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Cory2679

Cory2679's Log

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Howdee do Cory,

 

And that must be POTM. Keep going Cory! I'm slightly envious that both of you are in positions not to need an income - 4-5 years not earning is just a non starter for most people.

 

TradeRunner

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You're welcome Cory. I was hoping to inspire you somewhat because you can see that it took me 4 years to get to some level of positive consistency. My first year was a disaster. You seem to be doing a helluva lot better than I was in my first year and then there is the great resource here at TL that you can leverage to inspire your own creations. I was hoping to show you that you're doing great and it could be a lot worse :) I even left out the health issues that my journey caused in the 2nd year due to stress.

 

Traderunner, who said I didn't need an income :D . I cut all non-essential expenses and got creative with finance (savings and extra debt). People say this is a big no no. Maybe it is and maybe it isn't as that is probably dependent on the individual. I hated my job, not the programming part, but more the working as a programmer part. There just wasn't enough energy left in me to work a full-time job programming and then pursue trading. I had to fully commit or it felt like I would never accomplish at trading. Of course, I didn't think it would take me 4 years to turn a profit - in all honesty I assumed 6 months to develop an auto trade system. Boy, was I wrong!

 

With kind regards,

MK

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Traderunner, who said I didn't need an income :D .

 

Sure, I understood that you and Cory would be making sacrifices (and I didn't mean to imply that it was an easy choice for you or Cory). I also know that I could do exactly what you did however for me that would mean risking losing my family and I guess I don't need or want to be a trader that much to risk that. I agree with what MCM said.

 

I really respect the courage and commitment you made but for me I will need to choose a different route and that route may be longer (holding down a full time job and practicing in the evenings) but hopefully it will be less stressful!

 

 

TradeRunner

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...for me that would mean risking losing my family and I guess I don't need or want to be a trader that much to risk that. I agree with what MCM said.

 

I've got some of that in me, too......

 

I would work from sun-up to sun-down every single day, except for my girlfriend...I sacrifice some of my trading time for her.

 

Some may see that as a lack of dedication, but we have been together for 7 years and it's a relationship I wish to maintain...even if it means that success in trading is put off just a little longer.

 

And I should mention also, since you lumped MK and me in the same sentence, that it's easier for me than it was for MK because I just recently graduated college less than a year ago, I'm still living at home with my parents, have all my expenses paid, and I'm far from poverty (I even go out to dinner pretty much every day!). MK defintely deserves more credit that I do in that respect...it was a much bigger sacrifice for him.

 

The only real sacrifice I'm making right now is a lack of independence, self-reliance, etc., from not having an income and still living at home with my parents...it sucks in one regard, but it's a great opportunity to learn to trade.

 

-Cory

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Traderunner, I totally understand. For me, I was the only one at risk. No family at risk.

 

Cory, what an envious position to be in! It sounds like you have time on your side. I believe a lack of time is a major reason why the mortality rate of traders is so bad. Keep it up. I think, success is inevitable with your continued hard work and low expenses - it'll just take an unknown amount of time...

 

With kind regards,

MK

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Cory, what an envious position to be in! It sounds like you have time on your side. I believe a lack of time is a major reason why the mortality rate of traders is so bad. Keep it up. I think, success is inevitable with your continued hard work and low expenses - it'll just take an unknown amount of time...

 

Yeah, but I don't have all the time in the world...the longer it takes, the less supportive I think my parents will be. ;)

 

One thing that sucks is the lack of understanding from other people in my life (I know you can relate). I think some people view me as something of a bum...graduated, living at home, no job, gf of 7 years and we're not even engaged/married, etc. It really gets to me sometimes...because all of those things are true! I think they view me as someone who likely sits on the couch with chips and watches daytime TV. :)

 

It's ironic though...I know I work twice as much or more than those people do...not to mention, in addition to trading, I also regularly help out my parents with housework and yardwork...to sort of earn my keep, I suppose.

 

There may come a time that I do get a full-time job AND trade at the same time...putting in the 120 hour weeks...we'll see...

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Yeah, but I don't have all the time in the world...the longer it takes, the less supportive I think my parents will be. ;)

 

I'll throw my 2 cent in here. I don't know what the right answer for you is but I think quite often about what I will teach my children if I raise them while being a full time daytrader.

 

My plan right now is to teach them that they need to get a college education, work a few years in their industry to build some real world knowledge/skills, and once they have that resume and experience to fall back on, only then should they consider full time trading. There are more specifics to the idea. Too many fail at this and I would hate to see one of my children try their hardest, fail, and then be stuck trying to build a career way behind the curve. Plus, such a situation would make it hard for them to marry, start a family, etc.. which brings way more joy than money does.

