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Experience at Live Trading Rooms

  #175 (permalink)

NY + NY/USA
 
Trading Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received

Trading rooms vs real life

One key issue you mentioned is that you do not yet have a specific methodology for your setups. I suggest you get this part solidified first before you venture into cash.
Start simple. Call setup # 1 Janice, setup #2 Billybob or something descriptive like BASIC TREND TRADE or COUNTER TRADE AT KEY LEVEL #1. Have profit opjectives defined for each setup, as well as capitol preservation minimums for each setup.
Once you go to cash, real loss will set in. REAL HARD CASH LOSSES will most likely build up in the beginning and you will most likely start with a drawdown. So, having some solid descriptive plan that includes your setups and market approach (methodology) is going to be crucial. You are going to have to rely on this plan to get you through. You do not want to be changing things, changing strategies, trade management, etc every few days or every other week.

So, get the plan outline done, include a descriptive outline of money management that goes with your setups, and some defined consistent method of approaching each trade, each trading day, each instrument; just about everything involving the activity of trading.

I would suggest that you have about 90% of all your decisions made before you trade cash. Then just sit and wait for the trade, trade it without any unknown decision making required. When you get a loss, take a deep breath and think about what you were thinking about, write it down, and trade again.

Define the reasons for the losses honestly. Pinpointing the reason for losses is crucial. This will help you discover just how good your "methodology" is and what needs to be fixed...if anything. Losses are part of the game, so expect them and know just how many constitutes par for your methods.


Good luck!

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