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TommyK667

Dilemma in Sim

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I understand when in live, the idea to stop once daily target has been met to prevent giving it all back.

I also understand when in sim, you want to try to mimic everything you would do as if you were using real money and psychology.

So my question is, do I stop when I reach my daily target in sim? One part of me says yes to build my confidence and habit, but another part of me wants to be exposed to market movements more and study and practice. Though often times that will indeed cause me to give all my (sim) money back to the markets...

I wonder what others had done when they were at this crossroad?

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Early on, ignore any profit based goals. Get a feel for the markets, try new strategies, pattern identification, time of day, etc. You can only learn by doing. 

When you've decided what type of trader you are (i.e what you're good at), gradually treat it like real. So in your final month, stop at goal to instill the habit of stopping for the day.

One of the biggest challenges new traders face is overtrading. Either being hell-bent on a green day or feeling invincible after a few big wins.

Learning when to stop (both green and red) was a milestone in my journey.

 

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