Good afternoon, Daily Direction readers!
We’re seeing lots of green on our screens so far this week! Hopefully you’ve been following my trades and utilizing my knowledge to work toward your own futures trading career.
But if you’re just starting out, today’s your lucky day… I’m going to take a look at one of the most important fundamental aspects of my system!
One of the first steps in becoming a successful futures trader is making sure you have a good broker that can help you utilize your trading strategy.
Keep in mind that every broker has their pros and cons. Some will have certain benefits that outshine others, while some will have glaring negatives that you should avoid.
Some brokerage services will be more effective than others in assisting you in achieving your trading objectives, so you need to be clear about what your objectives are.
But whatever they may be, take a look at my approach to finding a good futures broker below. If you follow this advice, you’ll be well on your way to building your futures trading career…
Looking For a Broker
A futures broker allows you to trade contracts for the selling of goods or securities at a defined price on a fixed date in the future.
There are many different brokers out there, so you should ask a variety of questions while looking for one that’s right for you…
Are You Regulated? If Yes, By Who?
Any investor who takes the opportunity to trade with an unregulated broker is taking a significant risk.
When you choose a properly supervised broker, you are safe from abuse and theft, which is crucial in case something goes wrong.
Do You Reside in the Same Country?
For this question, you have to take note if you have a broker outside of where you live.
A broker that isn’t in your country of residence could deny you your rights as a trader, compared to a broker from your home nation that is obligated to follow the laws and regulations of your country.
Do You Have the Right Technology?
You’ve got to know if you can trade through the broker online or on your smartphone for convenience.
Do they have an app you can download that can work on your various mobile devices?
Do You Have a Demo Account?
You need to know if you can practice trading before making a real account for yourself.
After all, you need to have an understanding of how their platform works.
But this is just a small portion of the list of questions you need to ask a broker.
Mindset Advantage: Exercise
Get rid of that nervous energy so you can focus! There’s a direct relationship between vigorous exercise, and stress management.
How many times have you found yourself sitting… staring at your screen… suddenly realizing that you’ve been sitting there for hours? Riding out that position? Fretting over an exit or even a loss?
Get up! Move around! Go for a walk. Motion creates focus. Focus creates positive energy and clarity!
Better yet, add an exercise element to your trading routine! Your health and your account will thank you!
Keep On Trading,
Stay tuned for the next edition of Josh’s Daily Direction.And if you know someone who’d love to make this a part of their morning routine, send them over to joshsdailydirection.com to get signed up!