Happy Wednesday, Daily Direction readers!
We’ve made it through the first half of another trading week! Hopefully you’ve been following my trades and utilizing my knowledge to work toward your own futures trading career. And since today is Wednesday, it’s time to take a look at a fundamental aspect 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. That’s why trying to argue about the “best” broker is a subjective exercise.
Some brokerage services will be more effective than others in assisting you in achieving your trading objectives, depending on your trading approach.
Take a look at my approach to finding a good futures broker. 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 negotiates contracts for the selling of goods or securities at a defined price on a fixed date in the future. Futures brokers typically earn a basic salary as well as a commission based on transactions.
Now, the next question is, how does a futures broker make it simple to buy and sell contracts without being a producer or manufacturer?
You should ask a variety of questions while looking for a futures broker:
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. That definitely falls under our desire to minimize risk at all costs!
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 them online or on your smartphone for convenience. Do they have an app you can download that can work for Windows, Mac, iOS, or Android? Having the right tech allows you to better utilize charts, graphs, and indicators.
Do You Have a Demo Account?
You need to know if you can practice trading before making a real account for yourself. You need to have an understanding of how their platform works.
And this is just a small portion of the list of questions you need to ask a broker. To see all of them, be sure to check out this in-depth article I wrote about picking the right 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… instantly 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 my 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 https://joshsdailydirection.