New Trader Confidence

[Greg K 5]

Hey Everyone,

I'm a relatively new trader and currently practicing daily in SIM.  I've had streaks of green for a few days, but then I'll have streaks of red and I'll lose all my confidence.  What are some ways that you guys reset your confidence when you are going through a bad streak?  I know live traders go back to SIM, but what about for a new trader who is just in SIM?  Is it back to the books for more learning?  Or take a day off to reset? Or just keep practicing?  Thanks for your help!

[Christopher 129]

Your job in SIM isn't to make money, it's to learn as much as possible. Your confidence will fluctuate, pay no mind to that and just keep grinding away. Challenge yourself to learn the most on red days, so in a sense they become your most profitable days down the line. If you have a max loss day, or a string of max loss days, all that is is the market telling you you have more to learn, so ... learn and feel good about it!

Wake -> lift -> market prep -> trade -> review -> enjoy your life -> repeat        : p 

gl! 

 

[Greg K 5]

Thanks! That’s awesome feedback.  It’s easy to get frustrated, but that’s when we learn the most!

[Abiel 475]

Did you watch this video by Carlos?  

 

[tntp45 53]

My advice is to journal your trades.

This allows you to go back and reflect on what went right,  what went wrong.

The general advice is that you need to spend at least three months in SIM.  It sounds like the more time spent in SIM the better you are for the long run.

I have been journaling in the BBT forums.  Sometimes you get feedback from people.  But it is an excellent exercise either way.

Additionally I would highly recommend using something like TraderVue. www.tradervue.com They have a free version to try and it is inexpensive to use if you commit to it.  BBT is currently recommending ChartLog.  This was created by some BBT members but I have not tried it myself.

Red days are tough and tough for the ego.  But as everyone has said, I have learned the most by going back and analyzing them.  Again the forum is a good place to get feedback as well.

Good Luck !  Keep at it !

[mhileman 21]

Attend Aimans Trade Review that he hosts daily in the chat room or webinar room.  If you are having a bad day trading by 12 am EST then he can help you understand better on where you went wrong.  Finding what works for you is one of the hardest parts about trading. Last week I had a couple red days in a row but I minimalized the red by just watching and reading the market the rest of the day. I set a daily routine that I try to follow and when I do I have been seeing better results which allowed me to finish green last week which is a milestone for me.