|
PureBytes Links
Trading Reference Links
|
Ira,
At Date: Tue, 26 Mar 2002 11:30:48 -0800, you wrote:
"From: Ira Tunik <irat@xxxxxxxxx>
Subject: Re: PSYCH: Avoidance of paper trading
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."
Well said. I prefer penny a point trading to what you are
calling simulated trading - it is real trading with real money, just a
penny a point. What you do not get with penny a point trading
are resting stop loss. If anyone some url's of internet
trading companies - just write to me privately.
"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."
I am baffled too - but it is ever so common.
"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."
Somehow, newbie traders seem to ignore that each of us has a variety of
inner tendencies (perception biases) that will tend to make us lose money
though unclear perceptions unless we either begin to be aware and rectify
these inner tendencies or take steps to minimise the damage they
will do to our accounts.
But then most newbies have not realised that they have to change to make
money. So much easier to stay in denial and avoid change.
Regards, Ric.
Yahoo! Groups Sponsor
ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
|