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There is a benefit to both. It is all in the manner and discipline that you use
in each. If you are using paper trading to reinforce your familiarity with a
system, pattern recognition, or money management system, then paper trading
will help in making you more familiar with the system you are using and
following a disciplined approach. Then you could go to simulated trading when
you are actually putting in trades to an account that will tell you if you
actually would be profitable. When you went ot college or did any other
training for a profession did you actually go out and practice on the real
thing. How many open heart surgeries do think a med. student actually does
before he is board certified. How many bridges does one design in school before
they will even give you a desk in an engineering office. Law, medicine,
engineering, even opening a restaurant or commercial outlet takes a certain
degree of experience and that shouldn't be gained by putting up your dollars
without any experience or practice.
It baffles me why people figure that because they have money that it is the only
requirement to being a successful trader and that no training is required.
There is much to be gained by finding a mentor, teacher, who will stay with you
after the training or as many do, taking the long hard way of re inventing the
wheel. The re invention or finding something for nothing is the way that most
newbies go and they pay much more in losses then they would in finding someone
that has a system which is compatible with their personality. These chat rooms
are good for those who have a degree of experience and can decipher the real
from the BS. That takes a degree of knowledge that the newbie doesn't have. So
they will plow through Gann, Eliot, Andrews and all the indicators and end up
just where they started confused, but with a lot less money. Have a good week
and I will once again fade into the background. Ira.
Bob Heisler wrote:
> I think you need to distinguish between paper trading and simulated trading.
> I believe there is value in simulated trading but I see very little in paper
> trading.
>
> Bob
>
> ----- Original Message -----
> From: "ric ingram" <ringram@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, March 26, 2002 12:06 PM
> Subject: [RT] PSYCH: Avoidance of paper trading
>
> > Hi,
> >
> > You probably, like me, have heard many traders disparage paper-trading as
> a
> > waste of time.
> >
> > I used to believe that this was due to the following symptoms often being
> > related to a dislike of paper trading:
> >
> > - lack of self-trust to use discipline unless money was involved,
> > - missing of the emotions of trading money,
> > - unwilling, through greed or urgency, to paper trade, trade in a penny
> > a point, building up the unit size slowly and steadily to what the
> > account value, trading skills, acceptable risk of ruin, personal
> > preferences, emotions... could effectively trade.
> >
> > My overall conclusions were that such people were potentially a danger to
> > themselves (and others if CTA's) until they addressed their underlying
> > problems.
> >
> > I still feel this is often true, but a story told to me recently has
> > suggested that the symptoms that often are associated with such rejection
> > of paper trading may be secondary factors - there may be a more insidious
> > problem at their root.
> >
> > One of my longest standing friends is an unwilling scholar - based on
> being
> > asked to give a one-off lecture, he became a part-time academic at a UK
> > university. As examples of his lack of scholar-like attributes, he is a
> > successful investor in residential property; he has also succeeded in
> > persuading his not-for-profit college to allow him to run a new doctorate
> > course on a for-profit basis with him as the main shareholder.
> >
> > So his story is somewhat self-deprecating and simultaneously poking fun at
> > his academic colleagues. According to him it is an old story - I hope
> you
> > like it.
> >
> > A number of academics were enrolled in time of war into the
> > infantry. After training they all proved to be crack shots, capable of
> > hitting the bullseye far more often than any other recruits.
> >
> > The time came for them to be sent into battle. As the enemy advanced,
> the
> > order was given to fire. Nobody moved. 'For goodness sake', shouted
> the
> > commanding officer, 'why don't you shoot?'
> >
> > 'How can we you fool', roared back one of the scholars, 'when we haven't
> > been trained to fire at people.'
> >
> > If you have a scholarly view of trading, maybe, it is safer not to enter
> > the trenches.
> >
> > So maybe, in a way, traders who see no value in paper trading are right -
> > they may not be fit for any kind of trading.
> >
> > May your potential be realised, Ric.
> >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
> >
> >
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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