Transitioning from paper-trading to real money trading Tomorrow (CL) - Commodities Futures Trading | futures io social day trading
futures io futures trading


Transitioning from paper-trading to real money trading Tomorrow (CL)
Updated: Views / Replies:1,953 / 4
Created: by reno57540 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Transitioning from paper-trading to real money trading Tomorrow (CL)

  #1 (permalink)
Elite Member
Bethesda, MD
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Interactive Brokers
Favorite Futures: Emini ES
 
reno57540's Avatar
 
Posts: 106 since Oct 2012
Thanks: 84 given, 88 received

Transitioning from paper-trading to real money trading Tomorrow (CL)

Hello,

I have been paper-daytrading NQ and CL rather successfully for the last 3 months and plan to start using real money tomorrow.

While trading in SIM mode was a great way to learn the trading platform and test my set-up. I feel that sometimes there are trades i would not take with real money. I am not sure if that is a common situation but while i used to take my set-up and rules very seriously at first i am now more and more reckless and believe the reason is that since no real cash is at risk, and my set-up has not changed since the beginning, i tend to trade out of boredom.

Anyways i would be interested to hear other people's feelings and experience while transitioning to the real trading world.

My plan is to only trade CL, 1 contract at a time with a 10-15(max) tick stop loss. For that i am using a 300 tick charts as my set-up chart and 900 tock chart for confirmation. My basic setup consists of using the 50 MA to find out the trend and use stochastics/Macds and support/resistance levels on a pull back to enter in the direction of the trend or against if the trend is extended and there is a divergence on the price and the indicator.

can't wait for tomorrow

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


As a beginner, I would definitely advise against trading CL. Or any futures really.

Please watch:
Webinar: Where to start as a trader? (Part I: Instruments and Brokers)

It breaks it all down and you can make an informed decision.

Also, as for the rest, you should have a crystal clear understanding of what to do/not to do after reading every post in this thread (the patterns should be obvious):
https://futures.io/elite-circle/11125-ask-any-trading-question.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #4 (permalink)
Elite Member
Dartmouth NS
 
Futures Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker/Data: IB / IQFeed / Kids
Favorite Futures: Forex, stocks
 
bnichols's Avatar
 
Posts: 638 since Feb 2010
Thanks: 64 given, 459 received

Good luck! It is a different kettle of fish (trading cash the right way). I'm in the crowd that started out trading real money and had to lose my shirt before able to take paper trading seriously. I resumed trading cash some months ago but switch back to paper fairly often to forward test new ideas or when just in the mood to deviate from the trading plan (hate to admit to that).

I find I'm more cautious trading cash (more inclined to stick to the plan) but not hesitant to place orders. What helped me focus on trading rather than the fact it's cash was determining a lot size I was comfortable with and dividing it in half.

Once the thrill wore off I found it was necessary to become more cerebral about trading; in other words had to work to keep the positives front of mind (e.g., reading about the art of trading, trying to actively embrace the virtues of confidence and self-discipline) or the novelty turns into boredom. In my case boredom (not quite the same thing as impatience) may be the greatest danger to profitability and greatest impediment to improving as a trader.

Reply With Quote
The following 2 users say Thank You to bnichols for this post:
 
  #5 (permalink)
Elite Member
Bethesda, MD
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Interactive Brokers
Favorite Futures: Emini ES
 
reno57540's Avatar
 
Posts: 106 since Oct 2012
Thanks: 84 given, 88 received

Thanks, decided t postpone for now

Hi,

Thank you Mike for your honest answer. After reading your post and doing more research on the forum i got worried about going live with CL and decided to postpone for now. However, here i am again today, paper trading CL without much problems. Even though i over traded again out of boredom, i am still up for the day, even after commissions. I am using NT with an ATM strategy that places a stop mkt order as soon as the order is filled, so i am not too concerned about large individual losses, and of course I am always flat on Wednesdays at 10:30am

I truly believe that using fake money and repeating the same actions over and over is part of what is causing me to over-trade. I personally feel like i am ready to try with real money and that, like bnichols, i will be more cautious and follow my plan even better

I am not a true beginner as I have been live trading stocks (actively) for a couple of years now, and i also gave other, more conservative futures instruments a try (NQ) but they did not fit my style as i found they did not move fast enough and i would often find myself bailing out before the move. I also felt like there were many more stop runs in NQ as there are in CL.

I know that when live trading CL slippage can be a problem but i am using stop limit orders with a 1 tick max slippage so i shouldn't suffer from bad entries (when i get in ).

Anyways thanks again for the feedback.

Reply With Quote

Reply



futures io > > > > Transitioning from paper-trading to real money trading Tomorrow (CL)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Best paper trading solution? rxtrade Platforms and Indicators 13 March 28th, 2013 04:55 PM
Is paper trading good or bad? dario1 Traders Hideout 28 August 30th, 2012 07:16 PM
Openquant - paper trading performance drolles Platforms and Indicators 1 April 6th, 2012 08:01 PM
Futures Paper Trading jb514 Beginners and Introductions 1 November 30th, 2011 01:24 PM
Paper trading and Backtesting umlout Traders Hideout 9 September 5th, 2011 12:07 PM


All times are GMT -4. The time now is 08:27 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.11 seconds with 19 queries on phoenix via your IP 54.234.247.118