I was just asking your opinion. Plus, I'm not a completely terrible poker player either... never been to the WSOP or anything but I can pull down a pot on occasion.
Crazy paper trading day
- Thread starter farmerjohn1324
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I was just asking your opinion. Plus, I'm not a completely terrible poker player either... never been to the WSOP or anything but I can pull down a pot on occasion.
Well common sense would tell me that I shouldn't risk so much per trade that a few losses in a row wipes me out.
In fact, if I'm ever trying to turn this into a lifelong thing... I should be prepared at some point to lose 20 in a row. Over a lifetime, it's bound to happen.
To be fair to FJ,the above post does display some humility and I think we can all acknowledge the siren song of the markets.
Most of us are here to help where we can.
My final piece of advice is,control that part of you which you acknowledge won't ever be satisfied.Play great defence first.Everything is scaleable once you know how to preserve your capital and take profit as it presents itself.
Good luck with it.
Spot on in my opinion mate and I was typing much the same at the same time.
Its also not just a potential wipeout,its the psychological pain that may make you deviate from what you know works.The chase is the killer.
Keep chipping away at things.
Cheers,
Dude, it has NOTHING to do with FJ's strategy. For all we care, he can use which of his balls itches first before placing a trade.
It's about real life execution vs demo
For someone who traded forex, i'm surprised he's wasting time on demo, especially using stop orders on news releases. forex is infamous for widening spreads during times like that.
Dude jsut trade MES and see how it works in real life. You're going to waste time on demo thinking this is how it "should" work and get fcked..
Now I'll finally get around to responding to the only actual constructive response, and thank you @easymon1 for being constructive...
Platforms under consideration: AMP, IB, NinjaTrader, TradeStation. I need to find out all their fees and probably download and play with them a bit. Won't take long once I have the time to do it.
Methods under consideration: here's the important part. I honestly like my "news release" strategy but it's not enough to rely only on that even if it works every time. It's only 2-3 times per month. Aside from that, I have a lot of manual tick backtesting to do before I find if there's some TA script I can use. Aside from that, my options are trying to go with the trend, but this can easily go wrong especially without defined rules. Perhaps I can learn short-term "price action" strategies, but I think my style is more algorithmic and that is my goal to eventually create algos that can run while I'm sleeping.
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I've advised him to go straight to real money for reasons including what you've stated above.
I don't believe I commented on his strategy at all.
'Play great defence' relates to preserving capital as a priority regardless of the strategy.
Once I decide on a platform, I will start with MES.
I've been doing real money for months and years. I just started doing fake money recently.
