Historical Simulator Plug-in
Day Twenty Eight
Okay, let's try it one more time.
We're looking to get out of this Corn contract, or excuse me, this Live Cattle contract. We have a stop loss following at the 38% level behind our sell stop of (2). We were in the market short (2). We want to get that down there to that buy (2) limit. We want to get down there. We would be a whole lot happier for us, if we got down there to that- let that buy (2) get us out of the market, than have it retrace and take us out with the stop loss. Nonetheless, either way, we're going to make some money here.
Let's go and advance this chart, step.. yes! We made it, we did it! Beautiful, beautiful, we locked in a closed profit of $4,660.00 on that trade. Nice move! See, that's why I like to put these Market-If-Touched orders down there. They lock in that extra profit. What if that had come around, and you know, that's $900.00 it put in my pocket as opposed to going back and getting out and taking $580.00 out of my pocket on a retracement to hit the stop loss.
I like to set goals for the market to hit. I like to set them, I like to set them as Market-If-Touched and limit orders and let the market go down there and try to touch those things. I like to have them set them on the insides of a resistance points and support points. I don't want them on the outside.
You know, this was a good trade. We did a good job here, this is a nice trade. Picture perfect, I would say. $4,660.00. I hope you've learned something with this. You know, I really do. This has been a lot of work to go through and to track each one of these. I've tried to cover the points the best I can, and to give you some of the insights that I have and the way I trade.
So many people trade so differently. You know, don't ever stop learning. Everybody out there has something they can contribute to you, in their extensive knowledge and the way they've traded and the way they've worked things. Even people that haven't traded and that are studying and doing the paper trading and working along.
You know, we have a forum out on the the PitNews.com website. I want you to go out, and I want you to participate in the forum. Post your charts, don't feel, don't feel you know, don't feel like you don't have anything to offer. Post your charts, and ask people, is this what I'm doing right, you know? Am I doing it right, am I doing it right? Comment on their charts, when they post their charts out there on PitNews.com on The Wall. You go out there and you comment on their charts, and you tell them what you know and what you've learned. Then, you tell, have them, talk to each other. Exchange charts.
It's a very simple process of doing a screen capture of this chart right here. All I have to do is I hold down the Alt key on the keyboard, and I hit Print Screen (PrtScn). Print Screen (PrtScn) is a button your keyboard, so I hold down the Alt key and hit Print Screen (PrtScn). That captures this active window, this screen right here, it captures it to the clipboard in Windows.Then, you need some kind of a drawing application.
Now, I go out and I use a program called PaintShop Pro. It's a shareware program. You can get it for relatively inexpensive. You can get a trial version of it. You can get PaintShop Pro out on the internet. Go to Google or somewhere and do search on it: PaintShop Pro. Then, you hit Paste when you get PaintShop Pro up. It pastes this chart into PaintShop Pro, or into any other program or drawing application.
You want to save it as a GIF file or a GPG file. Whatever you name you want. You know, mytrades.gif. Choose the GIF format or the JPG format. Either one of those is acceptable. Then, save it out. Save it as a file, stick it on your desktop somewhere or something.
Then, go to The Wall, and then you can upload those pictures and then make comments about them; talk about them. Share your charts, exchange the doing you're doing and learning. This market is so big, it is so huge. There's no way that you can tell somebody a secret, that's going to hurt you. The only thing that it can do is help each other to become better traders.
We don't want to see anybody lose their money. Don't go out there and try to jump into this market too quickly. You have to practice, practice, practice, practice.
A lot of people ask me, they say, "How do I know when I'm ready to get into the market? How do I know when it's time?" Well, it's time for you to get into the real market and start trading when you're always getting upset because you're doing it right on the paper. You're simulating it, and you're always making money in the simulator and it's upsetting you to the point where you're frustrated, always being right, and you're not making any money. That's when you know it's time to get into the real market.
When you decide to make that leap into the real market, you get yourself a full service broker. I don't care what anybody else says out there about brokers. You get yourself a full service broker to help you. Don't take their advice on the trading. You do your advice. You know what you're doing, you're the one who's been doing it. But they're the experts on making these orders get filled properly on the floor. They're the ones- that's their job. You tell them what you want those orders to filled, and it's their job to go down to the pits. They have the contacts, they have an organization in place to make those orders get filled for you.
If you feel comfortable and you get along, and you're doing this well, and you don't have a problem placing orders through an electronic service, go ahead! It's going to save you money. But you saw me, just in this scenario how many times I forgot to change my stop loss order, or how I forgot to do an order. I forgot to place a stop loss order. I forgot to delete an order. I went days without doing it. I'm just in the simulation and it's easy, it is so easy to forget that thing. A full service broker can help you with that.
In the beginning, don't try to do this without a full service broker to help you. You don't have to listen to their trading advice. Do your own advice, do your own study, do your own analysis, but let them fill your orders for you. You know, you really want to make sure you're with a licensed certified, good quality broker through a brokerage firm. An organization that can back you up and help you out and make these beginning trades.
You know, I wish you luck. I want everybody to make money trading. If you decide not to get into the real market, that's fine, too. Professional paper trading is a lot of fun. There's a lot of people out there who just want to be involved in the market. They just want to have fun. Just being involved in the exciting market, but they don't have the money to risk like that.
A lot of people don't have money, the kind of money that it takes to risk in the Futures market. That doesn't mean they can't play and have fun and be part of the group. To go out and post their charts on the PitNews, and all that kind of stuff.
Most of the people who are posting out there, aren't active traders anyway. They are people who are trying to learn. So go out and join them. You know, if you are an active trader, please, get out there and tell those who aren't, your experiences and what happened and how slippage works and all the things that you have learned. It's very important to share the knowledge that you have in this market. It's very fast, I call it Stocks on steroids. You know, steroids and stocks don't have any kind of movement or advantages like the commodities market does. That's why they're so exciting. That's why we love trading them. They're beautiful instrument.
I wish you all luck. I hope you enjoy using my software. We put a lot of time and effort and energy into it. We're a very young company, a bunch of guys here, trying to pull it together and make a piece of software that we can all use, and trade and play with and learn from.
If you have comments about the software, and you see some features you think would be helpful to everybody to have in there- don't hesitate to let us know. A lot of the features that are in the software right now, came from users. You know it's becoming a beautiful piece of software that everybody has been able to contribute with in this little community of traders that we have going. We welcome you to the community of traders, and we want your opinions.
I wish you luck! Again, I wish you the best of luck!