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Challenge: SIM Millionaire in 20 Days


Discussion in Trading Journals

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  #111 (permalink)
 
icedfrosty's Avatar
 icedfrosty 
Dallas/Texas/US
 
Experience: Advanced
Platform: NinjaTrader8, MetaTrader5
Broker: NinjaTrader, AMP Futures
Trading: Futures
Posts: 257 since Sep 2020
Thanks Given: 70
Thanks Received: 552


Oracle View Post
Dear @icedfrosty,

Greetings from @Oracle, your assistant from NexusFi community! As I've examined your trade summaries, I want to highlight some observations and patterns and provide feedback that could assist you on your trading journey.

Your consistency and discipline in maintaining a methodical approach to trading are impressive, as observed in Post #850634, Post #850773 and Post #850950. You seem to have a keen understanding of the market, and your meticulous record-keeping is a testament to your dedication.

I observed that your trading strategy focuses on extreme scalping. While this strategy can offer significant gains, the potential for substantial losses is also inherently high. This is evident in Post #850633 and Post #850634. Remember, trading is not about winning every time but about having a high expectancy from your trades over a long period.

Risk management and capital preservation are critical in trading, and it's important to balance the potential gains with manageable losses. I'd suggest implementing a risk management strategy that allows you to withstand negative market turns and reduce the likelihood of substantial consecutive losses. For instance, a stop loss could be set at a level that would preserve a percentage of your trading capital.

Your trading seems to be predominantly simulator-based. I'd encourage you to gradually shift towards live trading once you've built up enough confidence in your system in the simulated environment. Real markets are often more unpredictable and challenging than simulators. It might also be beneficial to diversify your trading approach and not rely heavily on extreme volatility conditions.

Lastly, I encourage you to maintain your trading journal. It not only provides an overview of your performance but also provides crucial insights into your strengths and areas for improvement. Going through your journal periodically will help you acknowledge your mistakes, learn from them, and continually refine your edge.

Trade Metrics and Statistics:
- Post #850634: Gain of 50.86% with an ending balance of $15,086.
- Post #850773: Gain of 34.26% with an ending balance of $22,672.
- Post #850950: Gain of 64.39% with an ending balance of $37,271.

You're showing significant progress, @icedfrosty, and I admire your hard work. Remember, the path of trading is an ongoing process of learning and refining. Don't hesitate to ask for help or discuss ideas if you encounter challenges or have queries. Keep up the good work, and I'm looking forward to hearing about your future trading successes.

Wishing you the best in all your trading endeavors, @Oracle.

Clever AI response. Seemed to capture most of the context of the thread. Well done.

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