Antonio Dimitrovski 2 Posted August 5, 2020 Hi All, My 3 months of SIM are coming to and end, I've been doing reasonably well and I feel as though I'm ready to go live. With that said I was wondering if there are any important changes I need to be aware of. For example, I know that my hotkeys have my trail account in them, so those need to be changed.. is there anything else I need to know? Thanks in advance! Share this post Link to post Share on other sites
hailchaser2 185 Posted August 7, 2020 Have you been tracking your trading just like a live account? I also "thought" I was doing well in sim, but I was not tracking anything, not my win %, not my strategies, not my daily and weekly "R"s, nothing. I bled my account for three months. I then went back to SIM for a full month and tracked everything like I should have been doing all along. I should have gone back to SIM after my terrible first two weeks, I didn't really have an edge at all. If you haven't been tracking your trading and you do still decide to go live, set hard stop daily limits with your broker. Trade with small size. If you do struggle the first week, don't be afraid to go back to SIM and track your trading to build your confidence back up. Also only trade a few setups, don't enter trades just because they look good. You may also want to mute the chat at the open, it can be very distracting. Good Luck, and don't be afraid to ask questions here or in the chatroom. 5 If you don’t have a mountain to climb, find one. Share this post Link to post Share on other sites
Antonio Dimitrovski 2 Posted August 7, 2020 11 hours ago, hailchaser2 said: Have you been tracking your trading just like a live account? I also "thought" I was doing well in sim, but I was not tracking anything, not my win %, not my strategies, not my daily and weekly "R"s, nothing. I bled my account for three months. I then went back to SIM for a full month and tracked everything like I should have been doing all along. I should have gone back to SIM after my terrible first two weeks, I didn't really have an edge at all. If you haven't been tracking your trading and you do still decide to go live, set hard stop daily limits with your broker. Trade with small size. If you do struggle the first week, don't be afraid to go back to SIM and track your trading to build your confidence back up. Also only trade a few setups, don't enter trades just because they look good. You may also want to mute the chat at the open, it can be very distracting. Good Luck, and don't be afraid to ask questions here or in the chatroom. Thanks for the tips! Definitely been tracking and find I am green or flat on most days. On my red days I've stuck to a max loss of 1% and I've generated a (SIM) profit over the last 3 months. I've also been trading with the same account size I wanted to go live with. Hoping I won't have to go back to sim but definitely will if I have to. I've really only been focusing on ORB on 1/5 charts and just trying to perfect those. I'll look to add more strategies when I master these. I like the muting idea though! Thanks again 1 Share this post Link to post Share on other sites
tarekawadalla 2 Posted August 7, 2020 I you are going to go live, you need to start with a low risk per each trade and slowly increase it as you do better. Your max loss per day is 1% of your account size? I think this is a lot. I would recommend to limit your max loss to the equivalent of 3 times your risk per trade (3R), hence limiting over-trading and high commissions. Share this post Link to post Share on other sites
hailchaser2 185 Posted August 8, 2020 16 hours ago, tarekawadalla said: I you are going to go live, you need to start with a low risk per each trade and slowly increase it as you do better. Your max loss per day is 1% of your account size? I think this is a lot. I would recommend to limit your max loss to the equivalent of 3 times your risk per trade (3R), hence limiting over-trading and high commissions. I agree, I wish I would have started live with 3R risk per day, that is what I use now. If you don’t have a mountain to climb, find one. Share this post Link to post Share on other sites
Ranajit Chatterjee 10 Posted August 8, 2020 (edited) I am also thinking to Go LIVE in September with very low risk per trade. I am little doubtful to choose the broker, CMEG or IB. I know IB is way better but I don't wanna invest 25K in that. However, I was checking CMEG commission and it was pretty high compared to IB. If I am taking $30 risk per trade and if my transactions are respectively Buy, Partial and Sell (total 3) then minimum commission will be around $10. If i am able to do profit (more than 1R) then it is somehow profitable but if I am earning less than 1R then there is no profit at all. If anybody faces the same using CMEG? What is the alternative you can advise. If you choose CMEG then you need to be consistently more than 1R profitable, in my opinion, what you guys think? Edited August 8, 2020 by Ranajit Chatterjee Share this post Link to post Share on other sites
hailchaser2 185 Posted August 8, 2020 5 minutes ago, Ranajit Chatterjee said: I am also thinking to Go LIVE in September with very low risk per trade. I am little doubtful to choose the broker, CMEG or IB. I know IB is way better but I don't wanna invest 25K in that. However, I was checking CMEG commission and it was pretty high compared to IB. If I am taking $30 risk per trade and if my transactions are respectively Buy, Partial and Sell (total 3) then minimum commission will be around $10. If i am able to do profit (more than 1R) then it is somehow profitable but if I am earning less than 1R then there is no profit at all. If anybody faces the same using CMEG? What is the alternative you can advise. If you choose CMEG then you need to be consistently more than 1R profitable, in my opinion, what you guys think? I trade $10 risk per trade with CMEG, so I pretty much pay .50 per click. CMEG has special rates for BBT members, commission rates at $0.004/share (0.50 minimum per trade), with an ECN fee of$0.0025/trade. You have to use this code when signing up BearBullCMEG2018. Two more things to consider, any time you fall below 25,000 you are subject to PDT rule, so you would actually need more than that to be safe with IB. CMEG short list is very thin compared to IB, everyday there are 2-5 stocks in the BBT watchlist that are not sortable with CMEG. If you don’t have a mountain to climb, find one. Share this post Link to post Share on other sites
hailchaser2 185 Posted August 8, 2020 2 hours ago, Ranajit Chatterjee said: I am also thinking to Go LIVE in September with very low risk per trade. I am little doubtful to choose the broker, CMEG or IB. I know IB is way better but I don't wanna invest 25K in that. However, I was checking CMEG commission and it was pretty high compared to IB. If I am taking $30 risk per trade and if my transactions are respectively Buy, Partial and Sell (total 3) then minimum commission will be around $10. If i am able to do profit (more than 1R) then it is somehow profitable but if I am earning less than 1R then there is no profit at all. If anybody faces the same using CMEG? What is the alternative you can advise. If you choose CMEG then you need to be consistently more than 1R profitable, in my opinion, what you guys think? I just found a great video Carlos did a few months ago about CMEG. here it is. https://bearbulltraders.com/lessons/cmeg-commissions-breakdown/ If you don’t have a mountain to climb, find one. Share this post Link to post Share on other sites
Ranajit Chatterjee 10 Posted August 11, 2020 Thanks @hailchaser2, appreciate your time to help me in this regard. Share this post Link to post Share on other sites
