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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: William W. Dwyer, Jr. who wrote (1591)	4/19/1999 1:27:00 PM
From: JParker	Respond to of 1729

Bill, The reason I am paper trading with the broker is to receive and interpret the level II market maker data. I did fine until I switched brokers and the level II data really affected my trading. The bad part is that I told people I would do fine if I didn't let the additional info affect my trading style and that is exactly what happened! Your point about the pressure is noted. If I ever go back live with real money, I intend to allow X total losses and use smaller, more comfortable positions. Jeff

To: William W. Dwyer, Jr. who wrote (1591)	4/19/1999 7:59:00 PM
From: Tai Jin	Read Replies (1) \| Respond to of 1729

Bill, I agree that paper trading won't be anything like the real thing. To survive and be successful at day trading requires resolve and the ability to learn from mistakes. I've also incurred huge losses with a single trade (i.e., losing 50% or more of my trading capital), and it's very discouraging when that happens. This is where you need to have the resolve to continue. You also have to understand what you did wrong (e.g., trading against the trend and not getting out as soon as you realized it), because if you don't learn then you'll just make the same stupid mistake all over again. Unfortunately, it's not easy to learn from your mistakes. I've made the same mistakes several times before learning to not make them again. However, it's something that you have to be aware of each time you trade, because if you let your guard down you could easily end up making the same mistake again. ...tai