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With a 3500 dollar account you shouldn't be trading more then 1 contract anyways. Even that imo is too little.

If there is a couple things I'd tell you to do, it would be to invest more time in creating a trading plan and focus more on psychology then a system

The only thing fishy is your name :)

Michael Covel is just speaking whats on his mind. I personally know him. He's a very smart person with a lot of insight to the world of finance.

You may want to look into Monte Carlo testing. It randomizes your back testing to go give you more realistic results. In the end it's all about emotion and psychology. Before you can control your system, your methods, your strategy, you need to control yourself

Patience, persistence, plans and goals are some of the things you need to be successful in whatever you do.

Great article. Remember to have a plan for your trading. It's very likely it will be one of the only ways to make a decent income for a while.

this is the holy grail: <img src="http://loverev.files.wordpress.com/2009/02/brain-7639822.jpg">

Right, when I say bias I mean an absolute belief in where the market is going. You will never know. The best traders (and I have dealt with many of them) don't have a bias. They think in probabilities. They know their edges and they act on their edges. After they're in a trade they don't...

1. I objectively identify my edges 2. I predefine the risk of every trade 3. I completely ACCEPT the risk or I am willing to let go of the trade 4. I act on my edges without reservation or hesitation

This is what happens when traders have a bias as to where the market is going. One of the golden rules in trading is to never have a bias as to where markets are going. Think in probabilities not with hopes.

Check out this article: http://bit.ly/S1ayJ

One of my friends hedge fund is on that list. Number 38: Abraham Trading. Purely systematic.

Trade what you see, not what you think. Follow your plan and rules and nothing should surprise you.

Username is RatioTrader

We are long from 905's on the ES with stops at 897.75 and first target of around 919.

Psychology to me means a lot of things. I means having a plan, having rules, following a system. An example for me is I am a Fib trader, I have rules that are IF this, THEN this. Most traders out there jump from one thing to another. One day they're trading EMA's another day Fibs, another...

You couldn't be more right. IMO trading is 100% Psychological. If you go to "traders" houses, most of them have books on "how to trade" or how to get rich, and have no books on the brain and psychology. Managing your trading state is by far the most important.

I continue to be short the EUR/USD from around 1.42's. We could see a pop up to 1.40 tomorrow or a move down to 1.36's

His trend following book is not really about the system. Its just about trend following in general. The book The Complete Turtle Trader is a STORY about the Turtles, not a strategy book.