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Persistence.

This is, perhaps, the single most important of all qualities that a trader can possess. Futures trading is an endeavor that requires the ability to continue trading even when results have not been good. Because of the nature of markets and trading systems, bad times are frequently followed by good times, and good times are frequently followed by bad.

Some of a trader's greatest successes will occur following a string of losses. This is why it is extremely important for traders to be persistent in applying their trading methods and to continue using them for a reasonable period of time. Those who quit too soon will not be in the markets when their systems begin to work; those who quit too late will run out of trading capital. Therefore, while persistence is important, it is also important to know when a trader has been too patient, remaining in the game when it is time to quit.

If persistence is so important, then how does the trader develop it? While the answer is simple, the implementation is not. Being persistent develops persistence. While this may sound like a circular answer, it is truly not. The only way to be persistent is to force yourself initially to do everything that must be done according to the dictates of your system or method.

Try this if you're having difficulty: Make a commitment to a trading system or method. Follow through with that approach for a specific amount of time, taking every trade according to the rules or, if the system is subjective, attempting to trade the system with as much consistency as possible. If you have been consistent in applying your rules, then you will find in most cases that your consistency will have paid off and you will have profits to show for your efforts.

Even if your trading was not successful, you will have learned a great deal. You will have learned that you can follow a system or method that you can trade in a disciplined fashion and, moreover, that the only way to do so is to be persistent by following as many of the trading rules as possible.

Compare this to the ignorance and confusion that come from haphazard trading or by applying trading rules inconsistently. Think back to your experiences as a trader. Remember your worst losing trades. You will find that those losses, which occur as a result of following a system or method, are easier to accept psychologically than those that are the result of breaking the rules.

Losses due to lack of discipline have often turned into terrible monsters, ultimately costing you much, much more than they should have, financially as well as psychologically. If you would like to master the skill of persistence, then you will need to practice it. Make the commitment, and you will see some wonderful results, even over the short term.