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Actual for You - Paper Trading And The Transition To Real Money Trading
Re-entering the work force after a long hiatus gets you into a spot tighter than would otherwise be. Your apprehension is not entirely without reason. There will soon be complex questions staring you in the eye concerning your adaptability after a long time off from the workforce. This situation applies equally to both women and men. You have to sharpen skills you probably lost or acquire new skills if you are changing careers.Assessing What Awaits YouAs a first step in your preparation you need to assess what may be awaiting you. Think about these points:1. Are You Too Old For The Job you are seeking now? Job profiles keep changing and if workloads are heading north, the average employee age for any job is dashing south. This may not have been the case when you first started your career or left it.2. Has Your Lifestyle Changed Drastically? Your value will have changed with your part time or stay-home job which is definitely unsuitable for a full time day job. You need to change or improve your adaptability, which will in turn improve your chances of la
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was p
ALEXA TRAFFIC RANKINGSThe Alexa Traffic Rankings is a list of almost all sites on the Web, ranked by the volume of traffic that they receive. Alexa bases their rankings on the use of the Alexa Toolbar, a quite nifty little toolbar that can be downloaded from Alexa. The site with a traffic rank of 1, receives the most traffic. Conversely, a higher traffic rank number means less traffic.Alexa computes traffic rankings by analyzing the Web usage of millions of Alexa Toolbar users. There is some controversy over how representative Alexa's user base is of typical Internet behavior. The basic question is: does Alexa have a big enough number of toolbar users to accurately determine website traffic? The consensus is that Alexa’s reliability increases as the ranking of a site improves.According to Alexa, sites with fewer than 1,000 monthly unique visitors will not have an accurate ranking. These sites have traffic rankings of over 100,000 that are unreliable because the amount of data that Alexa has available is not statistically significant. Conversely, the more tra
I began trading in early 1995, with the intentions of becoming an options trader; my first trading education was through an oex options teaching service. Besides options training, the service included ‘tape’ reading, trade management AND sp500 index futures trading – also included in the service was the prevalent attitude that paper trading was for ‘sissies’.
So I was a new trader, trying to learn and understand completely new concepts and ideas - what was called a trading method AND I was ‘practicing’ with real money – because paper trading was for ‘sissies’. What did I accomplish, besides a big draw down in my account? I quickly introduced to trading psychology and the related implications – something else I also knew nothing about. Losing money and a trading psychology ‘wreck’, both from the losses and thoughts like I was too ‘stupid’ to ever learn how to trade, became a combination which took me out of futures trading, and then unfortunately carried over into my options trading which I had previously been doing well with. I just couldn’t take it any more – I had to somehow start all over, or just quit for good.
Paper Trading Viewpoints
Consider: simulator fill prices are not real and won’t be attainable with real money. Even if this is correct, is it really an issue unless the trader intends to be a scalper, trading for very small profits, and thus each tick is critical? Granted, but shouldn’t a beginning trader be very selective, focusing on learning their method and the ‘best’ setups that method provides? This would be my viewpoint, and in this capacity paper trading fill prices are not an issue.
Consider: the trades are being done with no risk. No, there isn’t any financial risk in paper trading, but I actually haven’t met nearly as many profitable paper traders as one might expect. Why would this be the case if being able to trade without risk was such an easy thing to do? As well, what about self-esteem risk, and an attitude like - how can I be so bad that I can’t even paper trade? The risk feelings like these are probably greater than that of financial risk, and if they are going to surface, you would want to encounter them before trading real money. As well, even if the issue was only one of financial risk – wouldn’t you want to begin with the confidence of knowing that you were paper trading profitable? It would be hard to imagine a losing paper trading being able to profitably trade real money.
Consider: there is no emotion involved with paper trading. I was in our chat room watching a paper trader post their trades in order for me to give them feedback, and I noticed that one of their specific plan setups wasn’t done. When I asked why, the trader told me that they were ahead for the day and didn’t want to risk those profits. But the profits aren’t real – how can you not take a ‘base’ method setup when paper trading – isn’t that the point? Would you be in agreement, that if paper trading profits could be viewed in this fashion, that it has the ability to become very real and thus emotional to the trader? I would suggest that this is related to paper trading really not being ‘so easy’, and as mentioned above, self-esteem risk can be very emotional.
