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TraderBG

Time to Go Live

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OK, so I've been training and preparing for this moment for well over 3 years now. I've been consistently profitable on paper for many months. I feel I have firmly established my edge in the market based on my own observation and statistical analysis (not others) and am capitalized enough to meet my risk parameters for my style of trading. I will be going live sometime either next week or the week after. This isn't the first time I've traded live but it is the first time I will be trading with a clear edge.

 

My question may seem kind of lame to some but I'm wondering what's the best way to mentally prepare for the transition? I'm known to operate like a machine in situations like this but for me there is no such thing as over preparation. I want to minimize the pain of transition the best I can so any advice from others will be greatly appreciated.

 

FYI I'm 24 years old and I will be daytrading index futures if that matters.

 

Thanks for any advice!

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Don't over analyze it too much and just do it. When shit hits the fan, remember that you know what you're doing and stay cool. After a while, you'll hate the concept of paper trading. Two years ago, the thought of live capital was worrisome. Now, I always use live capital simply because you learn so much more.

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Stop overthinking it, sounds like you're ready to go IMO. :)

You're at the stage I am with prior live trading experience on all but random market timing. I also have been working on my edge and turned consistent profit on simulated trading. I intend to fund my account in the next week or 2 once I finish some other chores up in my personal dealings.

 

Just be sure you have the full biz plan including hedging strategies and all that good protective stuff.

 

And I won't wish you "good luck" because it sounds like you're going to have better than random results. :cool:

 

Added---

Damn, James beat me to it and had the same message. Oh well, I know I'm in good company prep wise then. :)

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OK, so I've been training and preparing for this moment for well over 3 years now. I've been consistently profitable on paper for many months. I feel I have firmly established my edge in the market based on my own observation and statistical analysis (not others) and am capitalized enough to meet my risk parameters for my style of trading. I will be going live sometime either next week or the week after. This isn't the first time I've traded live but it is the first time I will be trading with a clear edge.

 

 

Seems to be like you spent a lot more time preparing and papertrading than most people do. Which is great!

 

Just a couple of other things to reconsider. Do you have a backup plan, in case:

 

(a) you lose connection to your broker while you just entered a position but not yet placed a stop?

(b) you lose connection to internet while you just entered a position but not yet placed a stop?

© your PC or your platform locks up completely and you face a hard disk drive failure?

(d) the exchange goes down and you see other correlated markets plunge while you are in a long position and when the exchange opens again you're guaranteed to have your stop triggered and take a major hit?

(e) your first 5 trades are losers straight out of the box?

(f) you accidentally forgot to close out your position on Friday night, and now you are long over the weekend while some devastating news comes out on Sunday? (not a personal example lol!)

(g) your broker doubles the margins while you are in a position but don't have enough reserve to stay in that position and you're about to receive a liquidation call?

(h) a combination of any of the above...?

 

I hope your trading career will be long and prosperous :)

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I thank you all for your advice and encouragement. I've read over each post and am considering each one carefully.

 

smwinc brings up an interesting point which makes me wonder: Since I've done so much of my learning during an extremely volatile period, I wonder if this will this help me or hurt me in the long run?

 

Thanks again to all of you.

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Apply what you've learned while we're still in a more 'volatile' period and when 'volatility' calms adapt and learn to thrive in that environment.

 

The only traders who aren't learning are the ones who have left trading completely.

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I thank you all for your advice and encouragement. I've read over each post and am considering each one carefully.

 

smwinc brings up an interesting point which makes me wonder: Since I've done so much of my learning during an extremely volatile period, I wonder if this will this help me or hurt me in the long run?

 

Thanks again to all of you.

 

I feel this is the prime time to learn and watch the market. I'm thankful I came in just about 2 years ago so I say a chunk of a bull and the full bear to date. I think from watching this insanity you really learn to respect the market just like mother nature...if not you blow out. It's simple as that. You've put in lots of time and effort, I expect updates here so we know how well your work pays off. I think you're gonna do quite well thanks to all your preparation. :)

 

Good luck

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I wonder if this will this help me or hurt me in the long run?

 

 

IMO it doesn't matter when you enter this business. It's not timing the business it's time IN the business that matters.

 

If you sat by and waited for the prime time to be trading, you'd never take the jump. There's ALWAYS a reason to not trade - too much volatility, volatility dried up, it's summer, it's winter, a holiday around the corner, oil is up, oil is down, the fed is raising rates, the fed is bailing out banks, the housing market is in the tank... You'll never find a perfect time to start trading.

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