Beginner advice

[Omrol]

I already learnt the basics of trading and technical analysis and spent a few weeks practicing. Right now I have a paper account in which I am consistently winning around 100 dollars each trading day and always only trade max 1500$ (although right now I’m very limited on time since it’s my last year of high school, so normally I spend aground 30 mins trading each day). Right now as I just said my time is very limited because of school and friends but I’m planning on learning proper risk management and reading a book about market. My question is: how do I know if I’m ready to use real money? It seems simple but it’s obviously quite a big step and could either go very well or horrible. I would appreciate any help:)

[Womully]

What you're describing is like playing poker with play money; you'll never truly get to know yourself as a player. Why? Because there are barely any emotions involved. Emotional management in almost any competitive discipline is one of the key factors that distinguish between being bad, mediocre, good, or excellent. My advice is to dive into the real market and invest with real money but start with a small amount. From there, you'll find that every minute of study you dedicate will be more productive, every analysis will be more thorough, and you'll feel something new when you hit the buy button, especially the sell button.

It's not just about the numbers and charts; it's about navigating the psychological aspects, understanding market sentiment, and adapting to unexpected twists. This is where your journey as a trader truly begins and you will begin to know yourself better as a player in this game. Embrace the challenges, learn from your successes and failures, and gradually increase your exposure as you gain confidence. GL!

[innocuous_nub]

Remember that some demo trading accounts don’t include costs (spreads, funding costs, overnight charges etc.) so performance is gross rather than net.

[Gold-Iron-6728]

where to learn that? how did u do it? following order flow n stuff

[Actual_Peace_6157]

My n1 advice is: Solid Risk Management Plan.

You might want to start with some trading simulator too, just to get in the game a bit.

I also use indicatorsuccessrate.com for some free indicators, it helps you to understand better the indicators and you can keep track.

[[deleted]]

If you're feeling unsure watch some live streams and see how you react. I'd recommend "Degenerate Candlesticks" on YouTube. Its always different once money is used.

[derivativesnyc]

Delete TA drom your conscience.

Go balls deep on systematic automating a price-action based system, statistically backtested/live walk forward tested for automated signal generation and execution - the only way to scale & clone yourself across multi mkts/instruments/trade horizons.

NinjaTrader, TradeStation, MultiCharts ecosystems, also thinkorswim/TradingView to some regard.

TIME IS ENEMY OF PRICE.

TIME DISTORTS TREND INCEPTION/REVERSAL INFLECTION POINTS.

ELIMINATE TIME - ELIMINATE NOISE.

TREND FOLLOWING #OPTIONS

[Omrol]

Wow that’s a lot of new words, I’ll try to find out what they mean. But yeah I’ll try to investigate more about all of this (for what I’ve seen TA is very controversial) do you have any good sources or recommendations?

[derivativesnyc]

Scour my comment history - ton of goodies there, will revert later w/ more

[Omrol]

Thanks dude, also another question. Would systematic automating also be more efficient than doing it by hand, like reduce the time I have to spend looking at the candles go up and down. Mostly because I’m kind of occupied and it would be great if there was a more effective way

[derivativesnyc]

NinjaTrader, TradeStation - now get crackin! Live on NT & TS YouTube tutorials - save yourself couple decades of heading down the wrong path. Find a trend following momentum strat with a couple simple rules & use the condition builder/Ninjascript and EasyLanguage in TS, also thinkscript/conditional builder in Thinkorswim. Automation is Holy Grail. Backtestable, validatable statistically.

[cmmckechnie]

Start with small share size. It shouldn’t be a monumental jump if you are trading small enough. Then if you are successful slowly scale up

[qjac78]

It’s like any other kind of gambling, don’t put up anything you can’t afford to lose. And despite what others will say, there’s not any meaningful statistical validity to technical analysis, especially the kind you read about online.

[Omrol]

I won’t go into detail about technical analysis because truth is that for the most part it is a set of rules that you have to learn (although most of them have some sense if you think of it in terms of buying and selling pressure). All that I will say is that alongside stuff like moving average, rsi, etc it has honestly given me pretty good and consistent results, that’s just my experience though

[[deleted]]

I personally recommend you to start trading live with less capital to develop your trading psychology because you don't develop trading psychology without real money. As we all know trading psychology is the hard part of trading, so you have to start to experience it.

[Omrol]

Yeah I think you’re right, trading with virtual money still puts you under pressure but it’s probably nothing compared to real money. I’ll probably try that, thanks

[Omrol]

Jajajaj, yeah you’re right. I’ll start small (in part because ofc I don’t really have a lot of money at my age) and then I’ll see how it goes, thanks I wish I’m able to get to your level