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From paper money to real money?
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Created: by Calming Attachments:0

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From paper money to real money?

  #31 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
Thanks: 111 given, 71 received


oldporkchops View Post
Acknowledging your powerlessness over market moves. Rather, responding armed with logic and techniques to make money.

I read a book, where the author calls it a mechanical approach. You mechanically search for setups, enter them, and get out. For now, I subscribe to it, until I find something better.


Last edited by Calming; June 19th, 2018 at 08:58 AM.
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  #32 (permalink)
Atlanta, GA
 
 
Posts: 14 since Dec 2016
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Calming View Post
I read a book, where the author calls is a mechanical approach. You mechanically search for setups, enter them, and get out. For now, I subscribe to it, until I find something better.

Yup, I agree. It's the robotic nature of looking for, entering, managing, and exiting trades that removes emotions from the mix. Once you achieve that, you're on a different plane.

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  #33 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
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oldporkchops View Post
Yup, I agree. It's the robotic nature of looking for, entering, managing, and exiting trades that removes emotions from the mix. Once you achieve that, you're on a different plane.

It seems to me that it's an ongoing war with the self. Every day is a new battle. ;-)

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  #34 (permalink)
Detroit, MI
 
Trading Experience: Master
Platform: Sierra Chart
Favorite Futures: NQ, CL, ES, GC
 
Posts: 94 since Jul 2011
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oldporkchops View Post
Every trader is different. The major factor influencing this progression is trader psychology. Master this before all else.

Yes, and the medicine that helps cure issues related to psychology is having trading a method where you know the win/loss ratio with specific entry, exits, knowing when your wrong, etc. If you take 3 losers in a row you still need to feel confident when you take that next trade that your trading a method that has been backtested that you have proven to yourself that works.

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  #35 (permalink)
Detroit, MI
 
Trading Experience: Master
Platform: Sierra Chart
Favorite Futures: NQ, CL, ES, GC
 
Posts: 94 since Jul 2011
Thanks: 16 given, 122 received


Calming View Post
I read a book, where the author calls it a mechanical approach. You mechanically search for setups, enter them, and get out. For now, I subscribe to it, until I find something better.

I think you should do a journal. I think it will be very helpful.

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  #36 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
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Babool View Post
I think you should do a journal. I think it will be very helpful.

My thoughts exactly. Started one here,

https://futures.io/trading-journals/44727-calming-trading-scratch-cake.html

Any advice on how to make it better and easier to read?

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  #37 (permalink)
Chicago, IL
 
 
Posts: 29 since Mar 2011
Thanks: 7 given, 6 received


Calming View Post
How long did it take you to switch from trading paper money to trading real money? Some say that one should trade paper for at least three months. Most brokers (systems) limit demo to two weeks. There is a possibility to continue but how long will they allow one to keep doing so?

One also hears that it takes 9 years to become a professional trader and that every pro lost an initial deposit at least once, so it makes sense to trade with an amount that one is okay to lose. Thoughts, ideas, suggestions, and philosophies are all welcome!

I just recently got back into trading. But I seriously paper traded for a good month before I started trading again. People who paper trade for a more than 6 months, I believe will never pull the trigger to trade live. For some reason those people are too scared. But definitely if you're a beginner, take your time to build a strategy. Trade that strategy for a good month or two, and if it works test it in a live account. I believe you learn the most in these markets when trading live.

To your question as of becoming a pro trader.....I think it's BS. No one really is a "PRO" trader. You're constantly learning and the markets are constantly changing.

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