[Soultrader]

To become successful in any field one must obtain specialized knowledge. If you are able to become an expert in one thing, you will have no problem eating for the rest of your life. Experts are given credibility by the public and are relied on for their knowledge.

If you have decided on entering the trading business keep in mind that you are going to be competing with professionals who are experts in what they trade. Text book knowledge is just basics. Experience is the true teacher. When competing with professionals who have over 10 years of market experience your only edge is to specialize.

It is crucial to start of with one market and study it intensely. Grab in-depth knowledge of the underlying instrument you are interested in. If its BRCM, study it, understand the stocks behavior, the market makers behind it, the intraday patterns, etc.... This may take months of observation and study but if you are not willing to invest time into yourself, you will never make it as a trader.

Time = money
Biggest return on your money? = investment in self

Always approach the markets with an open mind. Never assume you know everything. The moment you feel like a genius, you have just started to drown in mediocrity. The markets are fascinating because there is always something new to learn every trading day. But you must be actively involved in the markets to diminish your learning curve. Don't expect to be a master trader by spending 1 hour a day after work watching CNBC. Traders including myself watch the markets from 830am - 430pm eastern. On top of that we do our daily homework from anywhere to 2-3 hours. I even dream about trading.

Trading should be a passion. Passion will take you far enough to say, "I will do whatever it takes to become successful."

Once you specialize in your market, stick with it until you are successful with it. There is no point from moving one market to another because you are not successful. Chances are its not the markets but you that is responsible for the loss. Of course I do not recommend starting off with the big S&P's or penny stocks. Find a liquid and easier market to begin with. One market I recommend is the dow mini futures or the S&P emini futures. I also recommend liquid NYSE stocks for day trading.

Learning the mechanics and the tools of the trade may take some time. But remember this is just the basics. Don't expect to be Tiger Woods just because you know everything about golfing equipment. Experience is your true teacher. Trading is 30% mechanical, 170% psychological. 200% is what is required to trade successfully!

Good luck and best of trading.