Hi,
I would really like to thank BA for the practice mode that was recently introduced.
I have been trading for about 8 months mostly evening and weekends as I work full time and in total have lost about £5,000. Everytime I had a loss it was usually down to a lack of focus, concentration or chasing losses but after each loss I kept telling myself that I could iron out the mistakes and get it right. I even came close to packing in my job and throwing myself into it full time but decided to try a week or two full time in practice mode before making such a huge decision. I know now that would have been a massive mistake.
I had some holiday time from work due and took 2 weeks off to trade full time in practice mode to see how I got on. In short my trading wasnt the problem rather my mental approach and I've discovered that psychologically I'm not suited to trading.
Luckily though I learned this through 2 weeks of trading in practice mode so I didnt lose anymore money! If practice mode wasnt available I probably would have kept stuttering forward losing money all over the place and convincing myself that I could make it work!
So thank you Bet Angel for introducing this and while I know the main reason behind it was to help people try out new strategies in my case its helped me realise that i'm not suited to trading and its definitely saved me a lot of money!
Thanks and good luck to all you traders out there!
Thanks for the Practice Mode
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Groovyelms
- Posts: 277
- Joined: Fri May 20, 2011 7:42 am
Hi All,
I'd like to say thankyou to BA for the practice mode. Like Clueless's recent post I too have suffered losses but have found the practice mode allows to me work on specific areas of weakness in my trading. I keep accurate records of each trade and feel that I am getting there...albeit in the practice mode!! It has also high lighted an issue with my internet connection and that is now up for imminent replacement!
Working from a realistic training bank I have several aims to achieve prior to getting back with real money! and will not allow myself the exposure to the real world untill I feel confident in my approach to the markets. Learning to trade appears to be like learning any skill, mentoring helps, tuturing helps and maybe most of all practice helps!!
PW highlighted a book recently called "Bounce" by "Mathew Syed" it is a good informative read and gives a big boost to the "practice makes perfect" argument.
Clueless I hope that you don't give this up, you have already invested time and money to learn a new skill and as mentioned BA in practice mode has to help. A phrase coined awhile back that helps me refocus is:- You Are Not Losing, You are Learning, Getting An Education.
good luck to all.....
Groovy
I'd like to say thankyou to BA for the practice mode. Like Clueless's recent post I too have suffered losses but have found the practice mode allows to me work on specific areas of weakness in my trading. I keep accurate records of each trade and feel that I am getting there...albeit in the practice mode!! It has also high lighted an issue with my internet connection and that is now up for imminent replacement!
Working from a realistic training bank I have several aims to achieve prior to getting back with real money! and will not allow myself the exposure to the real world untill I feel confident in my approach to the markets. Learning to trade appears to be like learning any skill, mentoring helps, tuturing helps and maybe most of all practice helps!!
PW highlighted a book recently called "Bounce" by "Mathew Syed" it is a good informative read and gives a big boost to the "practice makes perfect" argument.
Clueless I hope that you don't give this up, you have already invested time and money to learn a new skill and as mentioned BA in practice mode has to help. A phrase coined awhile back that helps me refocus is:- You Are Not Losing, You are Learning, Getting An Education.
good luck to all.....
Groovy
I second this point, there are times the matching is not the same as real mode, i have noticed that the order is touched by the price and the cursor on the ladder go,s right through the order, yes it do,s help i am trading alot smother and with the size bank i was training with, but one thing i would still not do , let the race jump in play to get a trade or use a bigger stake to get out of trouble, i tested all these things, it wasnt nice of what some of the results would of been, ok had some nice big greens, but as life is i bet 1.01 in live mode they would not have happened. Overall its a great feature, would be nice to have a bank setting to see how one does over a monthfreddy wrote:Yep it's handy for somethings im sure,
but i wouldn't get carried away with good results,
it carn't accuratly replicate if bets would get matched or not, it's very different when real money is involved.
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ndarlington
- Posts: 15
- Joined: Mon Aug 03, 2009 12:41 pm
Obviously matching is completely different, but the psychology of training mode is the biggest difference with real trading.
Don't believe just because you are net profit on practice mode you will do this with real money! When you switch, start with low stakes. You'll realise soon enough how different it is!
Don't believe just because you are net profit on practice mode you will do this with real money! When you switch, start with low stakes. You'll realise soon enough how different it is!