There are three spokes that make up, what I call the “Wheel of Success” as it relates to trading. First of three is Information. Information consists of all the external and internal market information that traders utilize to make their trading decisions.
The most important for traders is Information to make their trading decisions. All traders must purchase value-added content that provides utility in making their trading decisions.
The most important type of content is internal market information (IMI). The IMI simply is time and price information as disseminated by the exchanges. After all, we all make our trading loss of thousands of dollars. A trader can ruin his entire day with an inadvertent trade entry error.
Once you have mastered order execution, though, it is like riding a bike. The process of entering and exiting trades becomes seamless and mindless. Fast and efficient trade execution, especially if you are trading with a scalping methodology. This will enable you to hit a bid or take an offer before your competitors do. Remember, the fastest survive.
The third and most important spoke in the Wheel of Success is discipline. You must make decisions in the present tense based on time and price. In order to “scalp” the markets effectively, The traders must have the most live and up-to-date time and price information seamlessly delivered to our PCs. Through a reliable execution platform and/or charting package.
Without instantaneous time and price information, we would be trading in the dark. You must attain discipline, if you ever hope to achieve any level of trading success. Trading discipline is practiced 100 percent of the time, every trade, every day.