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I started my sim trading again to get CP and to really master my methods. The account started with 100k and I went down to like 76k at first. I am at 121935.65 as of today and getting more CP by the day. My goal now is to double this account to 200k and at that point I will be evaluating when/if I go back in the live market. I think it's a good goal to shoot for. I appreciate all the help that I have received here so far albeit a rocky start. Hopefully someday I will be able to contribute some help to someone here. "see ya in the room" LMAO
Can you help answer these questions from other members on NexusFi?
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
I don't know what your actual account size is you plan to trade (which is a personal thing that need not be shared) but I'd recommend creating your SIM account to reflect the same amount while trading the appropriate amount of risk you would with the live account. Maybe you plan to start with $100k which would be great but just a thought. My point here is that you want to try and emulate trading live as much as possible.
So an example would be, if you plan to start with say $25k while risking 2% on each trade in the ES, set your SIM cash level to that amount. That would allow you to risk 10 points per trade on one contract, 5 points trading 2 contracts, 3 points for 3 contracts and so on. Obviously, anything below 3 points is pushing it but that's just an example for you to think about.
I had thought about that PB and the broker asked me if I wanted to do it when I was getting set up.
I will do it at the 1st of the month for sure. I agree I need to be as close to the real thing as possible. My goal is to have my mastery of my method(s) down pat when I am ready to trade IRM again so that what I am doing is second nature. Ie. Risk management and also MM. That is what I am working the hardest on as of right now. The method is what it is and is working for me well at this juncture.
I do plan to buy NT and perhaps risk manger and also profit manger to take out some of the emotion in my psyche. I would like to use a ATR trail stop as well and will have to wait till I get the program to start using that on NT. I am doing it by hand right now on sim and it works fine although I would like to just let the trade work once I am in it and let the technology do what it does. I think that it will be worth every penny paid for it if indeed it really does do what they say it can do.
One of my goals is to be as hands free as possible. Pull the trigger and manage. And do it well.
As far as re capping my account? It's TBD. If I can't do it with what I want I just won't trade until I can and keep my chops up on the sim until such time as I can trade how I have planned to trade.
Getting a new roof put on the house today so since I have to stick around the house I am analyzing my charts from this week's trading. All in all not bad results. A coupla rough starts however I got it working on those days and ended up in the green so it was all good. Both times I was just a bit to eager to trade. Nothing wrong with the method just not waiting till it came to me. Working hard on that! Also working hard on and studying more on RM and MM. Once I have a handle on those 2 aspects of my trading I will be even more at ease with my method(s).
I hear you PB. For me too. It was like the overall market couldn't make up it's mind with every other bar wanting to be a double spiked bar or not. I hope it's just overall low volume.
Sorry, I didn't mean your volume indicator, but the overall trading volume of the markets particularly crude and ES. I think your trading has been super, just today was hard for everyone I thought. I made a bad mistake and wiped out my gains for the most part today haha.
