain my 5 tips for building a solid foundation. This webinar is free to the public and gives you the chance to learn from someone who has been navigating these markets for decades, with a Q&A moderated by Futures & Options Broker Jace Jarboe.
Can’t make the live event? Sign up anyway! A recording will be available after the event for all who register.
Contact Daniels Trading
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This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
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