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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF

  #265 (permalink)

UK
 
Trading Experience: Intermediate
Platform: Ninja
Broker/Data: Mirus/Zen
Favorite Futures: Futures - bonds, currencies, index
 
Posts: 288 since Oct 2010
Thanks: 70 given, 267 received


Big Mike View Post
Bobby's homework:
  • Stop trading cash.
  • Create a public journal on futures.io (formerly BMT) and post to it at least daily. At the end of each week, go back and read the prior two weeks of journal entries and ask yourself if you are moving forward, or if you are going in circles.
  • Spend the next few months creating and testing your own methodology.
  • The method is created by you. You come up with it. Others can influence you, but you do not copy others.
  • After you have a hundred or more trades taken in sim and have analyzed the data every way you know how, and it has positive expectancy, then you can go back to cash.
  • When ready to go back cash, open a mini or micro forex account and trade at maximum $1/pip size until you have another 100 trades to analyze in cash mode.
  • Analyze those, and compare them to your sim trades.
  • Identify differences and come up with detailed plans to account for and minimize the differences going forward.
  • If your 100 trades at $1/pip were net profitable, you can increase to $2/pip for the next 100 trades.

Mike

Excellent advice Mike. Only thing I'd add, at step 2, is "Learn exactly what positive expectancy means and why it's so important" ;-) ;-)

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