Its so True...

[tommcginnis]

Every year every pilot had to go back for a week in the sim,
...You pretty much ran through every emergency...

Flying is a bit like trading in that everyone thinks it's this high risk, top gun kind of thing but in actuality pilots are the most analytical, methodical, risk averse people you'll meet.

I know four pilots who also trade. Each has said that they would no more trade without prior sim trading than they would fly without prior sim flying.

If it's good enough for NASA, or the USN, or, you know, the USAF USMC, and Army Air...... And Delta and [blahblahblah]...... well, I *guess* it'll be good enough for me. Oh, and as a retired instructor, I'd have to throw in the US military-derived https://www.msf-usa.org/

"When the crap hits the fan, and all *thinking* goes out the window, you resort to your training."

 

[murray t turtle]

"I think paper trading is the worst thing you can do… It’s like shadowboxing and then getting in the ring with a professional boxer. What do you think is going to happen? You’re going to crawl up into a turtle position and get the cr*p beat out of you because you’re not used to really getting hit. The most important thing to becoming a good trader is to trade."

— Gil Blake, Inventor of mutual fund timing strategies

Just trade small If I may add.

%%
Did you read the bank top trader/Jack Schwager book who paper trades?? NO, real trading is not like boxing much @ all-- unless you stupid slam your head into the computer. LOL I like Gill Blake, same book , but he is wrong. That would be wrong , like telling an olympic shooter not to dry fire. Mr Blake does have a point, in that there are big differences , but not like boxing head hits much @ all; nor is he the ''inventor of mutual fund ..'' switches. LOL

By the way disagreement is not disrespect i like him/ his ''turtle'' read, but he is wrong, maybe he got head hit in boxing a lot, thanks.

 

[smallStops]

May I ask, what is the real purpose of your paper trading?

I know of one prop who used to put people on a sim for up to 4/5 years, so as to protect their own capital before letting their trainees into their real money accounts.
Some others, to learn the platform.
For some to make sure they do not confuse the buy with the sell button ( fat fingers anyone).
And so on.

 

[Simples]

If someone is consistent, not just lucky for a while, I do believe that must come from consistent research and practice. Not very magical either, or sexy, just lots and lots of hours of banging head against wall purposefully!

 

[tommcginnis]

If someone is consistent, not just lucky for a while, I do believe that must come from consistent research and practice. Not very magical either, or sexy, just lots and lots of hours of banging head against wall purposefully!

HA! I just double-checked: this thread *is* in Psychology. "Phew!"

Okay then, My Favorite Bitch*:

The grand contradiction between:

[cue whiney know-it-all snarky voice]
"The definition of insanity is doing the same thing over and over, and expecting a different outcome."

versus the gem from William Blake:
"If the fool would persist in his folly he would become wise."

Having been pretty foolish, I side with Blake, y'know?




*Okay, no. It's *not* "My Favorite Bitch" -- I have no idea what that would be! But it worked as a rhetorical vehicle, so I went with it. So shoot me.

 

[SunTrader]

Paper trading is ... make believe trading.

We should all be past the make believe stage in our life.

 

[chartman]

Let us be clear here.


However, I can tell you this, you can sim trade and back test until the cows come home, and you will never be able to learn all the techniques and tricks the market maker preform with the order flow; for that, my friend you have to pay your dues.

You have hit the nail on the head with a sledgehammer!

 

[java]

Paper trading is ... make believe trading.

We should all be past the make believe stage in our life.

That's why I never use a batting cage. That was for when I was a child and had dreams of playing in the Big Leagues. I was watching batting practice one day. I swear those Big Leaguers are never going to grow up.

 

[TheRumpledOne]

Paper Trading is not trading.
The only way to learn how to trade is to trade.

You do not learn how to hit a baseball by reading a book.
You learn by swinging the bat.

It is called PRACTICE!

 

[Sig]

Paper Trading is not trading.
The only way to learn how to trade is to trade.

You do not learn how to hit a baseball by reading a book.
You learn by swinging the bat.

It is called PRACTICE!

So you realize the analog to reading a book to learn about baseball is reading a book to learn about trading. Paper trading is like practice, live trading is like playing a game. You most certainly learn baseball, or any other thing, by practicing rather than exclusively through live games. Of course you need to play actual games as well, but to say all practice is worthless (and as other posters seem to think, makes you less of a tough guy manly man than them) is absurd. The analogies are getting a little tortured, but at least they should make some sense!