Before reading any further, would you be willing to ask yourself what you could consider doing that might improve your trading? What elements would you imagine are most likely to lead to success or greater success? Certainly there are a variety of answers to the question and if you have the time and the inclination, you might want to jot down a list for yourself and, I might suggest, that you then prioritize that list. Several years ago, when I first prioritized that list for myself after some careful consideration I was somewhat surprised by my own answers and when I began to use my priorities my trading became much better than ever before. Of course, I can't speak for you, I can only suggest you try it for yourself. The answers might be surprising.

As anyone who has attended any of my seminars or undergone personal coaching with me can attest, I am a great believer in simplicity in trading. It is important to recognize, however, that simple doesn't necessarily mean easy. It means creating a personal approach that fits within one's unique and individual trading personality, testing it and if the tests are successful, putting it into practice. Of course, that means gaining knowledge first and then utilizing that knowledge to create a general trading plan and a specific plan for each trade.

Well, I've already given away one of what I believe are the important keys to trading success. That is to have a plan. However, rather than just listing my own keys in my own order of priority this week, I am going to leave it to you to set out your own keys this week and in the article next weekend, I'll set out mine. For those who are interested and willing, please feel free to share your own list on the blog (no more than 10 items, please).

Where do you place finding candidates, for example, on that list or is it there at all. How about use of technical and/or fundamental analysis? Do either or both have a place on your list? What does it come down to, really? In my own list there are four general requirements and three necessities for each trade. How about you?

I'm not trying to be cute here by holding back information. Instead, I believe making and prioritizing your list may very well lead you to greater successes in trading and it surely can't hurt. In any event, I'll share my own list with you in the article next weekend and we can see how close we are to one another.

Good Trading!
Bill Kraft

Our Success Trading service delivers quality trading ideas for the elite investor that has the financial wherewithal and market nimbleness to profit on small moves in a stock's price. Become a member and you will be provided with real-time alerts intended to provide you with the opportunity to make many, many profitable trades.

Here is a play from the Success Trading Group:

Walgreen Co. (WAG)
Our Success Trading Group members closed another winning trade this week when we closed a position in AT&T (Ticker: T). We have several stocks on our radar for entry points. We like Walgreens (Ticker: WAG) at $34.44 for new positions.

Have a great weekend and we'll trade next week.
Success Trading Group Team

Our Option Trading Service is for conservative traders that understand leverage principles and enjoy the challenge of options trading. We focus on powerful option trading strategies that place volatility and momentum in your favor. And we pride ourselves on always minimizing our losses!

The Option Trader service utilizes standard trading in Puts and Calls as well as strategies using Leaps, Straddles, Credit Spreads, Calendar Spreads, and Naked Puts. But no matter how sophisticated a strategy may be, we ALWAYS know our downside potential on every trade.

Here's a look at a trade Bill is currently working on:

Oil Services HOLDRs (OIH)
OIH, the Oil Service HOLDRS Trust, fell relatively sharply over the last two trading days of the week and is approaching an envelope support. I am watching to see whether it turns around the lower envelope or goes on down to the next support level. I would like to catch a bounce off a price or trend support at which time I may enter an in the money LEAPS call position or, perhaps, create a synthetic long position by simultaneously buying calls and selling puts.

Good Trading!
Bill Kraft
Editor of $10 Trader, Option Trader and Trend Trader
"Trade Your Way to Wealth" by Bill Kraft is an Amazon.com best seller!
"Smart Investors Money Machine" is Bill Kraft's most recent publication.
"Trading for Keeps: Making Money with Low Risk Option Trades" a trading DVD by Bill Kraft