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Step 1
Be aware of the risk, especially if you're trading for short-term gain. You'll look like a genius if you're holding the trophy at the end. But a big trade that doesn't end in a ring could mean that it will take years before your team recovers.
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Step 2
Look your team over and know exactly what you need. The fans may want you to get the top star that's available, but if he's an outfielder and you need a pitcher, it's not a good trade.
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Step 3
Remember what you're giving up and why. Make sure that the top prospect or unsignable free agent is truly not needed or can be replaced very soon. Otherwise, the hole you're creating may outweigh the addition.
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Step 4
Know the teams you're dealing with and their history. If one organization frequently comes out on the good side of trades, be careful. Maybe their scouts know something the others don't.
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Step 5
Use caution and be stingy with your top prospects, especially if the other side insists on one. Baseball teams that freely unload their best minor leaguers (Jeff Bagwell, Chris Young) often regret it sooner than they think.
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Step 6
Stay in control with the deal. If the other team holds out and forces you to take less or give up more, you'll likely lose.
