Four biggest Mistakes in future trading by Jay Kaeppel (part 1)

For my opinion - great book about trading. A lot of book show us and recommend what we have to do but also very interesting what is wrong.

Quotes from the book:
...Waht is about futures trading that causes so many people to fail?... It is beacuse future trading is unlike any other endeavor in life.
I'm totally agree with this quote. A lot of traders want to earn a big money but  they are too lazy to write a diary, or to do hometask. They wish to be supermen who can make a lot of money just by one view on the market.
...There is much to be gained by learning from and attempting to emulate traders who have enjoyed a great deal of success without paying some dues along way.
A lot of traders try to find Holy Grail in trading, but don't understand that it is a hard work with big emotional pressure.
...Mistake #1 Lack of trading plan...Most (traders) so anxious to get started that they just don't take the time to make the proper preparations...one of the greatest dangers in future tradingis danger of high expectations...Traders who focus too much attention on how much money they might make run a very high risk of a frightening slide down a steep slope...One of the truest maxims in trading is "if you absolutely, positively cannot afford to lose any more money, you absolutely, positively will lose more money."
Big expectation of results from our trading and plan how to spend your future money is the biggest emotional pressure during your trading. Imagine if you put big sack of grain on yours shoulders and hold it during trading. It is not easy? Yes? But it is the same, maybe less pressure which we have when plan to spend our winnings.

...no inherent advantage to trading more often or less often. The question to be answered to determine which approach works best for you....Using an unemotional systematic approach to trading can greatly increase your odds of success because it can remove your ego form day-to-day decision making process and can reduce your emotional attachment to the money in your trading account.

As the Dr. Elder says - you have to earn the right to listen your intuition after 5-10 years of experience. But when you novice - just use your strong rules in trading based on previous observing. Or observe strictly the plan.

To be continued.

Book: https://www.amazon.com/Four-Biggest-Mistakes-Futures-Trading/dp/1883272084
Author: http://www.investopedia.com/contributors/337/