Simming can help to develop some useful skills. as in anything, if not done properly, simming can reinforce bad habbits. Before you start simming, you have to know what you are simming for. Thus the suggestion for "Observe/annotate" before "Simming". I am sure many of us have gone through this path: Sim for a few days... then back to observe/annotate for a few days, and so on.
You should be "observe/annotate" while simming ... if not it takes away the whole point of simming duh!
In light of the past few day's conversations I thought I'd mention a book I'm reading. I'm pretty sure Jack mentioned it on one of the IBD meet up videos. It's called Knowing How to Know. It's not a book for everyone, but if you are open minded and look at this jorney as not only about trading but about life, I'd reccomend taking a peak at it.
Good stuff, Pepe! (It all deserves a reread, but I figured I'd go easy on ET's servers). The quote above made me chuckle - on the surface, how so very true. I just wanted to throw this into the mix: sim dollars can only be exchanged at the First National Bank of Confidence. For those not already 'live', it's why we do what we do, day in and day out. And speaking of days - WOW! No matter your outcome today, just keep in mind this was not "business as normal". But it was definitely one to remember. At times it became almost comical, but I guess one would have to already be feeling giddy
Regarding simming/trading. Here's what helps me. First I tell myself "Today I am not trading but just following the market + annotating. " So that's what I do. Then while the market unfolds, certain situations happen when I just know for sure what the market is going to do. It almost seems ridiculous if I wouldn't take the trade. So I make an exception and take the trade. Then after exit I tell myself again I am just monitoring today and don't HAVE TO trade. This puts me in the right state of mind. regards, Ivo
Yeah. Well, telling myself not to trade (while making exceptions) helps me to: - focus on analyzing the market and not thinking about P&L. Like this it's more likely to make the correct analysis which of course is crucial. - trade more conservative and not trade when situation is not 100% perfect or clear - not enter a trade too quickly. Of course what happens is that while learning those situations that are 100% clear happen more and more often until we are able to determine the current mode on every moment throughout the day and act accordingly. (sct) Trying to be in the market all the time, taking the first opportunity you get (which may not be the best one) etc etc has brought me nothing but trouble. "Not trading but analyzing" is the standard for me. Each day is a "monitoring and analyzing day", not a "trading day". The trading just happens when you really feel you have to. regards, Ivo