 

I am someone who can only enjoy life's richness if I am able to pay the monthly bills and have money for emergencies. Financial stress ruins all the things that make life great. So that is my basic idea right now for guiding my kids. Build a safety net, and then get your trading going. Like I said, it appears that so many fail at this that you can't just have faith you will succeed. Even if I fail, I will still have a good paying job so I can take the kids to Disneyland, go out with my wife on the weekend, buy a new TV when the old one breaks, etc...

 

Take it all with a grain of salt. Everyone has their opinion and there is no way to know what your future holds. My plan for my kids could dramatically change as my trading career progresses.

 

Great log Cory. This is great stuff for aspiring traders to read through.

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Update

 

Just a few minor changes...

 

First, my avatar/profile picture. :cool:

 

Second...in my (limited) experience, while there are exceptions, the EUR/USD is just not very active during the Tokyo AM hours. I considered changing my daily trading schedule (which is currently 8am-2:30pm & 7pm-11pm, eastern time), but instead, I've decided to change pairs.

 

From now on, I will be trading the EUR/JPY. I figure I'll get the best of both worlds...the movement in the Euro during the London/US hours, and the movement in the Yen during the Tokyo hours. This is more than just theory...looking at a chart, it really does seem to be that way.

 

Plus, I figure it's just gotta be good luck to trade the same pair that thalestrader's daughter primarily focuses on. ;) (kidding...)

 

Third...I'm going to be making my best conscious effort to "stop fretting over the money and start having fun."

 

Part of that, for me, means not even talking about money/finances...here on TL or in person with anyone I know. In fact, I may even periodically say out loud something to the effect of "This is a game. I'm having fun. etc." :)

 

Fourth...I'm going to continue regularly posting all my thoughts/analysis/trades to the Reading Charts in Real Time thread. I think it helps to put thoughts into words. I slacked off toward the end of this past week, but I'll be back at it Monday. I will try to do a better job of keeping my posts concise/well-written, free from rambling, free from emotion/negative thoughts/whining/excuses/etc., and so forth.

 

And finally...I'm going to be experimenting with an new entry (see recent posts in the Reading Charts in Real Time thread if you want to be filled in). I'm spending this weekend basically studying the entry, studying charts, etc., and devising a game plan for such trades...as well as just working on general study & review. In fact, I haven't even left my house today...I won't be leaving until Sunday afternoon to get lunch out (for a break) before I sit back down at my computer to begin next week!

 

Cheers,

 

Cory

Edited by Cory2679
typos

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I'm spending this weekend basically studying the entry, studying charts, etc., and devising a game plan for such trades...as well as just working on general study & review. In fact, I haven't even left my house today...I won't be leaving until Sunday afternoon to get lunch out (for a break) before I sit back down at my computer to begin next week!

 

Well, I haven't been able to devote as much time to working on trading this weekend as I would have liked...I got stuck with pile of springtime yardwork. :roll eyes: Plus, I just realized this next week I have my brother's birthday, my girlfriend's birthday, AND my girlfriend and my 7 year anniversary! So...gotta make plans/go shopping. (Probably more information that you needed, but hey, it's my log! :stick out tongue:)

 

Nevertheless, I feel like this weekend's been about as productive as I could have hoped. I think I am as prepared for next week as I can be...I realize this week may be a bit of a bumpy ride if I'm attempting the new type of entry, but I know this ahead of time so I should be all right emotionally...

 

Now it's just a matter of keeping my head on straight...I realize that every weekend I pump myself up and convince myself that this week's gonna be the week!, and after my first trade is a loser, I get all off track.

 

I'm going to do my best not to approach this next week the same way, but instead just take it one moment at a time, do my thing, and do the best that I can to take it lightly, stop fretting about the money, and "start having fun!"

 

-Cory

Edited by Cory2679
typos

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Third...I'm going to be making my best conscious effort to "stop fretting over the money and start having fun."

 

This is easier said than done. I believe it may require divine intervention. :o

 

I realize that every weekend I pump myself up and convince myself that this week's gonna be the week!, and after my first trade is a loser, I get all off track.

 

That is exactly what happened again this week! My first trade last night was a loser for a full 1R loss, after which I was pretty depressed. However, I was very happy to get a +3R winner off a short this morning! Price then stopped falling and started rallying from within a zone of anticipated support, but I was basically still so in shock from my win that I failed to get long, which would be sitting on a handsome profit now. Today could have really been a homerun kind of day.

