[MidKnight]

Hiho Cory,

Whatever you do - major method changes, sim vs real, market changes, work schedule changes - stick with it for at least 30 trades or 2 weeks, whichever is greatest in time. You are jumping around so fast you may miss the value of some of the things because you've already moved on.

With kind regards,
MK

[sevensa]

Originally Posted by Cory2679 »

I figure even if I end up down something like 20R, that's only 40 bucks...big deal...

Well, 20R is 20R, regardless of the account size, isn't it? And if the 40 bucks is not a big deal for you, do you think you will be trading this account differently than a sim account as neither "really matters" (for lack of a better word) to you?

If the real issue is having the discipline to follow your plan in the sim account, this is doubtful that you this will be resolved with a live account. Just my 2 cents.

[mblack246]

Originally Posted by Cory2679 »

One thing that sucks is the lack of understanding from other people in my life (I know you can relate). I think some people view me as something of a bum...graduated, living at home, no job, gf of 7 years and we're not even engaged/married, etc. It really gets to me sometimes...because all of those things are true! I think they view me as someone who likely sits on the couch with chips and watches daytime TV.

It's ironic though...I know I work twice as much or more than those people do...not to mention, in addition to trading, I also regularly help out my parents with housework and yardwork...to sort of earn my keep, I suppose.

Haha Cory, i'm in a pretty similar situation. I'm on a degree course with a 1-year industry placement - all my friends from uni are currently living in the city and working, all my friends from home have either graduated or are graduating this year. I didn't fancy a placement so I blagged a year out and am trading to see if I can get some semblance of consistency before I actually graduate.

I can definitely relate to the 'bum' thing and basically all the negative connotations which come when you tell people you're trading and that is effectively your job. It's at the stage now where unless I like the person/think they're intelligent enough to understand I won't even bother telling them I'm trading, I just say I'm working for my parents or something...

The way I look at it, hopefully in 5 years time I'll be relaxing on a beach somewhere, pulling in my 5R a week and laughing at all those who thing I'm bumming around this year!

Good luck!

[Cory2679]

Best. Week. Ever.

My experience this week was phenomenal. There are two reasons why...

1

Originally Posted by Cory2679 »

...in my (limited) experience, while there are exceptions, the EUR/USD is just not very active during the Tokyo AM hours. I considered changing my daily trading schedule (which is currently 8am-2:30pm & 7pm-11pm, eastern time), but instead, I've decided to change pairs.

From now on, I will be trading the EUR/JPY. I figure I'll get the best of both worlds...the movement in the Euro during the London/US hours, and the movement in the Yen during the Tokyo hours. This is more than just theory...looking at a chart, it really does seem to be that way.

Plus, I figure it's just gotta be good luck to trade the same pair that thalestrader's daughter primarily focuses on. (kidding...)

I began exclusively trading the EUR/JPY, which I like alot. However, it may just be the placebo effect...I began trading the EUR/JPY at the same time that the "#2 reason" was taking effect, so it may just be that I was trading better...

2

Originally Posted by Cory2679 »

Thanks for the reply. I'm always really amazed/inspired when I here about what your daughter's doing. Every now and then I'll be out and see a little girl that looks about her age and think, "wow!"

It seems like it's just really clicked with her. I wonder what it's going to take for it to click with me like that......?

-Cory

Originally Posted by thalestrader »

When you stop fretting over the money and start having fun.

I'm not trying to be flippant - I am amazed by her myself, and I have had the benefit of actually watching her do this. I was watching her play a new video game with her sister the other night. Every time I see her playing a new video game, the same thought occurs to me - that there seems no difference between her learning to trade and her learning to play a video game. For a technical trader trader from the electronic screen, that really what this is, isn't it? But the money spoils it for most, making it far too stressful.

Dinero had a great post in your log tonight where he said that "Financial stress ruins all the things that make life great." That is probably the most important thing anyone in your log has had to say to you to date. Take it to heart.

Trading clicked with my daughter because she is absolutely free from all the baggage that the money concerns weigh us down with. She is not worried about proving herself to me financially, buying a house, paying for college, getting marries (heaven forbid!) etc and so on. She simply wants to get a higher score than she did the night before.

Best Wishes,

Thales

I was truly able to "stop fretting over the money and start having fun" this week!!...something that I didn't think was going to be entirely possible...

Originally Posted by Cory2679 »

This is easier said than done. I believe it may require divine intervention.

But, I inadvertantly was able to do it this week!! Let me explain...

Basically, toward the beginning of this week, I made this post...

Originally Posted by Cory2679 »

...I think I'm going back to live trading.

I think no matter how hard I try, I just can't treat demo trading quite the same way as real trading. It's just different...it's not real!

So, I'm going to be opening a $10,000 account with oanda.

Just kidding...I'm going to be opening a $100 account with oanda. oanda lets you dial all the way down to 1 unit "lots," so with a $100 account, I think I'll size my positions based on 100 unit lots.

I figure even if I end up down something like 20R, that's only 40 bucks...big deal...

I wasn't planning on actually trading that new account until this Monday because I figured it would take some time to clear, time to fund, etc. So, I thought, what do I do while I wait for that account to be ready? I guess I'll just trade my SIM account...for fun...since it doesn't "count"...

It actually took me a day or two to realize what had happened...and it really couldn't have happened any other way...if I would have said to myself, "All right, Cory...This week's not going to count. Stop fretting over the money and starting having fun" it wouldn't have worked...it had to have been by accident.

As you can imagine, I'm stoked...I did unbelievably well this week...consistently day to day.

