-Douglas E. Zalesky

The success that a trader achieves in the markets is directly correlated to his trading discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is very simple: Trade with discipline and you will succeed; trade without discipline and you will fail.

I have been a trader and member of various exchanges for 25 years. During my successful career as an independent pit trader I traded in three different contract markets: 30-Year Treasury Bonds at the CBOT, the S&P 500 at the Chicago Mercantile Exchange (CME) and the Gilts at the London International Financial Futures Exchange (LIFFE). Today I trade the electronic 30-Year Treasury Bond on the CME/CBOT as time permits.

Although my formal academic education consists of a bachelor’s degree in business administration from the University of Denver, I never considered myself to be an extremely gifted student. I have no university training in technical or fundamental analysis. How, then, have I been able to succeed, day after day, trading the markets for more than 25 years? The answer is simple: I trade with discipline and I respect the market. When the market confirms that I’m wrong I get out immediately, and when I’m right, I don’t get too greedy. I’m content with small winners and I’m accepting of small losers.

Just as I now mentor my trading clients regarding performance, discipline and profit/loss management, I was mentored by one of the best traders ever to set foot on the CBOT trading floor, David Goldberg. David was a long-time spread scalper in the wheat pit and a principal of Goldberg Bros., at the time one of the largest brokerage firms at the CBOT, CME and Chicago Board Options Exchange (CBOE). David taught me the rules of trading discipline. I listened to his guidance and gradually, over time, became more and more successful. The student has now become the teacher.

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