Transitioning from simulated to live trading

[BlitzMX]

Trade to trade well... not to make money.

[erin007]

hello!

thanks for the input and suggestions - much appreciated.

i went live, then back to sim, now i'm weaning myself off. i agree with forgetting about the money (to the extent that that's possible) and staying present being key. thanks MT. having enough in your account that you don't need to stress out about a loss is also key. other things i've noticed in case anyone reads this:

i review my trades every day and take notes about why they don't work (if i have time i review the winners too but generally focus on the losers).
i start the day in sim, take 2 or 3 winners to get confidence up and then switch. that helps.
i also understand my system a lot better now. a carpenter may have a truck load of tools but without understanding how to use them...etc etc.
i'm sticking with 1 contract for now...despite joev's advice (hey joe! nice to see you here...). it is harder to get ahead but it's less pressure also.
after a few wins i stop. confidence is more important than profit at the moment. no need to push my luck too far.

happy trading gang! i hope all yall r raking it in.

[greygoose]

Hello,

Good to hear your progress!! Sounds like your doing everything the way it needs to be done for you to succeed.
Awesome!!

[erin007]

thanks goose.

[Bon]

And now Erin. How goes the Mindset side for you now ?

[MonkeyTrader]

Hi Erin:
I think if you follow the money management here by which you sell half up 5 or 6 cents and bring your stop to break even +/- alittle you may get banged out and not get the full benefit of a runner but once in a while you will. this atleast takes the heat off of the runner and lets you trade without having to make many decisions. then just let smithy find you a target trail it a bit and it should work out. if you trade just one contract its too hard , two is easier and i believe safer

1 contract is very hard. Agree with this.

[elf]

someone told me to stop looking at the p&l, then you can work on the price alone and not base entries and exits on an amount of money gained/lost

Trade to trade well... not to make money.

[$piddly]

Trade to trade well... not to make money.

this is a nice idea

[switchtrader]

Hey Erin,

Not sure whether you come here anymore but liked the topic so thought i would offer some of my thoughts.

There is one difference from SIM trading to LIVE trading,its fairly obvious....money.
When you SIM trade there is absolutely NO RISK,zero zilch niks of losing anything.
I believe that you genuinely haven't accepted the risks and therefore have an unhealthy fear which holds you back.
If you accept the risks there will be no fear because you know you have an edge.

Say your SIM trading and out of a sample basket of 50 trades you win 35 and lose 15.You also know your winners are twice that of your losers.
You have an EDGE.

What the biggest problem is is that either a trader has negative feelings from previous trades and carries this feeling over or that when they begin trading again after SIM they lose the first few trades and the fear then creeps back in.

Why would that happen when you know you have an edge????
If you win 35 out of 50 trades and your winners are twice that of your losers then why would losing the first 3-4 trades be a problem?Is your edge failing??Absolutely not!!!!

The next problem that sets in is that after a small losing streak of say 3 trades you decide to not take trade #4(due to fear of losing) even though it meets your definition of an edge.That turns into a substantial winning trade.But,you sit there pulling your hair out.

What has actually happened is that you have:
--Lost money again,by missing out;
--Destroyed your edge and;
--And are now destroying your trading head space,creating a vicious debilitating cycle.

Set yourself a small goal of taking the next 10-20 trades no matter what...no excuses,no fluffing about......just take them!!!
Before you place the trade,define your risk and ACCEPT IT COMPLETELY.
Always tell yourself that if i don't take this trade,which is based on my edge then i WILL destroy whatever edge i have.

If you notice the last part i mentioned,you will see how important your mental head space is in becoming a professional,its more important than an edge or a system.
Because you my have an edge but completely destroy it by thinking incorrectly.

rgds,
switchtrader

[Winston Zedmore]

Nicely said Switch.

Very important to protect your edge and headspace - I hadn't considered that specifically.

Cheers.