I did not simply suggest posting authentic information...I did it. Mostly to demonstrate how easy it is to dramatically increase the likely validity of the information. Could some sick person STILL doctor that to make themselves appear a certain way, sure....but it would take significant considerable effort.
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Well said @Rachel,
Sim or live doesn't really matter as I see it, just use your head and not blindly follow along with the trades that get posted. Examine the methodology put forth and see if it works for you or not.
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I read a poster commenting that this was a public forum and traders should be allowed to post what they want. First I think of public as Government tax paid for and this forum as a private member subscribed (Elite section) forum. And @BigMike can and should set high standards regarding postings.
As @DarkPoolTrading said I have been to the other sites where traders just make up trades in order to get you to subscribe to the their trading room. @BigMike has done a lot to implement higher standards than some of the other trading sites and I hope he continues to do so. I want to be able to come to this site and not read the BS.
Also I keep reading posters talking about traders not being allowed to trade in Sim or even circle trades in hindsight. In my mind this is not the issue. The issue is about being honest about your trading. Not pretending to make live trades that were made in sim or circle a bunch of trades in hindsight and acting like this is what they traded live.
These phony journals do not read like a personal journal to help oneself become a successful trader, but read like someone trying to run a scam; at least to me. It is kind of like the fellow who said I know pornography when I see it. Well I know a faked journal when I read it.
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@wldman -- Note the quote of mine was inaccurate on your part. I said, "For most of us, a blown account is the ONLY way to learn." I am stating a fact. Learning to trade costs money if for no other reason than it is a money game.
Have you blown an account? If not, you are one of the few.
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You have two grand generalizations within a 13 word statement. Who is the group "most of us"? Since you are responding to me, does that mean that "us" is you and me? No, I reasonably believe that you meant futures.io (formerly BMT) members in general. So, I call "crazy talk" as there is no way that you can make that statement based on anything but your opinion. How would you have any idea, less a way to measure the current and past trading account results of the 50,000+ futures.io (formerly BMT) members. You'd need to know that half plus one had first blown an account and then, you'd have to have a way to know that doing so was the ONLY way that they have learned...that's crazy man. When considering those 25,000 plus accounts that have been blown up shoule the initial deposit count for anything? How much is required to count as a viable trading account?
That first part is reasonable compared to the second stated element. You even put ONLY in caps. The ONLY way? That is beyond ridiculous. Just as a construct premise, the statement demands that everyone that has blown an account knew absoultly nothing prior to making their first trade....that simply CANT be true.
What does blow an account even mean? Have I sailed well past zero, gone debit and had to liquidate personal asset to get back to zero? Yes, I have done that. A money game? I shudder to even mention how many commas come before the decimal...so don't get too bold with the way you make accusation or seek to establish yourself in front of others.
The inclusion in your statement of "most" and "ONLY" are harbingers that I can't ignore and ones that you should be aware of. I stand by the statement with no misgiving and no misunderstanding. "The ONLY way to learn is from a blown account" is crazy talk.
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Some of the difficulty in the discussion in this thread is that the time frames used in the trading are not considered.
I do not do intraday trading of any stripe. But have occasionally used level 2 charts for timing an entry into or exit from swing stock play when I want to maximize my earnings....the last thing on my mind during this time is...wow I must detail this event before it happens in my journal. I am tunnel visioned on that chart looking for a movement in price that may or may not occur.
In long term trading where a few cents here or there are pretty well meaningless, then it is not hard to work through thoughts in my journal in detail, show how I arrive at a decision and then announce the action I will take and then in the following days see how well that analysis/prediction worked or failed. Using history to point out patterns that support your current views is instructive this way.
I think it is impossible to predict ahead of time what you will do in an intraday trade. Anything can happen within a day on a 5min or less time interval.
Journals that simply document wins and losses have very little instructional value to others and are suspicious to me...if they are documenting a decision process that is another thing and simulations are fine for that purpose as long as they are not cherry picked incidents
In my opinion, for non-intraday trading, you can simulate your decision making abilities using real data rather than historical. The simulations come in the form of giving yourself monopoly money and from this phantom investment set up a phantom portfolio through real decisions based on current data. Then we can see the success or failure of the approach .
As I said, in longer term stock trading and I suppose options (don't do those either) this works well....short term intraday trading...it is hard to do due to the stress of this type of trading.
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Far from a fact, I have heard this story told on here many times. Someone blows through hundred thousand dollar account then all of sudden the person started making profitable trades. The psychological damage would be hard to overcome. Think about this, It is in the best interest of the brokers and vendors for someone to jump straight to live account and fund the account.
Can someone only learn from blowing through account. Maybe. but the real winners are the brokers and vendors. I heard this advice on here too "Don't waste time on sim or paper, real funded account is the only way to learn." For me personally that would be the worst advice I could have ever received. I traded options through the 2008-09 financial crisis and I was paper trading a strategy for 8 months that I thought was foolproof. Wrong Glad it was paper/simulation mode. I learn that for my style of trading the less commission intensive strategy and the simplest is the most profitable.
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