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was pr
Caution! After reading this article, you may need to adjust your product or service, your advertising, your website, or your target audience a little (or all of them). Fortunately, none of these are set in stone and can usually be changed quite easily.I'm sure you realize it's impossible to meet everyone's needs. So you need to select a target group and attempt to appeal to them and them alone.This may seem simple at first glance. But, take it to heart; it really is a sure-fire way to increase your sales. Just focus in on one specific area. It is impossible for any one product or service to fill everyone's needs.You may be a little skeptical. If this is the right way to do business, why don’t more (or any) of your competitors do it? It’s a good question, and here are a few answers.1. Your competitors are probably greedy, so they don’t want to take a definitive stance. They want all the customers they can get. Their business is plain vanilla. There is nothing unique about them.By targeting a select audience, it does seem like you will h
Paper Trading Viewpoints
Consider: simulator fill prices are not real and won’t be attainable with real money. Even if this is correct, is it really an issue unless the trader intends to be a scalper, trading for very small profits, and thus each tick is critical? Granted, but shouldn’t a beginning trader be very selective, focusing on learning their method and the ‘best’ setups that method provides? This would be my viewpoint, and in this capacity paper trading fill prices are not an issue.
Consider: the trades are being done with no risk. No, there isn’t any financial risk in paper trading, but I actually haven’t met nearly as many profitable paper traders as one might expect. Why would this be the case if being able to trade without risk was such an easy thing to do? As well, what about self-esteem risk, and an attitude like - how can I be so bad that I can’t even paper trade? The risk feelings like these are probably greater than that of financial risk, and if they are going to surface, you would want to encounter them before trading real money. As well, even if the issue was only one of financial risk – wouldn’t you want to begin with the confidence of knowing that you were paper trading profitable? It would be hard to imagine a losing paper trading being able to profitably trade real money.
Consider: there is no emotion involved with paper trading. I was in our chat room watching a paper trader post their trades in order for me to give them feedback, and I noticed that one of their specific plan setups wasn’t done. When I asked why, the trader told me that they were ahead for the day and didn’t want to risk those profits. But the profits aren’t real – how can you not take a ‘base’ method setup when paper trading – isn’t that the point? Would you be in agreement, that if paper trading profits could be viewed in this fashion, that it has the ability to become very real and thus emotional to the trader? I would suggest that this is related to paper trading really not being ‘so easy’, and as mentioned above, self-esteem risk can be very emotional.
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was p
They call it Organization Capital in the world of academia and many Universities even offer courses on it. You can learn about organization capital in personnel management classes, human resource degree programs and even if you are going for an MBA. Why is organizational capital so important and who came up with that new buzzword? Well it is simple really it comes from the idea of team building and it probably goes back as far as early tool making in the human race and organizing a plan of attack to hunt down dinner such as a big Wooly Mammoth. Team Building is used in government, sports, military, non-profit sector and it stands to reason in business as well. You see if you work good together as a team that is worth something and therefore it is capital.If a team accomplishes more through the efficiencies of teamwork then it saves time and money to do other things of value to the shareholders, customers and forward momentum of the company in the market place. It comes from knowing your co-workers and team mates and knowing what they are all about and how they think. When y
Consider: the trades are being done with no risk. No, there isn’t any financial risk in paper trading, but I actually haven’t met nearly as many profitable paper traders as one might expect. Why would this be the case if being able to trade without risk was such an easy thing to do? As well, what about self-esteem risk, and an attitude like - how can I be so bad that I can’t even paper trade? The risk feelings like these are probably greater than that of financial risk, and if they are going to surface, you would want to encounter them before trading real money. As well, even if the issue was only one of financial risk – wouldn’t you want to begin with the confidence of knowing that you were paper trading profitable? It would be hard to imagine a losing paper trading being able to profitably trade real money.
Consider: there is no emotion involved with paper trading. I was in our chat room watching a paper trader post their trades in order for me to give them feedback, and I noticed that one of their specific plan setups wasn’t done. When I asked why, the trader told me that they were ahead for the day and didn’t want to risk those profits. But the profits aren’t real – how can you not take a ‘base’ method setup when paper trading – isn’t that the point? Would you be in agreement, that if paper trading profits could be viewed in this fashion, that it has the ability to become very real and thus emotional to the trader? I would suggest that this is related to paper trading really not being ‘so easy’, and as mentioned above, self-esteem risk can be very emotional.
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was p
If you want to invest in a vending machine, there are a number of reputable suppliers to choose from.Vending Machine CompaniesAutomatic Products Automatic Products international, ltd. produced their first glass-front vending machine in 1949. Today, API operates all over the world and is the leading U.S. manufacturer of glass-front snack/candy, hot beverage, fresh/frozen food, and snack/can combination vending machines.Beaver Vending Beaver Vending Corporation was begun in 1963 and has since become one of the most respected vending machine companies in the world. They sell vending machines for gumballs, stickers, and small candy. They also distribute Black Dog Woodwork designs, such as the eye-popping Wazoo Toys and Candy Cable Car kiosks.Crane Merchandising Systems Crane Merchandising Systems offers a complete line of vending machines, including those for food, snacks, hot and cold beverages, and combinations. Owned by the Crane Company since 1985, Crane MS is one of the most financially backed vending companies in the world. This makes t
Consider: there is no emotion involved with paper trading. I was in our chat room watching a paper trader post their trades in order for me to give them feedback, and I noticed that one of their specific plan setups wasn’t done. When I asked why, the trader told me that they were ahead for the day and didn’t want to risk those profits. But the profits aren’t real – how can you not take a ‘base’ method setup when paper trading – isn’t that the point? Would you be in agreement, that if paper trading profits could be viewed in this fashion, that it has the ability to become very real and thus emotional to the trader? I would suggest that this is related to paper trading really not being ‘so easy’, and as mentioned above, self-esteem risk can be very emotional.
