Bias + Basis = Boom/Bust Paper: Live Trading Starts Next Month! Since I will be trading the micro CL (MCL) contract, divide this number by 10. I also don't know what the liquidity will be, so it may not be viable for my account (slippage compared to commissions and equity). However, the PRINCIPLES remain the same! Indicators are like my training wheels They are simply guides Volume spike on an expansion bar opposite to the trend followed by a 75% (visual approximation) recovery bar that also had huge volume got my attention Narrow range bars on light volume in the upper range of the recovery bar held my attention I took an entry based on that info and signal confirmation I finally raised my stop I was waiting to exit on an expansion bar on relatively high(er) volume The market "seemed" to stall I closed the position for less than 2x risk After a track record of live trades, and a growing account, I will make some videos explaining this in detail. For now, this is simply a record of the journey. It also serves as a pictorial journal for my own edification.
Fact. Most traders lose money. Fact. Most traders use the same indicators the same way. Theory. What would happen if a trader used the pace of the bid/ask, volatility bands (dual Keltner Channels) and kept an eye on a popular indicator to catch traders leaning the wrong way at key points on the chart? We will find out!!
I was just about to go live trading with real money, albeit with a low threshold for a bad drawdown at the beginning. In the rickshaw man's (rickshaws were the original Uber like side hustle) thread, and someone posted that you should triple your Sim account before going live. I think I am actually going to take that advice. Although, I need to twerk the numbers so it's realistic. As an example, turn 3k into 9k trading the MES/MCL. Turning a million dollar IBKR play account into three million serves no purpose.
My real account is funded Based off of what someone said in another thread, I am going to wait to go live I will post daily profit and loss amounts in the paper journal GOAL: trade 1 MES/MCL contract for every $3000 and wait to go live until I make $24,000 (subject to change due to cockiness and human nature). That means 3 doubles (contract size). Assumptions: $3000 initial balance Scale up at 6k, 9k, 12k, 15k, 18k, 21k and 24k (3k/contract) Pilots, race car drivers and truck drivers all use simulators, so there must be value. The key is to closely approximate real world conditions. Approximation is all you can do
NO! Increasing size to get the 3x is NOT what the exercise is about. Below is a post from 2006. THIS is how you get to 3x. Of course tweak numbers to fit your instrument of choice. There are are many more instruments available in 2021 vs 2006. And account minimums can be nano-size (depending on instrument). I do "Triple X" with almost every NEW method or technique I want to add into my toolbox, using a single micro contract (if available), but I do (and 100% recommend) LIVE, not SIM. 1 contract Johnny until you get 3x. No size increase. Good trades to ya Johnny.
I understand what you were saying. I changed it though. Since I will be trading micro contracts, tripling a 1M paper account doesn't serve me at all. The ratios of my account balance, compared to the risk I am taking, is better served my way. Then again, I suck at math!
just a question... why do so many newbies choose the same "learning" path, and then whine and complain when they land in the bottom trading statistics rungs? I made this post a few days ago... https://www.elitetrader.com/et/threads/if-you-cant-make-money-on-a-simulator.359896/#post-5414632 Good trading to ya Johnny