Will Smith on Practice
I’ve always considered myself to be just average talent and what I have is a ridiculous insane obsessiveness for practice and preparation.
-Will Smith
I’ve always considered myself to be just average talent and what I have is a ridiculous insane obsessiveness for practice and preparation.
-Will Smith
Here’s why I wouldn’t recommend NinjaTrader to most people.
Limited Paper Trading. This is the biggest one for us. We believe that “Practice makes Profit” and if you can’t practice, you’re not going to profit in commodity futures. From their website, NinjaTrader says it’s always free to simulate trading. While that’s technically true, the data they allow you to simulate on is based on historical data. Honestly, who wants to trade on historical data? I don’t want to know if I could’ve done well in the past, I want to know if I can do well right now. I want to practice trading futures in as close to real-time as possible.
Complicated Pricing. While the cost of the NinjaTrader software platform itself can be cheap – from free up to $1,000 – that’s not where your costs end. If you want to be able to trade or practice with real time or delayed data, you’re going to have to link it up to a real time or delayed data processor. The one that Ninja Trader recommends starts at $55/mo…on sale! We think that’s too much to practice – especially with the learning curve of this software
Overwhelming Platform. From linking your data stream to adding “instruments”, to linking charts to setting your buys and sells…wow…I’m overwhelmed just telling you about it…there’s a ton of stuff you have to do and most likely for your purposes, it’s way too much and seriously bloated! Seriously, watch this demo setup and see what I mean: https://www.youtube.com/watch?v=q60SBeJizHQ
Let me be clear, I have nothing against Ninja Trader. I equally don’t recommend Trade Station, either. It’s a fine software with tons of bells and whistles. Professional traders swear by it. Eventually, you might have to bite the bullet and use a software like this. However, whether you use it or not, the need for simplicity in practicing is glaring.
But here’s the good news. Papertrademe.com addresses all of these problems and more:
Sign up today!
Click here to sign up.
References:
*http://ninjatrader.com/Simulate
*http://kinetick.com/
The Papertrademe.com app is almost done! I can’t believe how far it’s come. We’ve gone from an idea in my head to near full implementation of the app. And it’s better than we had ever imagined.
Actually, it’s taken much longer than we were anticipating, but with a platform like ours, it’s absolutely vital that we get it just right. Since our app has lots of formulas for calculating profit and loss we’ve got to make sure our future customers can rely on the information given them.
Probably the biggest challenge we’ve had has been trying to communicate with a developer who doesn’t have a background in trading commodities. Futures has its own terminology that takes a bit of a learning curve to grab onto. Many concepts have to be explained over and over again to make sure we are both on the same page. One of the biggest successes I’ve had has been speaking in “coder” language with the developer. This project was decidedly over my head in terms of web development, despite my few years earning a living at it. However, with the experience I had in the development world, I know the language enough to put it in a proper framework. That being said, our developer has done a great job so far getting acquainted with the language.
We’ve still got some time before we’re ready to launch the site. We’re still tweaking our user management system and getting our payment processor linked up. But we’re really excited to move into the next phase of this project. And we can’t wait until we can bring it to the world!
Take a look at some screenshots of the mobile version of our app!
Who remembers this infamous interview?
We’re sitting in here, and I’m supposed to be the franchise player, and we in here talking about practice. I mean, listen, we’re talking about practice, not a game, not a game, not a game, we talking about practice. Not a game. Not, not … Not the game that I go out there and die for and play every game like it’s my last. Not the game, but we’re talking about practice, man. I mean, how silly is that? … And we talking about practice.
It actually goes on from there, but it all sounds the same. (Watch the clip below.) Iverson is saying practice doesn’t matter. It only matters what you do in the game.
But when we see that interview, we cringe. Because we know it’s ridiculous. Nobody doubts “The Answer’s” talent and skill level. He was truly one of the greats of the game. I’ve got nothing but respect for his game. But these statements are cringeworthy. We cringe because we know it’s not true. We cringe because we know that practice is vital for any sport. I mean, how did Iverson get to be as good as he was in the first place? That’s right…Practice. We talkin’ bout practice.
But if we take a minute and think about our own trading habits, isn’t that how we approach it? Don’t we also have this attitude? We aren’t concerned enough to even try and practice an idea? Instead we’ve got Iverson’s attitude. We say, not the real market, not the real market, we’re talking about paper trading. Paper trading!
