Hello there :)

[Nemo 0]

Hi,

 

not sure if anyone is reading this but I'll give it a ty :).

My Name is Daniel, I am trading from Germany, Central Europe. I started Summer 22, read all books from Andrew and have a SetUp ready with DAS and BBT. I am simulating on a daily base since this year and wonder if I go real soon or if it's too early. Theroy-wise I am currently doing the BBT basic modules and am reading The Playbook from M. Bellafiore.

My current missions are to establish a consistent set of logging, using Chartlog and to improve my strategies with a current focus on exiting / taking profit.

I would be highly interested at any kind of contact ands exchange on these or other newbie topics, please reach out :).

 

Looking forward to meet you all,

Cheers

Daniel

 

 

 

Edited March 15 by Nemo

[Martin D 15]

Hey,

Read this couple days ago and thought I'd give newer traders or someone who uses chartlog first chance to reach out. I don't think the forum is really active unfortunately.

In terms of going live, don't rush it. Many traders just end up with a downward equity curve going live to quickly (me included). Test things out and prove to yourself you're profitable in sim first.

I saw your post separately on chartlog, I don't use it personally so I can't really offer specific advice. There's a video in the education center about journaling so maybe give that a watch. 

I'm no longer a newbie but if you have any questions then fell free to reach out or the mentorships are also a good place to ask questions also.

Martin

[Nemo 0]

Hi Martin,

thanks a lot for your reply! I agree, this forum doesn't look to active any more.

What would you consider a or some reasonable KPI to achieve in sim before going live? I think of something like getting green, a certain avg P&L  / day, a certain win rate, a certain R rate or how successful my strategies are?

Also thanks for pointing me into direction of the journaling video, will definetly check it out.

Cheers

Daniel

 

[Martin D 15]

It's quite personal because it depends on your strategy. Aiman did a video recently where I think he suggested 3 consecutive green months in sim though.

However, in terms of win rate or certain R that depends on your strategy. For example Thor has a target of like 4R (although is mostly always higher) and his success rate is well above 70% I believe. Aiman has a lower success rate but his R per trade is quite a bit higher.

In general terms there's two main things that will cause you to fail 1) a bad system 2) you don't follow your system (when it's good). Deal with the system first, trying to do both in live is what causes a lot of traders pain in the early days. Therefore you should be comfortably green but you should set that for yourself, like 50R per month 100R it's up to you.

For me the biggest thing with going live too early is the psychology changes when real money is on the line so you really, really, really need to trust your system to help you not fall for the impulses of not adhering to it. If you don't trust it explicitly then you start stopping out early (or not at all and blow up), taking profit too quickly etc thereby the whole premise of your system falls over. The only way to do it is to prove it to yourself that it works. Imo it's one of the biggest reason new traders bleed money in the beginning, it takes a lot out permanently while other persevere through it and give themselves a chance to become successful. 

Martin