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hi beth ,as always, i enjoy reading your journal.i am currently simulating also, i think my method is good for time being, now ,i am just testing.i trade the CL from 8:30 am to 11 am eastern.my journal is called bobs quest for consistency..anyway, i ,like many others, have gonr thru many changes in the last few months, and i am very familiar with the grind.in a trading room i was previously in for a year(tradng Equities), the moderator , would speak often, about the things we all need to do, to attain the confidence, that is needed to make a living at this.one of the things he told me, was to dial in my entries with low shares, so i could focus more on the dynamics in real time , and not on the $.well, that pretty much saved me, as i never got out of low shares..but my account didnt take a hit.he told me i had to earn the right to trade larger shares, which was fine.my question to you, is, do you intend to trade up to 5 contracts if your simulating is successful?1 bad day can be pretty unnerving at that level.just so you know where i am coming from, i am simming with 1 contract.the way i figure it, for my method, if i cant consistently take 6 ticks{not much to ask for), than i know i still have work to do.i look at the results for the week, not so much day by day.
i always feel a little awkward , piping in with my 2 cents, in the forum..like im being nosy.if people reply to my journal, i always keep in mind, that we are all on our own path, so i respect others opinions.anyway, i wish you well, and keep up the hard work!
Congratulations on creating a thread sharing your journey with us!
I did primarily 1-contract trades on both sim and live for over a year. Very often got stopped out at breakeven and no chance to have a 2-digit pip runner. Doing multiple-contract trades is the way to go IF one wants to have a runner for the 2nd/last contract. Certainly, one may load up the number of contracts and stay with the 1 profit target. It will be fine too as I have a few trading friends who are doing 10- to 30-contract trades aiming for 3-4 pips/trade.
I cannot visualize myself doing big lots like them .. possibly stay with 3-5 maximum. With a realistic trade management strategy (incl a 1.5:1 or more reward/risk ratio and small stoploss), I consider the forthcoming 4-week program is a good opportunity to do multiple-lot trades. For the first week, I will not be loading 5 contracts and rather 2-3 with the last contract runs a little.
Meeting a weekly goal of $1-2K is more attainable with multiple-contract trades else I may over-trade especially when the market is not offering many sound signals that meet the book. I personally like 3 trades maximum/day. Let's see how the first week goes .. smile ..
Thanks Cory for your tip. I went through their software videos and set up the enclosed MT4 DOM for order execution. Will stay with Ninja for charts.
Note: 15 minutes delay data for the training platform. To familiarize myself with the DOM, I made over $30K within hours based on historical data .. haha ..
One Klingon term used as an insult on numerous occasions was petaQ (also spelled "Pahtak", "Pathak", "p'tahk", "p'takh", "patahk", "pahtk", or "p'tak").
As of this moment, the firm does not provide you with a system/set-up. Not sure about their future plan as they have a Training tab under construction. It does have a free chat room with moderator/coaches around during RTH. The program participant will be assigned with an evaluator to assess his/her consistency/attitude etc.
I have not been in the chat room (even its access comes with training) .. no idea if one may benefit. Actually when I did my diligence investigation, I came across posts on both sides.
In short, I am only using the MT4 DOM for trade execution and stay with Ninja charts to spot high probability signals.
Are you trying this program because you want to try the MT4 DOM, or you want the learning experience of trading with a varied crop of traders, or the potential opportunity to trade a well capitalized account with someone else's funding? In the latter case, if you are successful with your current method, then it's a great move, but if you do not have a currently profitable method, and they are not training you, then I think you would just be switching simulators, and mostly likely will get the same results, and paying $120 for the experience. Of course, I don't know all the details of this program, so I may be way off base.
2. As of this moment, I have no intention to sign in the live chatroom when I am trading. Will not be trading with a crowd and/or moderators/coaches there.
3. I do hope that I will complete the program with some green pips totalling $4-$8K. With $4K, I will get a refund on the deposit. If over $8K, I will be trading someone else's $ = no risk on my pool: Great!!
I consider it an assessment on my trading competence (incl set-up, emotion and trade management). With some $ at stake + incentive of a funded account + gaining experience on doing multiple-contract trades etc all add up. Even it's on sim, it will be more real than on NT sim which I did for months with an average 70-75% win performance.
Time to sign off. Enjoy a Sunny weekend. Here temperature will be 2-digit degr C with rain ooooo. Well, at least it's above 0 haha ..