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was p
Recently, the topic of “wow-ing” clients and patients came up a lot with my own private coaching clients. Many of those who’ve attended my Client Attraction seminars have heard me recommend the book Raving Fans by Ken Blanchard. It’s about taking the client experience to a level that makes them literally RAVE about you and your services to their friends and colleagues.I’ve also been recommending Seth Godin’s book, Purple Cow: Transform Your Business by Being Remarkable. If you’ve yet to read it, the book is about having your business stand out and be SO remarkable that clients and the general public can’t stop talking about you (hint, hint, this attracts lots of new clients).Here’s the book description from www.Amazon.com:“Cows, after you’ve seen one, or two, or ten, are boring. A Purple Cow, though . . . now that would be something. Purple Cow describes something phenomenal, something counterintuitive and exciting and flat out unbelievable. Every day, consumers come face to face with a lot of bor
Besides examples like this, emotions can be added to the paper trading process. Throw away your simulator, and then go into a chat room and post all of your trades – no ‘youknowwhating’ around where you wait to see if the trade was profitable before you post it, like a number of traders that I have seen. What’s the point, and when you consider the underlying implications of ‘needing’ to do this – the issue certainly isn’t about whether paper trading is of value or not, but certainly best to find out before trading real money. You must post immediately and without lag, giving your direction and entry price, along with subsequent posts of any partial profits, and of course your exit, which ultimately is the determinant of whether the trade was profitable. There is no need to make any comments, or answer any questions regarding your trades – simply post the particulars as fast and real time as possible AND see if you feel any emotions doing this in front of the rest of the room while you go through a series of losses. Do you want to add even more emotions? Go through the same posting process, but do so where the rest of the room actually knows the method that you are trading, and what the trades ‘should’ be. You will quickly find out just how emotional paper trading can be – actually a very valuable exercise for the paper trader to do.
Paper Trading And Making It Further Beneficial
I have two predominant problems with paper trading, but this is with the trader’s approach, and not with paper trading by definition: (1) the trader does ‘things’ paper trading that they would-could not do with real money (2) the trader views paper trading profitability, instead of paper trading proficiency, as the guideline of whether they are ready to begin trading real money.
I have seen too many paper traders, continuously and knowingly, over trade ‘non-plan’ trades, with trading size that is greater than they could afford the margin for in a real account – let alone accept the risk of loss, while also holding trades for risk amounts that they would not accept with real money. Viewing paper trading as a ‘step’ in the learning progression and transition to real money trading, it is critical that the paper trader only trades exactly what, and how they would trade with real money. Don’t allow yourself to turn paper trading into a game, supposedly because there is no risk – the risk of making bad habits that you can’t correct is tremendous, and will circumvent any attempt to trade real money. This is the time to learn YOUR basic trading setups, and make necessary adjustments to them and your entry-exit timing, in order to then make money trading them – this is NOT the time to turn your simulator into a pinball machine flipping at any ball that comes near you.
There is a problem with focusing on trading profitability -vs- trading proficiency. To begin with, profitability places the focus on money instead of on plan. And what is profitability – if you take 10 trades and make $75 are you profitable? Technically, if you are net ahead you are profitable, but what if those same 10 trades had a potential of $1,500, and you only made $75 – are you really profitable? This is what I am referring to when I think of trading proficiency. Instead of focusing on the common metrics, such as win:loss or win size:loss size ratios, I am most concerned with the win size:potential win size ratio, and want to maximize this percentage to the extent that is possible.
For instance, when a trader asks about adding trading size, taking the attitude that if they can make $100 trading 3 contracts, then they can make $1,000 by trading 30 contracts, the first thing I ask them is what is their proficiency ratio – why increase contract size and the corresponding trading risk, if you ‘should’ be able to make more money from smaller size? This is especially important for the paper trader, where they should not regard simple profitability as an indication of readiness to trade real money, but consider proficiency – for instance, begin trading real money when you are 60-70 percent proficient with your paper trades.
So What Is Your Viewpoint Regarding Paper Trading?
I never thought that I would ever make a dime trading, let alone be able to trade for a living or become involved with trying to teach others to trade – was this simply a fu
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