 

----------

 

On a separate note, I think I'm going back to live trading.

 

I think no matter how hard I try, I just can't treat demo trading quite the same way as real trading. It's just different...it's not real!

 

So, I'm going to be opening a $10,000 account with Oanda.

 

Just kidding...I'm going to be opening a $100 account with Oanda. :o Oanda lets you dial all the way down to 1 unit "lots," so with a $100 account, I think I'll size my positions based on 100 unit lots.

 

I figure even if I end up down something like 20R, that's only 40 bucks...big deal...

Edited by Cory2679
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Hiho Cory,

 

Whatever you do - major method changes, sim vs real, market changes, work schedule changes - stick with it for at least 30 trades or 2 weeks, whichever is greatest in time. You are jumping around so fast you may miss the value of some of the things because you've already moved on.

 

With kind regards,

MK

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I figure even if I end up down something like 20R, that's only 40 bucks...big deal...

 

Well, 20R is 20R, regardless of the account size, isn't it? And if the 40 bucks is not a big deal for you, do you think you will be trading this account differently than a sim account as neither "really matters" (for lack of a better word) to you?

 

If the real issue is having the discipline to follow your plan in the sim account, this is doubtful that you this will be resolved with a live account. Just my 2 cents.

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One thing that sucks is the lack of understanding from other people in my life (I know you can relate). I think some people view me as something of a bum...graduated, living at home, no job, gf of 7 years and we're not even engaged/married, etc. It really gets to me sometimes...because all of those things are true! I think they view me as someone who likely sits on the couch with chips and watches daytime TV. :)

 

It's ironic though...I know I work twice as much or more than those people do...not to mention, in addition to trading, I also regularly help out my parents with housework and yardwork...to sort of earn my keep, I suppose.

 

 

Haha Cory, i'm in a pretty similar situation. I'm on a degree course with a 1-year industry placement - all my friends from uni are currently living in the city and working, all my friends from home have either graduated or are graduating this year. I didn't fancy a placement so I blagged a year out and am trading to see if I can get some semblance of consistency before I actually graduate.

 

I can definitely relate to the 'bum' thing and basically all the negative connotations which come when you tell people you're trading and that is effectively your job. It's at the stage now where unless I like the person/think they're intelligent enough to understand I won't even bother telling them I'm trading, I just say I'm working for my parents or something...

 

The way I look at it, hopefully in 5 years time I'll be relaxing on a beach somewhere, pulling in my 5R a week and laughing at all those who thing I'm bumming around this year!

 

Good luck!

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Best. Week. Ever.

 

My experience this week was phenomenal. There are two reasons why...

 

1

 

...in my (limited) experience, while there are exceptions, the EUR/USD is just not very active during the Tokyo AM hours. I considered changing my daily trading schedule (which is currently 8am-2:30pm & 7pm-11pm, eastern time), but instead, I've decided to change pairs.

 

From now on, I will be trading the EUR/JPY. I figure I'll get the best of both worlds...the movement in the Euro during the London/US hours, and the movement in the Yen during the Tokyo hours. This is more than just theory...looking at a chart, it really does seem to be that way.

 

Plus, I figure it's just gotta be good luck to trade the same pair that thalestrader's daughter primarily focuses on. ;) (kidding...)

 

I began exclusively trading the EUR/JPY, which I like alot. However, it may just be the placebo effect...I began trading the EUR/JPY at the same time that the "#2 reason" was taking effect, so it may just be that I was trading better...

 

2

 

Thanks for the reply. I'm always really amazed/inspired when I here about what your daughter's doing. Every now and then I'll be out and see a little girl that looks about her age and think, "wow!" :)

 

It seems like it's just really clicked with her. I wonder what it's going to take for it to click with me like that......?

 

-Cory

 

When you stop fretting over the money and start having fun.

 

I'm not trying to be flippant - I am amazed by her myself, and I have had the benefit of actually watching her do this. I was watching her play a new video game with her sister the other night. Every time I see her playing a new video game, the same thought occurs to me - that there seems no difference between her learning to trade and her learning to play a video game. For a technical trader trader from the electronic screen, that really what this is, isn't it? But the money spoils it for most, making it far too stressful.

 

Dinero had a great post in your log tonight where he said that "Financial stress ruins all the things that make life great." That is probably the most important thing anyone in your log has had to say to you to date. Take it to heart.

 

Trading clicked with my daughter because she is absolutely free from all the baggage that the money concerns weigh us down with. She is not worried about proving herself to me financially, buying a house, paying for college, getting marries (heaven forbid!) etc and so on. She simply wants to get a higher score than she did the night before.

