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How to work harder
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How to work harder

  #1 (permalink)
Trading Apprentice
kuala lumpur/malaysia
 
Futures Experience: Beginner
Platform: dtpro
Favorite Futures: TF,ES
 
Posts: 7 since Mar 2015
Thanks: 8 given, 2 received

How to work harder

Hey guys, I used to sim trade the ES, TF, Soybeans, YM, and went live and got burned. Now I'm back to sim trading.

Went through the usual shenanigans of loads of indicators and paid for custom ones etc..
I'm now learning Macks price action trading system on the ES.

My routine is that i try to sim trade as many hours as i can during the regular market hours. I'm from malaysia, so its a 12 hour difference. I then check out Mack's youtube video the next day where he walks through the chart and compare mine and figure things out.

I currently have a little more time and was would like to know, what else can i do to practice and get better at this?
Would appreciate some recommendations.. books, audio, video serious, etc...

cheers!

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 2,873 since Sep 2015
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disease View Post
Hey guys, I used to sim trade the ES, TF, Soybeans, YM, and went live and got burned. Now I'm back to sim trading.

Went through the usual shenanigans of loads of indicators and paid for custom ones etc..
I'm now learning Macks price action trading system on the ES.

My routine is that i try to sim trade as many hours as i can during the regular market hours. I'm from malaysia, so its a 12 hour difference. I then check out Mack's youtube video the next day where he walks through the chart and compare mine and figure things out.

I currently have a little more time and was would like to know, what else can i do to practice and get better at this?
Would appreciate some recommendations.. books, audio, video serious, etc...

cheers!

I will give you my 2 cents, which also appear to be shared by some experienced traders... there are some people including me that believe that spending too much time on SIM can actually be detrimental to your live trading. This is because of the added pressure of trading real money which is not present when SIM trading.

You could perhaps compare the above to going every day to a shooting range and shooting targets, even very accurately, but going into actual combat is an entirely different matter.

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  #4 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
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disease View Post
Hey guys, I used to sim trade the ES, TF, Soybeans, YM, and went live and got burned. Now I'm back to sim trading.

You have to honestly ask yourself why you got burned. Understanding yourself is a big part of correcting it.

Anyway, have a look at Steve Ward's book High Performance Trading

Math. A gateway drug to reality.
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  #5 (permalink)
Market Wizard
Missoula, MT
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader
Favorite Futures: CL, ES
 
michaelleemoore's Avatar
 
Posts: 3,307 since Nov 2012
Thanks: 5,048 given, 11,042 received
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As a start


disease View Post
Hey guys, I used to sim trade the ES, TF, Soybeans, YM, and went live and got burned. Now I'm back to sim trading.

Went through the usual shenanigans of loads of indicators and paid for custom ones etc..
I'm now learning Macks price action trading system on the ES.

My routine is that i try to sim trade as many hours as i can during the regular market hours. I'm from malaysia, so its a 12 hour difference. I then check out Mack's youtube video the next day where he walks through the chart and compare mine and figure things out.

I currently have a little more time and was would like to know, what else can i do to practice and get better at this?
Would appreciate some recommendations.. books, audio, video serious, etc...

cheers!

You'll be getting plenty of good advice here, but you might consider sticking with one market. I don't think I could manage four markets, but I feel like I have control of myself while I'm watching one. Just a thought.

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  #6 (permalink)
Market Wizard
 
Futures Experience: Advanced
Platform: Spoon!
 
Rory's Avatar
 
Posts: 2,743 since May 2014
Thanks: 5,444 given, 8,095 received

Indeed,

From my own experience I would ask are you solid physically to work hard? It takes physical stamina to trade, just staying awake and drifting through x hours, you have to have plenty of energy in reserve for when you have to focus.

Were you under capitalised for starting the ES when you got burned? Ideally with the ES you need to start with $20 to $40k to be comfortable and not get stopped out so easily but its a lot, especially when you confidence is shaken from a bad live experience..

You may consider swinging the M6E micro futures which is only $1.25 a tick. Its not forex and active familiarity the currency futures is great for ES trading etc. I think the limit is 25 contracts which is fine, and makes it more granular. 1 - 3 wide ranging trades on say 15 min charts etc. in the day maybe. Basically you can make deep pocket style trades on a tenth of the money. Its just about scalpable for two hours a day when volume is higher but you look at the big brother 6E (as it has the volume) and make actual trades on M6E.

M6E - Euro to US Dollar
M6B - British Pound to US Dollar
M6S - US Dollar to Swiss Franc
M6A - Australian Dollar to US Dollar
M6J - US Dollar to Japanese Yen
M6C - US Dollar to Canadian Dollar

Edit: however.. you have to get a really good price on commissions to scalp short targets (e.g. NT brokerage with NT lifetime licence) however swing is not too big an issue.


Last edited by Rory; March 11th, 2016 at 01:21 AM.
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  #7 (permalink)
Elite Member
Johor, Malaysia
 
Futures Experience: Beginner
Platform: Sierra Chart
Favorite Futures: CL, GC
 
Posts: 167 since Oct 2013
Thanks: 986 given, 151 received

Hi fellow Malaysian,

I myself is also working on becoming a better trader. Not a profitable one yet.

I trade Bursa CPO and sim trade CL.

May I know what platform you're using?

Local brokerage fees to trade the US mkt is way too high and they do not provide charting tools. I am trading the Topstep combine, and I use the sierra chart platform. It allows you to do deliberate practice (replay).

Books that I find valuable are written by Dr. Brett Steenberger & Steve Ward.
Wiley has a wide range of really good trading books.
Books on mindfulness/meditation is also a must.

Sleep well, Eat Healthy, Breathe...
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  #8 (permalink)
Trading for Fun
Rybnik Polska
 
Futures Experience: Advanced
Platform: TWS
Favorite Futures: Futures
 
Posts: 104 since Aug 2015
Thanks: 17 given, 42 received

You just start with most popular market (ES) ...which is also most competitive.Just change market - trade Corn (ZC) or ZF (5y),GBM (eurex) or Nikkei 225 mini if It is possible.

If you think that you ,,feel'' ES /YM but you just make few mistakes and blow account ( becouse you were scared or anything ) try to trade it via CFD.Look on futures chart's and platform but trade via CFD broker with minimal amount.On most platforms you can trade with 1 $ per full point.Dont trade SIM - it is good only if you want to know how to use platform.

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