Many professional traders recommend some screen time, as it helps develop an intuition and an edge. Getting sufficient screen time takes a lot of time. As swing trader, getting your 10,000 hours in actively can take years.
I recently discovered a feature on trading view: “replay”. As the name suggests, it lets you replay the chart from any point in history. This feature can be used to back-test a system, with a similar degree of uncertainty as when back-testing a demo account. You can pick a random point in history and replay the chart. I prefer going back at least a year, because I can’t or don’t know what happened in the markets that time. I particularly like going back to days before I had any exposure to the financial markets.
I am trend-based swing trader. This style suits me well because I have a 9-5. I trade the daily chart. I’m quite mechanical in my trading and only work with closing data/prices. Intraday action is of very little significance in my trading.
I have to wait for the entire day’s candle to close to have some form of action to take – either to enter, exit, adjust my stop, stay in the trade or just continue to wait. I can’t decide on anything before the candle trading closes. Back-testing a system on a demo account can take a very long time.
The replay function on trading view has helped me reduce that time. I can just click the next button to get the next bar. When the market closes, I like picking a random time in history and “trade” it for an hour. I usually can trade an entire month or two in that time.
I’m not saying using the replay button will instantaneously turn me into a pro trader. However, it certainly improves my trading and intuition. I try as much as possible not to cheat myself by going back and forth if I missed something. For example, if I missed a trade I was supposed to take, I keep going I don’t go back. In the real world I will miss trades and I won’t be able to travel back in time and take the trade.
Some of the expectations on what it would be like to trade full-time are clearer. I can see the equity curve, all the profits, draw-down and what happens when you have a run of losing trades. I get a sense on how much I need in order to trade effectively and with discipline, and proper risk management.
In my opinion the first practical lesson after learning your theory should be on a replay. Once that’s done, a demo is the next step. Once you’re comfortable and confident, you can start swimming in the shallow end of the pool and trade a micro account. You can only work on the emotional and psychological side of the markets with some skin in the game. Only after that can you jump into the big boy pool and trade for real.
I’m well aware this process will take a lot of time, but I am not in a hurry. I decided long ago that I’ll trade the markets 20 years from now. What’s a couple of years for my education? I have nothing but time.
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Thank you loads