 

Best Wishes,

 

Thales

 

I was truly able to "stop fretting over the money and start having fun" this week!!...something that I didn't think was going to be entirely possible...

 

This is easier said than done. I believe it may require divine intervention. :o

 

But, I inadvertantly was able to do it this week!! Let me explain...

 

Basically, toward the beginning of this week, I made this post...

 

...I think I'm going back to live trading.

 

I think no matter how hard I try, I just can't treat demo trading quite the same way as real trading. It's just different...it's not real!

 

So, I'm going to be opening a $10,000 account with Oanda.

 

Just kidding...I'm going to be opening a $100 account with Oanda. :o Oanda lets you dial all the way down to 1 unit "lots," so with a $100 account, I think I'll size my positions based on 100 unit lots.

 

I figure even if I end up down something like 20R, that's only 40 bucks...big deal...

 

I wasn't planning on actually trading that new account until this Monday because I figured it would take some time to clear, time to fund, etc. So, I thought, what do I do while I wait for that account to be ready? I guess I'll just trade my SIM account...for fun...since it doesn't "count"...

 

It actually took me a day or two to realize what had happened...and it really couldn't have happened any other way...if I would have said to myself, "All right, Cory...This week's not going to count. Stop fretting over the money and starting having fun" it wouldn't have worked...it had to have been by accident.

 

As you can imagine, I'm stoked...I did unbelievably well this week...consistently day to day.

 

I'm just hoping I have learned something this week and can ride the momentum into next week when it does "count." I'm really not planning to work on trading much this weekend...I don't want to get sidetracked from the role I'm on. ;)

 

I know now that it's not so much my trading that I need to work on...it truly is my state of mind..."stop fretting over the money and start having fun."

 

I'll be posting my P/L on the P/L thread next week...

 

Hey guys,

 

I just funded a new Oanda account with $100, which I'm going to begin trading next week. I plan to post my P/L here.

 

I'll be exclusively trading the EUR/JPY...8am-2:30pm & 7pm-11pm, Eastern Time.

 

I'm risking no more than 2% per trade, with on average just a handful of trades per day.

 

No daily goals, weekly goals, etc...just taking it one moment at a time, trading the best I can with what I'm given.

 

-Cory

 

attachment.php?attachmentid=20294&d=1269450263

 

Have a good weekend,

 

Cory

Edited by Cory2679

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Update

 

Well, I've been doing really well SIM trading a micro account "privately" (thankfully...this is quite an improvement...made possible by my success last week, I believe...see the above post). My next step is to move toward SIM trading publicly...posting my daily results in the P/L Thread. I tried this week, but soon realized it was going to be different and got thrown off a little bit.

 

This next week, to the best of my ability, I'm going to pretend that I'm going to be posting my results...trying to have the mindset that I'm going to be...then the NEXT week (the week beginning April 11th), I plan to really start posting results. I think that will be a good step toward trading a live micro account ($0.10/tick per lot)....I can't imagine having to go from SIM straight into trading standard lots...$10/tick per lot. Thankfully, I don't have to with currency.

 

There's been a lot of talk about transitions in the P/L Thread this week which had me thinking about myself...once I have the size, I'd like someday to transition to currency futures. That being the case, I'd like that transition to be as smooth as possible...daytrading the EUR/JPY, including during the Tokyo session, does not make that transition as smooth as possible (EUR/JPY doesn't have tradable liquidity in futures and during the Tokyo session, volume in futures is considerably lower...and the spreads are wider).

 

So, I'm going to go back to trading solely the EUR/USD, daytrading only during the 6E regular trading hours (8:20 AM - 3:00 PM Eastern Time). While trading until 3pm, in reality I'm watching for the inevitable die off of price anytime after 12...I just play it by ear each day.

 

I already began trading solely the EUR/USD the last couple days...and I already trade during RTH (I just trade Tokyo, too)...it really hasn't had any impact on my trading, so no big deal (although I think I do like the EUR/JPY a little better...it seems to trend better...or at least it seems to stretch its legs more when it does trend...)

 

I have a couple of notes/reminders to myself:

 

  • If a major trend is in place, and I attempt to fade it (or exit a position that I'm in that is with it), do not be afraid to reverse/re-enter if the trend resumes.
  • Focus on the 15 minute chart, use the 4 hour chart (and others) for context, sometimes watch the 1 minute chart for certain entries when appropriate.
  • Remember 123's AND Trader Vic's 2b.
  • Never forget...highs, lows, trend, consolidation, support, resistance.

