I am out of day trades at the moment, so I'm practicing the strategy with my paper account. Today's trading compared to yesterday was the difference between night and day. Yesterday I was purely gambling and was completely undisciplined and I lost a huge amount in my paper account. I even went all in on a trade with 170K. It was overly obvious to me that I was trading like a pure gambler at the casino and my losses reflected that! Today I made a little over four grand trading careful and safe. Cutting losses quickly and purely just playing the strategy as Tim teaches it. This experience I believe will greatly help me when I actually do have day trades because, now I know exactly what to do and what not to do. Thankfully I was able to experience this in my paper trading account rather than my live account. It is very ironic because I was throwing good money after bad, and I also watched Tim Grittanni's video lesson on his 100k+ loss on CANF and I was literally doing the same thing he was, just throwing good money after bad. I guess until I virtually lost all that money I didn't really have motivation to be disciplined in my paper trading account, but today was a different story!
Good job! I'd recommend using the same amount of money paper trading you'd use with real money. Helps make it more real, and then you also can see if you're making good trades with enough profit etc.
Just practice on taking profits early even when you're 100% certain that it will go higher, or lower if your shorting. Work on that in paper trading and it will help with real trading
When I paper trade I try to trade with a realistic amount. I trade with 1000 or a little under. I mean obviously it sucks to take profits early and see like a 20 dollar gain on a 1000 investment but as Tim has trained us, sometimes that's best case scenario and will eventually grow a small account.
Thanks guys I'm going to try this tomorrow in my paper trading account. I have been studying a lot more intensely lately! I'm showing good improvement!
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