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Understanding Forex trading
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Understanding Forex trading

  #11 (permalink)
Elite Member
Honolulu, Hawaii
 
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Nasdin94 View Post
Hmmm...
At this point I do have to agree with you but, you won't be able to master your emotions from a sim account and therefore this could provide and explanation to a different result whenever you moved from sim to live as there is fear involved in live as compared to demo

This would account to why many people seem to lose money on a live account but seem to be able to earn money when on a demo account because of the fear of losing money in a live account.

Unless, you are able to train youself on the sim account with fear, such as putting a risk whenever you lose money, then maybe you can train on the emotional aspect of trading whilst on a sim account and not blow your account at the same time.

I suggest that maybe, in a sim account we should involve some form of risk and fear whenever we lose money in a sim account such as - doing something you don't like whenever you lose X amount of money in a sim account.
For me, I think, for everytime I lose X amount of dollars, I would have to eat an egg raw(something I don't like)

This way, for traders to involve some form of fear while trading a sim account would then be able to train the emotional aspect of trading even though they are on a sim account. Hence being able to trade successfully when moved from a sim account to live account.

Good Idea No?

I agree, but for me publishing embarrasing results on my journal is enough to shame me into not wanting to trade poorly on SIM.

Yes, Psychologically MONEY can really screw with your head and you won't respect it. That is the #1 reason why traders fail in my opinion. There does have to be a negative impact from doing poorly with SIM.

I rarely touch money these days. It is almost always just sitting in my bank account/trading account and I just don't ever touch it. What is the difference if 10K leaves my account tomorrow or it comes back 3 days from now. No real visible difference.

I always think for a beginning trader, SIM is a good first step and always a good step if you can come back to it later much like I did. To think you are a rock star after SIM is a big mistake!

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  #12 (permalink)
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@bnichols,

Great post!

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  #13 (permalink)
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Consider back-testing your strategies


A great way to learn about the forex market is by designing trading strategies and back-testing them on historical data. You will quickly learn that a lot of what you thought might would work doesn't work in addition you might discover strategies that do work. Manually playing the market is difficult and takes years of training, I suggest you test your trading skills by expressing your strategies in NinjaTrader, MultiChart, TradeStation, IQBroker or even eSignal and back test them. (Fidelity also has a great platform - Wealth Lab).

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  #14 (permalink)
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Retro View Post
A great way to learn about the forex market is by designing trading strategies and back-testing them on historical data. You will quickly learn that a lot of what you thought might would work doesn't work in addition you might discover strategies that do work. Manually playing the market is difficult and takes years of training, I suggest you test your trading skills by expressing your strategies in NinjaTrader, MultiChart, TradeStation, IQBroker or even eSignal and back test them. (Fidelity also has a great platform - Wealth Lab).

That is the single biggest problem I see with traders making automated systems. The data they utilize doesn't go back far enough nor do they enter the proper money management.

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  #15 (permalink)
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Retro View Post
A great way to learn about the forex market is by designing trading strategies and back-testing them on historical data. You will quickly learn that a lot of what you thought might would work doesn't work in addition you might discover strategies that do work. Manually playing the market is difficult and takes years of training, I suggest you test your trading skills by expressing your strategies in NinjaTrader, MultiChart, TradeStation, IQBroker or even eSignal and back test them. (Fidelity also has a great platform - Wealth Lab).

This is my experience too. I have used a program called Forextester a lot for trading pure price.

"We may not be able to control the wind, but we can always adjust our sails"
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  #16 (permalink)
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bluemele View Post
That is the single biggest problem I see with traders making automated systems. The data they utilize doesn't go back far enough nor do they enter the proper money management.

Not really, some automated systems do consider MM and perform trades with proper money management whereas the MM% is dependant on you.

Whereas, I do agree, about not analyzing enough data.

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  #17 (permalink)
Trading Apprentice
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Some platforms have great money management features

IQBroker has money management, risk management and position sizing scripts. Their money management lets you transfer cash between your various strategies, their risk management lets you cancel orders that are generated by different trading strategies (I think) and their position sizing (which is what you guys are talking about) lets you.. position size

The really cool thing about this platform is that I can test my trading strategies with various position sizing scripts, thus money management becomes central and easy to use. I really hope that NT8 will have these features otherwise I might have to defect to the new, tiny, IQB camp.

Personally I like back-testing on at least 10 years worth of data, and see stats on at least 500 trades..

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