S&P emini update – Going live and trading psychology
Hi all,
For those who have followed my blog and read my Emini trades, you would have read that a few months back, I had joined a trading academy.
Now, you have to pay a fee to join the trading academy.. it is a way I guess to filter those people who are serious or not, the trading academy don’t want to invest their time and effort into people who are not in it for the long haul.
If you make it at the end of the training, then the company will back you with company funds. The way you make your money is that you get 50% of the profits you can make on the account.
Of course, if you don’t make it then you’ve lost the ‘training’ fees but once you’ve made it, the risk is with the company as it’s their capital that’s on the table.
Anyway, last week, I received a call from my trading mentor to say that he had been pleased with my trading of late and that he was looking to recommend that I start on the live account. HOORAH!!!!
Ok ok, I could jump up excitedly and shout to the loudest of my ability “I’ve made it! I’ve made it!” but in reality, I’m still cautious!
A successful trader needs not only to have an edge in the market by being able to identify an entry and exit but a trader needs to have the discipline to follow through and only trade when there is a valid signal.
Trading psychology is paramount and I’m sure that my psychology may change now that I am trading a live account and not the simulator. This may mean that I may not be able to keep my good discipline that I have managed to do in the simulator.
I know that this can be an issue, not only for me but for all those who are trading in the the markets. If you have traded on a dummy account and on a live account, you will know what I mean. You are more fearful when you have real money on the line, you have a habit of taking profits early as you don’t want to lose any money. Similarly, one a dummy account, you may become less disciplined and take greater risks as you know that any trade you make doesn’t affect the real bottom line…
Anyway.. let’s see.. keep posted!!
Hey,
what trading academy is that? They must’ve taught you well to let you trade with thier funds. I would love to join and work for them not because I’d use thier funds but the knowledge they must provide you with. Do you still find market confusing or you haveve gotten a handle of it?
I’ll send you the trading academy details to your email!
Well, they give you some ideas on how to trade but most of the work you have to do yourself… it’s learning to be disciplined and finding your own edge.
You get a simulator account to play with and you need to justify each trade. Each day, I send in my trading log for analysis and we’ll discuss where I went wrong/right etc. It’s been at least 3 months to get to this stage!
I’m not great but have a better feel of the markets. I find that the first trade is usually the most important one.. if it’s winner then I tend to make more winning trades. However, if the first is a loser then there’s more pressure for me to make up the losses before there’s any profit.