And that’s where we miss the point. If you cannot succeed in practice, then you cannot succeed in real life. Furthermore, professional athletes don’t just stop practicing when they reach the NBA. They actually practice more. That’s their job!
So, here are three ways that commodity traders are like Allen Iverson:
Papertrademe.com’s aim is to make sure that you have a chance to test out all your ideas and continually work out your own personal trading technique. Our platform is dead-simple and get’s straight to the point. We don’t mess around with trying to get you to trade real money. We see that as a conflict of interest. We just want to give you a simple, clean platform to paper trade commodities.
We encourage you to use papertrademe.com to practice your own investment strategies. But we understand that if you’re a beginner you may need a little guidance in getting started. Below we’ve compiled some tools that we use and some tips to help you get started.
Feel free to comment below with your own tools and tips!
Easily one of the most important aspects of trading is viewing quotes and charts. Although papertrademe.com uses real, live data, you’ll also want to view historical data and trends. Here’s a few of the websites that we use.
Tradingcharts.com – Specifically, we’re looking at the futures section: http://futures.tradingcharts.com
Danielstrading.com – www.danielstrading.com
Every time I hear someone compare commodities to gambling, I think of Matt Damon’s character from the movie Rounders, in which he is talking about playing poker. At a high point in the film he says angrily to his girlfriend:
Why does this still seem like gambling to you? Why do you think the same five guys make it to the final table at the World Series of Poker every single year? What, are they the luckiest guys in Las Vegas?
It’s my favorite part of the movie. The character is finally confronted with having to tell his girlfriend the truth that he’s been playing poker again. It’s revealing in a couple of interesting ways. And they both line up to trading commodities.
The same is true of commodities. If it was just pure gambling, people wouldn’t be able to consistently make money trading commodities and “win at the game”. But people do it all the time! They work hard, look for the signs, and make money in trading commodities. People literally make a career out of this! A career they can spend at home or abroad!
At papertrademe.com, we’re looking to take the gamble out of trading commodities. Go in with a proven plan, execute it, and win more times than not. Then, watch your account balance go up. Honestly, that’s the whole point of what we do! You can take your hard-earned money and throw it at a broker and hope everything turns out ok (talk about a gamble!), or you can paper trade, save your money, and practice until you get it right! Then, when you’re ready to make that first real trade with a broker, it won’t be a gamble, it will be a proven plan that will win over the long term.
Is there risk in trading commodities. Absolutely! But those risks can be mitigated.
Just look at your own life today:
There are risks in commodities. But those risks can be lowered by planning.
So, is trading commodities pure and simple gambling? No, it’s not. And just like anything else in life, there is a smart way to do things and a foolish way. We want to help you do the smart thing.
Join papertrademe.com today! Sign up here: http://papertrademe.com/signup/
We’re so stoked at the progress of papertrademe.com! This has been a dream of ours for many years and to see it coming to fruition is so exciting! We’re not quite finished yet, but we just couldn’t wait any longer to share some of the screenshots that we’re working on!
Today I’ve been pondering the following quote:
“Amateurs rehearse until they get it right. Professionals rehearse until they can’t get it wrong.”
I initially heard this quote on the Pat Flynn Podcast with Michael Port. Which, after a quick Google Search, is apparently attributed to Julie Andrews.
I absolutely love this quote! It so encompasses the difference between an amateur and a professional. When I first heard the quote and the discussion that followed, I immediately identified with it. I’m such an amateur! And it’s because I don’t rehearse enough.
I initially felt bad about this. But then I realized that this was already an area of my life that I’ve been working on. Whether it be giving a speech, teaching, or practicing music, or whatever, it’s no longer an option to just “wing it”. Practice must be taken seriously and it must be done as a regular habit of life. And, indeed, this is being displayed in the creation and development of papertrademe.com. The whole concept of “practice until you can’t get it wrong” is enveloped in our application.
When it comes to investing money in the futures market, it is not good enough to just learn the fundamentals and a few techniques about trading commodities – you’ll lose your shirt that way. We need to practice until we can’t get it wrong. That it is how fortunes are made. And that is what using papertrademe.com will do for you.
Watching:
Crude Oil – Year Low; 7 year low
Corn – Narrow Sideways Channel
High 438.75, Low 318.25; Entry Point: 439
50% goal: H843.75-L318.25=525.5/2=262.75 L318.25+%262.75= 50% Exit Point: 580.75
Profit potential: 580.75-439 = 141.75×4= 567 = $7087.5
May Wheat – New 1 Year Low, 5 year low