No trades today. My previous strategy looked ok on historical data, but when my wifey started trading it was more confusing on real time basis, it had too many subjectivity involved. results I lost 80% of the time. I could not even make money trading the paper account. I have tight stops though. Imagine if I had not used the paper account , i would have lost around 5K just to realize that the method does not work. Hopefully i should be trading from this or next week. consistency is the first goal I want to achieve.
Voice of experience: I work with traders of all skill levels on a daily basis. Take what I'm sharing here to heart... everyone (with no exceptions) should demo trade any method or system <b>new to them</b> until positive experience creates rock-solid, bulletproof emotional confidence within. Nothing, absolutely nothing kills aspiring traders faster than trying to learn / perfect something new while trading real money in the process. That fear/greed equation bastardizes all potential objective, rational learning retention. Instead of focusing on the mechanics of learning to trade, the fixation is errantly on real dollars made & lost. Somewhere else in this forum <b>lescor</b> noted that the difference between a good trader and a great trader is the ability to focus on executing trades rather than fixation of trading results. There is no way under the sun any trader can accomplish that necessary step in the R&D process with real money swinging in the breeze. I've mixed enough metaphors to make the point. Y'all keep doing what you're doing in here. Perfect practice is the only practice that counts. Errant practice only results in eventual failure, every time.
Thanks austinp I'm not quite sure how everyone here that is profitable developed their skills and system, but I believe this thread is one of the valid ways of doing so. A certain amount of accountability and comradery are something more than paper trading and never showing some one what's going on. I also can't see how blowing through whatever seed money you have before your reasonably confident you won't blow through said money is helpful. That would just completely take you out of the game. From what I have seen here time is important. I know and have a much different outlook on things now than I did when I first thought trading would be a good idea. Someday I'll move to cash and have to deal with different pressures and learn new skills that go with putting your money on the line, but when I do I won't be trying to chop down a tree with a wet noodle. Just today I have been trying different things to see what would work better than what I had been doing. To be changing my trading while using my real account would be sheer stupidity. As it is now, it's only my learn process. JIM
Day 15, and 16 I now really feel like the Germans in Russia in 1943. It is frigid outside, my car did not want to start this morning and I am having my ass kicked by the market. One reason is that I am under some heavy stress (workwise), I am trying new methods/strategies and I am using new platform. Switched from Ninja Trader 5 to Open E cry DOM and ever since then can't make even fake money. Day 15 lost cool $300 Day 16 lost $0 but with commish. it would have been around - $50. Austin: as always your comments give us hope and enlightenment. Thanx!
Day (13) ER Mini ----------------------- Today/+$49.50 Cumulative total after com./ +$1293.25 It seemed like I tried to lose money today, it just didn't take. To many bad ideas that didn't work. Total today probably should be worse, but it isn't. I guess that means something.