I'm just hoping I have learned something this week and can ride the momentum into next week when it does "count." I'm really not planning to work on trading much this weekend...I don't want to get sidetracked from the role I'm on.

I know now that it's not so much my trading that I need to work on...it truly is my state of mind..."stop fretting over the money and start having fun."

I'll be posting my P/L on the P/L thread next week...

Originally Posted by Cory2679 »

Hey guys,

I just funded a new oanda account with $100, which I'm going to begin trading next week. I plan to post my P/L here.

I'll be exclusively trading the EUR/JPY...8am-2:30pm & 7pm-11pm, Eastern Time.

I'm risking no more than 2% per trade, with on average just a handful of trades per day.

No daily goals, weekly goals, etc...just taking it one moment at a time, trading the best I can with what I'm given.

-Cory

Have a good weekend,

Cory

[Cory2679]

Update

Well, I've been doing really well SIM trading a micro account "privately" (thankfully...this is quite an improvement...made possible by my success last week, I believe...see the above post). My next step is to move toward SIM trading publicly...posting my daily results in the P/L Thread. I tried this week, but soon realized it was going to be different and got thrown off a little bit.

This next week, to the best of my ability, I'm going to pretend that I'm going to be posting my results...trying to have the mindset that I'm going to be...then the NEXT week (the week beginning April 11th), I plan to really start posting results. I think that will be a good step toward trading a live micro account ($0.10/tick per lot)....I can't imagine having to go from SIM straight into trading standard lots...$10/tick per lot. Thankfully, I don't have to with currency.

There's been a lot of talk about transitions in the P/L Thread this week which had me thinking about myself...once I have the size, I'd like someday to transition to currency futures. That being the case, I'd like that transition to be as smooth as possible...daytrading the EUR/JPY, including during the Tokyo session, does not make that transition as smooth as possible (EUR/JPY doesn't have tradable liquidity in futures and during the Tokyo session, volume in futures is considerably lower...and the spreads are wider).

So, I'm going to go back to trading solely the EUR/USD, daytrading only during the 6E regular trading hours (8:20 AM - 3:00 PM Eastern Time). While trading until 3pm, in reality I'm watching for the inevitable die off of price anytime after 12...I just play it by ear each day.

I already began trading solely the EUR/USD the last couple days...and I already trade during RTH (I just trade Tokyo, too)...it really hasn't had any impact on my trading, so no big deal (although I think I do like the EUR/JPY a little better...it seems to trend better...or at least it seems to stretch its legs more when it does trend...)

I have a couple of notes/reminders to myself:

• If a major trend is in place, and I attempt to fade it (or exit a position that I'm in that is with it), do not be afraid to reverse/re-enter if the trend resumes.
• Focus on the 15 minute chart, use the 4 hour chart (and others) for context, sometimes watch the 1 minute chart for certain entries when appropriate.
• Remember 123's AND Trader Vic's 2b.
• Never forget...highs, lows, trend, consolidation, support, resistance.

This weekend, I don't really have anything specific I feel like I want/need to work on. I think I may just do a little reading...perhaps a re-read of
Trading in the Zone wouldn't be a bad idea...seems appropriate.

Have a good weekend!

-Cory

[sevensa]

Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

[Cory2679]

Originally Posted by sevensa »

Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

sevensa,

Thanks for the reply. I see what you're saying and agree with you...I was just looking at SIM trading "publicly" as something of a stepping stone between SIM trading privately and trading live. Perhaps trading public vs. private and trading live vs. sim are two totally different issues and perhaps I shouldn't lump them together...if trading publicly negatively affects me, then it makes sense that I shouldn't do it...but I just thought it might be good "emotional training" for going live.

Originally Posted by sevensa »

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

Sure, I agree...I guess that goes back to the fact that perhaps I'm lumping two different issues together. But yes, my mindset will be about pretending this is a live account.

Here's some discussion from the P/L Thread that I think is relevant to what I'm talking about...

Originally Posted by Cory2679 »

It's not even about the money for me...it's about whether my trading "counts" or not, if that makes any sense. I began this morning trading nothing like I had been because I knew I was posting and that it "counted"...it really screws me up. However, after I made the decision that I wouldn't post (and that it wouldn't "count"), I started trading like my old self and doing well.

Originally Posted by Dinerotrader »

I keep thinking about this statement you made. Interesting on several levels. What do you think it is that causes such a huge difference between the your SIM and live money. Is it the money? If so, couldn't you post you entries/exits for someone else to trade so you have nothing at risk except ego.

Cory posted something interesting saying that once he realized that he would be posting his SIM results (accountability), that was enough to throw off his game, money was no factor.

I saw a big difference in my own trading when I went from secret SIM to posted on the forum SIM. It made trading much harder. It seems possible to me there is an "ego" and a money issue that seperately affect one's trading.

If anyone wants to step up their SIM trading to something more challenging, simply start posting your daily blotter results here. No money at risk still, but you'll find many new emotional challenges. You have to decide when to stop trading, admit a losing day, everyday and every trade counts. Post the number of trades you made also. SIM normally doesn't account for commissions so $100 profit in one day is very different for a trader who made that in 3 trades and one who made that amount in 50 trades.

Just a few thoughts.

[Dinerotrader]

Originally Posted by sevensa »

Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

IMO, posting your SIM results brings another level of accountability to your trading which increases the pressure and gets you closer to dealing with the pressure of real money. It is all for the selfish purpose of improving your own trading. No one with any maturity here is worried about impressing someone with their posted results. Good points though Sevensa.