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AJ's Journal

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  #41 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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Got tied up this morning with the horses...

Back at the screen now... Two for two today....

Let's see if we can make it three....

Oil bounced back I see..... hmmmmm


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #42 (permalink)
 Big Mike 
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Sim trading has its usefulness. But it doesn't matter if you sim trade for 30 days or 300, if your risking much more than 2 to 3% per trade and you have not previously established yourself as a veteran in this field, well, its not a good idea to say the least. You simply cannot control what happens next. All you can do is pull the trigger and focus on execution. Your account must be properly capitalized to get you through drawdown periods that are out of your control, plus you also must have enough capital so when you screw up the execution -- which is going to happen for a long, long time -- you have enough money in the account to keep going.

Bottom line, some have said 10,000 hours and I think that makes sense. Many say 2-3% risk per trade, and I agree. Yet so many ignore these things thinking they can do it better. Then they go broke and go away.

AJ, regarding which instrument to trade, some have suggested spot forex for a smaller account. I've suggested just swing trading equities if your account is small, so you can get the live practice of live trading, working on your execution and psychological conditioning, but keeping with the 2-3% risk limits.

Mike

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  #43 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received



Big Mike View Post
Sim trading has its usefulness. But it doesn't matter if you sim trade for 30 days or 300, if your risking much more than 2 to 3% per trade and you have not previously established yourself as a veteran in this field, well, its not a good idea to say the least. You simply cannot control what happens next. All you can do is pull the trigger and focus on execution. Your account must be properly capitalized to get you through drawdown periods that are out of your control, plus you also must have enough capital so when you screw up the execution -- which is going to happen for a long, long time -- you have enough money in the account to keep going.

Bottom line, some have said 10,000 hours and I think that makes sense. Many say 2-3% risk per trade, and I agree. Yet so many ignore these things thinking they can do it better. Then they go broke and go away.

AJ, regarding which instrument to trade, some have suggested spot forex for a smaller account. I've suggested just swing trading equities if your account is small, so you can get the live practice of live trading, working on your execution and psychological conditioning, but keeping with the 2-3% risk limits.

Mike


Thanks, Mike... I am working the sim with 2% risk, exactly as I will be trading come January. I am not changing
anything in my trading style just because I am in Sim.. I feel confident enough to trade live again now, but I am
taking your advice and building up a decent account. Hopefully, I will be able to trade 1%, if my savings
go as planned... But, what goes as planned!!!

I like the way oil moves... I'll give it a shot...


I'm close to 2K hours of screen time at this point... The problem is they have been spread across too many markets, searching for one I feel comfortable with. After three months of studying oil, I'll be ready.


We just brought two new puppies home and I'm here alone... I'm done for today.. Up $187 Sim


Let's see what those puppies are into now...


More screen time tomorrow.


AJ
Nashville, Tennessee


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  #44 (permalink)
 Big Mike 
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AJ, glad to see it.

You mention a good point about 2k hours. A trader who changes his chart once a month for 10 years only has 30 days of experience with his chart

Mike

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  #45 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
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Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Big Mike View Post
AJ, glad to see it.

You mention a good point about 2k hours. A trader who changes his chart once a month for 10 years only has 30 days of experience with his chart

Mike


Thanks, Mike... hang with me. I'm not going anywhere and I have plenty of time. I love my present career,
but there is something about the technical nature of trading, I just can't let go of.

The same thing happened when I first saw a recording studio. It picked me, I didn't pick it.

...same thing happened with trading. I saw a killer documentary on PBS about trading vs long term
investing. Something about sheep... was the theme... Don't follow the crowd.

As soon as I realized it was computer based and the market actually looks like audio wave forms, I
was hooked.

This is the perfect second career for me after I'm deaf from cranking up those mains too much!! ; )

All I have to do is be able to see!! lol


AJ
Nashville, Tennessee


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  #46 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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I don't know why I keep waking up for the London session. There must be a Brit in my Lineage...


Market is pure sideways indecisive and treated me accordingly.

First two setups I didn't feel good about... two good trades (Not taking them)


Third setup I took and it went south quickly. Manual close. No need to hit stop when trade turns invalid quickly.

Trading this type of PA is 50/50... I will wait for some type of move, so at least I can trade with a trend or
bounce. Which, at least will give a 60/40 chance. And with a perfect entry point , maybe even 70/30...

I guess I'll have to wait for the Yanks today...

Down $46.40


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #47 (permalink)
 tderrick 
Nashville, Tennessee
 
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Thought I saw a break to prior resistance... wrong.

Market still too choppy...


Stopped out below MA ... I'm closing in on my Three In A Row rule.... Chopped up in the Chop!!


Emotions in check ... Allowing myself to channel the emotions from my live trading time to this SIM period
so I can practice control...



Down $132.80 No worries... 2% risk... These may have been classic SIM trades - ie No Real Consequence.
I don't think I would have attempted these with real $$... I tend to
get very picky with cash... need to get back to that mindset.
4 to 7 well place trades a day...
3 losers in a row... must be out of the Zone... stop trading.

alright let's wait for a move in the market...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #48 (permalink)
 tderrick 
Nashville, Tennessee
 
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Broker: AMP / CQG
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I missed the proper entry of this trade at 83.90 'cause I was out checking on the Puppies...

Just missed the pullback trade with an itchy finger... Should not have gone in late anyway...


3rd loss

out of my Main Sim Test account

Swithing to basic sim to practice entry points


All three of these today were bad, ill advised trades.....

Better execution in the morning I hope...



down $229.20 ..... no Worries



Still up for the week...


AJ
Nashville, Tennessee


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  #49 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
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Broker: AMP / CQG
Trading: NQ, YM and ES
 
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oops.... here is the mistake...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #50 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received


Well.... Now I may have to re-think the 3 loss rule.


Made my money back just as the market is settling down to some chop again. 9:30am cdt


Down $44.80

I'll take that. knowing I was just stupid for trading the chop on the first two.

11 trades... More than I would ever take with Live money... Have to quit playing in SIM
It's hard to get those guts churning like when your in the real battle... Trying to channel the
pain I remember so it's more real....

It's hard to control emotions that aren't there...


Good lessons learned

Until tomorrow...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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