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Trading practice
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Trading practice

  #1 (permalink)
Washington
 
 
Posts: 5 since Jan 2016
Thanks: 3 given, 0 received

Trading practice

Hey guys another new wannabe daytrader here lol. I had a quick question. I am still using sim with Ninjatrader to build my own strategy. I use replay data and then execute trades. My question is when I switch to live trading how big a surprise will be with slippage? Or is it the same trade execution with market replay sim? Thanks!

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  #2 (permalink)
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  #3 (permalink)
montreal quebec/canada
 
Trading Experience: Beginner
Platform: CQG/NT7
Broker/Data: IB/AMP/CQG
Favorite Futures: CL
 
Okina's Avatar
 
Posts: 2,149 since Sep 2015
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Shenmue View Post
Hey guys another new wannabe daytrader here lol. I had a quick question. I am still using sim with Ninjatrader to build my own strategy. I use replay data and then execute trades. My question is when I switch to live trading how big a surprise will be with slippage? Or is it the same trade execution with market replay sim? Thanks!

Believe me the surprise won't be slippage

Or at least not what we call real slippage. Your hand won't be firm, your heart won't be relax so maybe you can add at least 2 or 3 ticks of "human slippage" in your first trades.

But other than the "human slippage" if you trade very liquid instruments like ES CL etc you won't notice any real slippage with the usual size of a normal retail trader.

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.

Last edited by Okina; March 2nd, 2016 at 09:48 PM.
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  #4 (permalink)
Market Wizard
Calgary, Alberta
 
Trading Experience: Advanced
Platform: NinjaTrader 8
Broker/Data: Kinetick
Favorite Futures: ES
 
JonnyBoy's Avatar
 
Posts: 1,036 since Apr 2012
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Shenmue View Post
Hey guys another new wannabe daytrader here lol. I had a quick question. I am still using sim with Ninjatrader to build my own strategy. I use replay data and then execute trades. My question is when I switch to live trading how big a surprise will be with slippage? Or is it the same trade execution with market replay sim? Thanks!

The big surprise will be that trading just got one thousand times harder. No matter what you think you know, no matter how good you believe your strategy is, you will have real money out there and nothing, NOTHING can prepare you for live trading. Sorry for the harsh words. Slippage will be the least of you concerns.

Whilst I have softened my stance towards SIM trading, I still do believe that live trading is the only solution. Sure, you can learn how Ninjatrader works in a simulator but it will not prepare you for live trading.

So with that in mind, have you thought about swing trading SPY and/or other ETFs? This is a nice way to trade live and spot setups with your strategy all whilst learning the language of the market. Plus, your exposure to huge losses is kept within a reasonable risk tolerance. Do this for 12 months with the goal to start trading futures.

This is good advice.

My intent is not to belittle your desire to become a day trader, but it isn't something that just happens. It takes years (and I mean years) to even be in a place where you can feel confident enough to call yourself a day trader.

Good luck! Why not keep a journal on here that keeps up with your progress. We are here to help!

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  #5 (permalink)
Super Moderator
Sarasota FL
 
Trading Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES, YM
 
bobwest's Avatar
 
Posts: 5,021 since Jan 2013
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Okina View Post
Believe me the surprise won't be slippage

Or at least not what we call real slippage. Your hand won't be firm, your heart won't be relax so maybe you can add at least 2 or 3 ticks of "human slippage" in your first trades.

But other than the "human slippage" if you trade very liquid instruments like ES CL etc you won't notice any real slippage with the usual size of a normal retail trader.


JonnyBoy View Post
The big surprise will be that trading just got one thousand times harder. No matter what you think you know, no matter how good you believe your strategy is, you will have real money out there and nothing, NOTHING can prepare you for live trading. Sorry for the harsh words. Slippage will be the least of you concerns.

Whilst I have softened my stance towards SIM trading, I still do believe that live trading is the only solution. Sure, you can learn how Ninjatrader works in a simulator but it will not prepare you for live trading.

So with that in mind, have you thought about swing trading SPY and/or other ETFs? This is a nice way to trade live and spot setups with your strategy all whilst learning the language of the market. Plus, your exposure to huge losses is kept within a reasonable risk tolerance. Do this for 12 months with the goal to start trading futures.

This is good advice.

My intent is not to belittle your desire to become a day trader, but it isn't something that just happens. It takes years (and I mean years) to even be in a place where you can feel confident enough to call yourself a day trader.

Good luck! Why not keep a journal on here that keeps up with your progress. We are here to help!

Totally agree. Yes, there will be some slippage. No, it won't be very important. The fact that you are risking real money will do the most amazing things to your mind, especially when the losses come, as they will.

The advice to try some slower-paced trading, with real money, such as the SPY ETF, is very good. You would have a time perspective of days or weeks, instead of minutes or hours, and you will also not have the high leverage of futures. Both factors will dial down your risk level, and give you a chance to learn without facing quick crash and burn.

Then at some point, moving over to futures can make more sense.

It's the difference between first learning to drive in an empty parking lot, vs. getting in a race car and entering a real race. It's "the same thing," just driving, but it's actually very different.

Good luck, and take the transition slowly. But get off sim as soon as you can. It does not prepare you well for trading, because it's risk-free.

Bob.

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  #6 (permalink)
Washington
 
 
Posts: 5 since Jan 2016
Thanks: 3 given, 0 received

thank you guys . awesome replies. Really putting things in perspective. I will definitely start a journal once I get my stuff together

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  #7 (permalink)
Helsinki, Finland
 
Trading Experience: Beginner
Platform: Sierra
 
Posts: 92 since Sep 2015
Thanks: 224 given, 79 received

Practiced with Ninjatrader I believe they had 14 days free trial which I did 3 or 4 times before I found 30 days free trial with Infinity futures (infinity AT = Sierra Chart).

Pro's with ninjatrader: lots of people that will help you find what you need or create if it's not available yet.

Con's: for me it was more complicated than it needed to be.

Pro's with Sierra Charts:

It's lightweight. I have the smallest least powerful laptop and I can easily have at least 20 different charts and still be able to work the charts without problem.


Con's: The developer team doesn't listen to my update requests.. But I guess they get lots of them.

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