John
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Posts posted by John
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On 3/28/2019 at 1:00 AM, vic said:I have been doing that for a while now. I don't start from zero.
Simulation trading is a great thing, but it's absolutely not working for me. I have zero emotion when I know there is no money on the line. I would even say that if my positions are too small I don't feel anything at all.
Simulation trading is teaching me bad habits, it's putting me in a wrong mindset. Did you ever read about people who are profitable on sim, and then they go live, blow up massively or are all of a sudden in a huge loss? This is exactly why I would say it's better to learn to trade with a small size with real $ on the line compared to sim with fake money.
But that's just me.
I participated in the trader's challenge this week and each day I tried to win the day by hitting home runs instead of taking base hits, completely forgetting about proper setups, revenge trading just everything we are taught not to do. I wouldn't even take profits when I was up because I wanted more, pure greed. But I'm actually glad this happened since it taught my some very valuable lessons about what not to do and what could happen if I traded this way live. If I had won then would I have learned some horrible ways of trading that would have eventually lost me money in a live account. I'm not knocking the challenge at all only the way I traded during it. I did have a plan each day of which stocks to trade and wait for those setups but once the bell opened I completely abandoned those plans and traded like a goon. I didn't adhere to stops!? On Friday after being down immediately after open, I took some time, thought about everything and opened my SIM account and traded my plan. I caught X as it went to the 9 MA on the daily and my original target was the take half at the 9 MA then the rest at the 20 MA which it hit but it was SIM and I was over it already. I also had a plan to trade BYND when it hit the premarket low of $66.56, it broke it but started coming back up and I took it long and it went through VWAP and fell but didn't come back to my break-even and ended up at $72. I guess this is my confession on my extremely poor trading this week.
I do understand that SIM has little to no emotion. I go back and forth with SIM and live to control bad behaviors/habits. I look forward to hearing about your journey this month and wish you much success.
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A little reminder not to Hulk out
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This is great thx!
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I was just told that in Canada you cannot set up day trading as a business, since you are not providing a service to anyone else. Anyone else come across this? From what I read here, in the states it is a business. Thx
January 5 - Thor - How To Setup And Use Fixed Risk Hotkeys
in Success Webinar Questions
Posted
Do you have a script to sell a whole position, in a panic, in the premarket in case the stock takes a turn against you? Such as in the case of a low float, you just want to get all out & the limit order you put out doesn't get filled. Thx.