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I've started paper trading on TopStepTrader's 14 day trial. The first couple of trades started very rough. After that, I figured out that if I'm going to trade futures on the SPY, I should watch the SPY. It helped. LOL I stopped at break even for the day. I usually trade 5-10 mins with stocks, so I was exhausted after trading this stuff for seveal hours to dig out of the hole. End results are as follows:
Here's hoping Monday is a smother ride! I think I'm going to give Crude a go...
Less overtrading and more realistic size trading today for just shy of $200 profit on my 2nd day. Traded a very small leg of crude and it panned out pretty well. It was a quick day trade though. I don't want to overwelcome my stay, and with a small account size, the win is substantial so no need to be greedy. I'll build up the account for awhile before trading more than 3 contracts at a time again. Today I had no more than 2 at a time.
Well today was a bloodbath. I'll try and take some lessons from it. The SPY really got me. Really, today was GOING to be a loss with what I played, and I should have taken that loss and stopped. Instead I got overly annoyed and revenge traded which is something I haven't done in a LONG time. Lessons taken. Also, this was on paper, and yet it effects my mood so. That's how I know I take paper trading serious. lol Better day tomorrow!
Sorry you had the bloodbath, but at least it was sim. The fact that you do take it seriously is a good thing, as you said. It means you can get more out of sim than if you didn't. And tomorrow is another day; there will be many of them. I'm sure you know that everyone has these days.
I'm noticing you mention SPY, but you are trading ES, which is only indirectly connected to SPY. ES is a contract on the S&P, SPY is an ETF that is also based on the S&P. They will tend to stay closely in step of course, but we're talking about different things. Not a big deal, just mentioning it.
Good luck with your journal and your trading.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I've been following gauntlet rules of late, and having great consistency and risk management. I've been trading stocks for a few months on paper with consistent results now. Trading small size on futures with the same concepts is proving to be much more lucrative. I don't see myself holding off much long for live trading. I plan to do a gauntlet mini challenge after the new year. Current numbers all the way from mid-sept:
