Beginners luck or born to exceed?

This is a discussion on Beginners luck or born to exceed? within the First Steps forums, part of the Reception category; Paper trading is good practice, but it can also make you overly confident. Even if you have an amazing system, ...

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Old Apr 29, 2011, 4:46pm   #16
 
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Joined Apr 2011
Re: Beginners luck or born to exceed?

Paper trading is good practice, but it can also make you overly confident. Even if you have an amazing system, you won't know if you have amazing discipline or not until you are risking actual money. Trading gets a lot more difficult when you see your own money being taken away on losing trades. Even if you do cut your losses short, do you still have the same confidence in your system that you did before you lost the money?

If your system truely has an edge, it will win in the long run if you don't stray away from it. You need a hell of a lot more time with it than 3 days and 14 sample trades to find out how good it truely is though IMO.

Keep with it, log all of your trades, see if you can improve your system, and then see how you actually do with real money on the line.
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Old Apr 30, 2011, 4:33pm   #17
Joined Apr 2011
Re: Beginners luck or born to exceed?

Quote:
Originally Posted by liondoctor View Post
For me practice accounts didn't tell me a lot, as I tended to make slightly different decisions, knowing deep down that it wasn't real money. You need to prove consistency, so stick with what you are doing over a longer period and if you are still showing this rate of success after two weeks, a month, 3 months etc then you could be on to something!
Agree, consistancy is the key. and learning to control your emotions and trade strictly on objectivity is what really works in the long run.
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