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SIM to LIVE trading for traders with history
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SIM to LIVE trading for traders with history

  #11 (permalink)
Elite Member
london/england
 
Futures Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker/Data: CQG, AMP, VK, Kinetick
Favorite Futures: CL/6E/TF/ES
 
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Cloudy View Post
Sorry to hear about those losses. I got margin called so was forced to get hit with a loss which halved my account. I was using way too many contracts. Because I got overconfident and was making 1k to 3k a day for about a month. So it's definitely possible once one gets to a consistent level. And there are stories of those who make much more per day all over trading forums. But I had not prepared myself psychologically for a big loss at the number of contracts I was overdoing. ;

Yes, now I would agree psychological consistency is my main goal. Also knowing when to get out and when not to trade. I am thinking about trading until a daily profit goal. Then trading sim the rest of the day for practice. But the temptation to continue to trade live is enormous at that point Then after a big loss , there's a lot of fear to overcome to trade live again.

I think you just hit a MAJOR nail on the head there "Cloudy"

This is always used to happen to me!

I used to start off with a small account and minimum contracts, i would then do consistently well making 1k to 3k a day too, with no daily goal and lots of greed and confidences. I then get over confident and start trading too many contracts to soon

To then get myself into a emotion state were I take a bad trade to find myself with a bigger loss because of the more contracts involved and end up taking a huge loss, most of the time just letting the trade wipe my account out!

itís a very hard battle with your self

I suppose this is why you have to have ultimate discipline to be a pro trader

"we learn from our losses, not our winners"

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  #12 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Master
Platform: ninjatrader, r-trader
Favorite Futures: CL, NG, TF, NQ, YM, GC, ES
 
liquidcci's Avatar
 
Posts: 862 since Jun 2011
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The key for me is to trade with probabilities. Probabilities allow you to look beyond each individual trade lessening it's importance. If individual trades are less important removes you a degree from the psychological minefield that goes with each trade. Because individual trades don't matter in short term can chill. Only thing that matters is long term probability of system and being capitalized in a way that allows you to handle inevitable draw downs.

Once have a grip on probability of system then can even take step further and automate which can remove even further from the fray.

Trading can mess you up more than financially.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; December 14th, 2011 at 05:59 PM.
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  #13 (permalink)
Elite, not Elitist :)
San Diego
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: AMP / CQG
Favorite Futures: CL, ES, NQ
 
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Posts: 339 since Nov 2011
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I also feel despondent if I lose in SIM. I guess I really dislike losing. Need to get over that if I want to eventually make a living at this because losses are part of the business.

BTW, I have had several traders tell me recently that staying in SIM too long is hurtful to your trading. Never thought about that before.....

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  #14 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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BeachTrader View Post
I also feel despondent if I lose in SIM. I guess I really dislike losing. Need to get over that if I want to eventually make a living at this because losses are part of the business.

BTW, I have had several traders tell me recently that staying in SIM too long is hurtful to your trading. Never thought about that before.....

If you do things in sim you would never do in cash, you are defeating the purpose of sim.

For example, if you add to losing positions, move stops further out, or walk away and "just don't care" -- while leaving the position on -- these are things you likely wouldn't do when trading cash. So they serve no purpose except to create bad habits.

Mike

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  #15 (permalink)
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Big Mike View Post
If you do things in sim you would never do in cash, you are defeating the purpose of sim.

For example, if you add to losing positions, move stops further out, or walk away and "just don't care" -- while leaving the position on -- these are things you likely wouldn't do when trading cash. So they serve no purpose except to create bad habits.

Mike

This is very true Mike,

I found one of the best ways to trade SIM is to try make yourself feel the emotions you feel on a live account and make you actions accountable

1 good technique is to make trading SIM as real as possible in the sense if you make a mistake ect there is a consequences behind you actions

For me I found creating live journals on site`s like this that people read, or a personal journal, or a live video journal on you tube. This makes you take SIM trading more serious making you hold you trading accountable because at the end of every trading session you should post your daily PnL for you self and other people to see

If you keep track of you trades in real time, you cannot just reset the SIM because you trades for the day will not tie up with you Daily PnL

This helped me a great deal in the past and still helps me now trading a live account, You could also get a close friend or family member to keep track of your trading, this didnít work for me as I donít know anybody around me that understands what the blood hell Iím doing

So sites like this work wonders because people know what their reading and talking about most of the time, so you have to be real to yourself and the people reading

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