…a work in progress…
I did my first trade in early 1999 and the only trading plan I had put together in my head was – buy any tech stock and hold it until I retire. It was a time in market history that anyone could be a trading genius…and I thought I was! It was so simple and successful….for a while. By 2002 I had blown my trading account. I took about a 2 year break to build-up another trading account….and did a lot of reading.
It was during this break that I found out about candlesticks. Something clicked for me and I was able “see” charts much clearer. I found a lot of candlestick scans for TCnet so I was scanning, refining and scanning again…and learning. My focus changed from a mixed fundamental & technical approach to strictly technical analysis.
I began creating charts with just about every indicator I could find. I went through a short spurt of paper-trading, but it never felt “real.” I was always able to make money while paper-trading, but it didn’t follow-through when I used real money.
I think the toughest part about trying to become a successful trader is creating the rules to use while trading. No, I take that back, it’s following the rules you create…that’s the toughest.
.
.
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
AJ:
You seem to suggest that paper trading didn’t mirror the real world trading environment enough to carry through with the human emotion side of real trading?? Don’t know if I am interpreting correctly. Don’t you think paper trading is useful for trying out new strategies and as a useful tool, minus the emotional side, for a new trader trying to perfect one or two setups?
Don’t see you in Rick’s room lately…liked you filling in for Rick much more than 1973Hog. He was fine, but…
Thanks for your expanded thoughts on paper trading.
Gary
Hi Gary!
Yes I still do experiment with paper trades, but when you don’t have “Real” money on the line it’s easy to double-down and make money over time.
But when it’s your money and watching it go down the drain, or you don’t have the capabilities or resources to double down, your nest egg can disappear easily!
Just from experience, when I’m trading in realtime with my money, I notice my heart beats faster and much more attentive to what’s going on. How about you?
Thanks AJ. I completely agree, when real money is on the line my heart also beats much faster. It is virtually impossible to duplicate the psychological aspects of trading in a paper environment.
Regards,
Gary
P.S. Do you have an email address? I think mine is in your form.
Sure do Gary! AJVasaris (at) gmail(dot)com
Happy trading!