Good news! I haven’t been fired. I have been slowly but surely getting better at this very difficult job. I have actually gotten kind of good at it. Good enough, at least, to start trading LIVE!
Now the week leading up to going live was a chore. We have a long list of stuff that needs to be done in order to be ready. The most time consuming (and boring) is reading the rules and regulations for every exchange that we trade on. It’s not fun, but necessary and useful.
We got started with live trading pretty late on our first day and my first trade was a loser. It wasn’t the start I was hoping for and the rest of the day didn’t get any better. My second day trading was much better and I realized that there wasn’t that much of a difference between the simulation and the live market.
Trader Workstation 3
The only thing that seemed to affect my trading was the way I was approaching each trade. I started making the most basic mistakes (taking my winners too fast, not cutting losers) because I was now trading with real money and every trade actually meant something. This is not something you want to preoccupy yourself with. I have been trying to ignore the fact that I’m trading live, so I’m just looking at each trade as I did on the Sim (and looking at my P/L as just a score). This has helped me with the hesitation I felt before entering a trade and has helped me rationally exit my trades (I still have problems with this from time to time so I occasionally miss some good trades or panic and exit prematurely).
I am on my second week live now and things look good. Let’s hope it continues that way.