The odds stand firmly against your long-term survival in market speculation. Many neophytes set out on the path to market knowledge each year. But they soon realize that trading presents the most difficult challenge of their lives. This simple fact sends the majority into less-demanding hobbies with their tails between their legs. But a handful of serious aspirants stays in the game long enough to learn successful execution skills and build consistent profits. Will you be one of the winners or one of the losers?

Trading styles change flavor according to the latest software or media spin. For example, Nasdaq Level II took center stage when Net technology boomed in the late 1990s. But classic trading techniques precede direct entry systems by many decades. Over the years, technical analysis and chart reading have spun off the vast majority of short-term market strategies. Technical trading dominates the futures markets to this day. Of course they don't have much choice, as there are no market makers to follow or Axes to grind in that volatile arena.

Market survival demands that you stand against the restless crowd. This requires a level of courage that most participants cannot achieve. Learn this skill early in your career and practice it at every opportunity. Most market professionals quietly use the price chart to locate and execute outstanding trade setups. They learn the many secrets of this classic art and set themselves apart from the crowd. After all, that's the pocket they try to pick each day.

Cut losses quickly and learn from mental mistakes, bad decisions and lousy executions. Don't trade when personal problems use up time and physical energy. Remember that a lack of discipline ends trading careers far more efficiently than a lack of knowledge. Avoid overtrading. The slow bleed will destroy capital and dull the mind to real opportunity. Find an experienced mentor or sit at a guru's feet. Ask this person to identify bad habits and losing strategies. Just make sure they know what they're talking about first.

Price, time and the crowd force similar patterns to appear over and over again. Modern markets ensure that everyone sees these common patterns at the same time. Successful traders respond to what everyone already sees and what everyone already knows. So what hidden knowledge marks the secret of their long-term success? They recognize that current price on the ticker tape offers the best clues to predict future price. Let those numbers be your guide to consistent trading profits.