Quote:
|
Originally Posted by eribrav
I would add one more key question: Have you developed a true method to your trading? Can you write it down and explain it to someone else? Can you backtest it and show it has worked in the past? Can you establish what your odds of a winning trade are and (far more importantly) when you will cut the losers?
I can assure you, it is not going to be easy. Essentially everyone you will be trading against is going to have more experience, more knowledge, and better skillls than you, at least for several years. Paper trading is a great way to learn but realize that when you have real money on the line, it's going to feel a lot different.
|
Hi eribrav,
Thanks for the comments. Yes, I have a true method for my trading shown to me by the training company that I work with, and yes, they encourage you to write it down. Sorry though, they wouldn't have much of a business if I wrote it down for you and everyone else on the internet! Yes I can show it has worked in the past, yes I know what my odds are and yes I know when to cut the losers. That's not to say I'm good at it yet, and that I don't make mistakes and don't allow fear and greed in sometimes.
Whether it proves to be easy or not is something only time will tell. Yes, I am sure there are lots of people with better skills than me, but actually I'm not trading 'against' anyone. This market is big enough for all of us, and all the traders I know and deal with are amazingly supportive. Everyone wants everyone to do well. Unique in the business world, yes?
As I mentioned, the psychology of swapping from paper to live is one that I don't take lightly, but again, the education and support is there for me, and I can start off with very low risk (if I want, I can start with a US$300 account). So, I can let the money grow with my confidence.