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Sim Trading and the Holy Grail
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Sim Trading and the Holy Grail

  #1 (permalink)
Elite Member
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Sim Trading and the Holy Grail

Many traders have died penniless, clinging to the belief that there truly was a “holy grail” that could consistently predict the future price action of the market. This would provide a turnkey solution that would eliminate the need for all the planning and preparation, evaluation and analysis, and the execution and trade management skills that are required for discretionary trading. This is not to say that we can’t develop tools that will increase our probability for success, but when all is said and done there are no shortcuts when it comes to being a successful trader. The true “holy grail” is developing the skills that are necessary to consistently make money trading. Learning how to trade, and actual process of trading, is hard work. In fact, I have always considered trading to be a “blue-collar” job, because of the amount of work and emotional control that is required to be successful trader.

SIM trading plays an important role in developing trading skills by providing a pragmatic method for practicing execution and money management skills, but it does have it’s shortcomings when it pertains to developing focus, confidence, patience and discipline. True mental and emotional control cannot truly be tested nor developed, when real money isn’t on the line.

Without trading cash money, there is no accurate way to know how you will react under pressure. When introducing a new product to a market, companies may spend millions of dollars on market research, focus group feedback, and beta testing, but there is no real way they will know if their product will sell until they actually try to sell it. As Steve Jobs put it, "Real artists ship." Until real customers start using and talking about your actual product, you have no real way of knowing what you are doing right and what you are doing wrong.” The same line of thinking is true for SIM versus live trading. SIM trading may be good to “cut-your-teeth” on, but you you need to step up and “just do it” sooner rather than later.

Real traders put in the time and hard work that is required to be profitable, and they trade real money!

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  #3 (permalink)
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You state the obvious slightly, but I agree. One should consider any early losses to be tuition fees.

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  #4 (permalink)
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martifc View Post
You state the obvious slightly, but I agree. One should consider any early losses to be tuition fees.

Unfortunately, for many it is not obvious. They spend all their time refining their sim methods, then they go cash and through everything out the window and lose a bunch of money. Then maybe they go back to sim, come up with all new methods because obviously they were flawed before (hint: they weren't) and go cash, through everything out the window, and lose a bunch of money. Rinse, repeat.

Eventually they learn to break the cycle and that it takes practice trading CASH not sim to refine the skills and focus on execution instead of method, or they go broke and/or give up

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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  #5 (permalink)
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Big Mike View Post
Unfortunately, for many it is not obvious. They spend all their time refining their sim methods, then they go cash and through everything out the window and lose a bunch of money. Then maybe they go back to sim, come up with all new methods because obviously they were flawed before (hint: they weren't) and go cash, through everything out the window, and lose a bunch of money. Rinse, repeat.

Eventually they learn to break the cycle and that it takes practice trading CASH not sim to refine the skills and focus on execution instead of method, or they go broke and/or give up

Mike


My point...exactly.

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  #6 (permalink)
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martifc View Post
You state the obvious slightly, but I agree. One should consider any early losses to be tuition fees.




The obvious is that which is never seen until someone expresses it simply.

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  #7 (permalink)
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tigertrader View Post
I have always considered trading to be a “blue-collar” job, because of the amount of work and emotional control that is required to be successful trader.

These words are so true.

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  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received

BTW I can really spell throw, although when sleep deprived not so much lol

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #9 (permalink)
Trading for Fun
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tigertrader View Post
The obvious is that which is never seen until someone expresses it simply.

"Simplicity is the ultimate sophistication." Leonardo da vinci


Cheers John

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