This weekend, I don't really have anything specific I feel like I want/need to work on. I think I may just do a little reading...perhaps a re-read of

Trading in the Zone wouldn't be a bad idea...seems appropriate.

 

Have a good weekend!

 

-Cory

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Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

 

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

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Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

 

sevensa,

 

Thanks for the reply. I see what you're saying and agree with you...I was just looking at SIM trading "publicly" as something of a stepping stone between SIM trading privately and trading live. Perhaps trading public vs. private and trading live vs. sim are two totally different issues and perhaps I shouldn't lump them together...if trading publicly negatively affects me, then it makes sense that I shouldn't do it...but I just thought it might be good "emotional training" for going live.

 

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

 

Sure, I agree...I guess that goes back to the fact that perhaps I'm lumping two different issues together. But yes, my mindset will be about pretending this is a live account.

 

Here's some discussion from the P/L Thread that I think is relevant to what I'm talking about...

 

It's not even about the money for me...it's about whether my trading "counts" or not, if that makes any sense. I began this morning trading nothing like I had been because I knew I was posting and that it "counted"...it really screws me up. However, after I made the decision that I wouldn't post (and that it wouldn't "count"), I started trading like my old self and doing well.

 

If we had a SIM contest I'm certain I can trade circles around just about anybody. But in the real world I am just a below average trader who barely eeks out a profit.
I keep thinking about this statement you made. Interesting on several levels. What do you think it is that causes such a huge difference between the your SIM and live money. Is it the money? If so, couldn't you post you entries/exits for someone else to trade so you have nothing at risk except ego.

 

Cory posted something interesting saying that once he realized that he would be posting his SIM results (accountability), that was enough to throw off his game, money was no factor.

 

I saw a big difference in my own trading when I went from secret SIM to posted on the forum SIM. It made trading much harder. It seems possible to me there is an "ego" and a money issue that seperately affect one's trading.

 

If anyone wants to step up their SIM trading to something more challenging, simply start posting your daily blotter results here. No money at risk still, but you'll find many new emotional challenges. You have to decide when to stop trading, admit a losing day, everyday and every trade counts. Post the number of trades you made also. SIM normally doesn't account for commissions so $100 profit in one day is very different for a trader who made that in 3 trades and one who made that amount in 50 trades.

 

Just a few thoughts.

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Why do you feel you have to make your results public? You are not trading for the public, you are trading for yourself. If posting your results publicly negatively affect your way of trading, but doing it in private works for you, then keep it private. You don't have to please anyone, or owe it to anyone to post your results in public.

 

I don't think your mindset while doing SIM should be about pretending you are going to post the results. Your mindset should be about pretending this is a live account.

 

IMO, posting your SIM results brings another level of accountability to your trading which increases the pressure and gets you closer to dealing with the pressure of real money. It is all for the selfish purpose of improving your own trading. No one with any maturity here is worried about impressing someone with their posted results. Good points though Sevensa. :2c:

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This weekend, I don't really have anything specific I feel like I want/need to work on. I think I may just do a little reading...perhaps a re-read of

Trading in the Zone wouldn't be a bad idea...seems appropriate.

 

I just finished the first chapter of Trading in the Zone...it couldn't be more perfect for me right now! The first time I read it was basically before I even got into trading...I had some interest and it was one of the first books I was recommended, so I read it.

 

However, now, with much more experience, it's so much more relevant. I don't think I was was fully able to appreciate the book without some trading experience under my belt.

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I just finished the first chapter of Trading in the Zone...it couldn't be more perfect for me right now! The first time I read it was basically before I even got into trading...I had some interest and it was one of the first books I was recommended, so I read it.

 

However, now, with much more experience, it's so much more relevant. I don't think I was was fully able to appreciate the book without some trading experience under my belt.

 

I'm about half way done with the book, now (I didn't do much reading over the weekend...I admit that I may have taken some time to enjoy the weather.)

 

When the pressure's off, I do very well trading my SIM account. However, when the pressure's on for whatever reason, I don't do nearly as well. It totally has to do with my attitude, state of mind, etc.

 

While reading this book, I can't help but feel that it was written specifically for me. It is a book about exactly what I'm experiencing as of late.

 

I'm enjoying it so much that I just ordered his other book, The Disciplined Trader. :)

 

-Cory

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I'm about half way done with the book, now (I didn't do much reading over the weekend...I admit that I may have taken some time to enjoy the weather.)

 

When the pressure's off, I do very well trading my SIM account. However, when the pressure's on for whatever reason, I don't do nearly as well. It totally has to do with my attitude, state of mind, etc.

 

While reading this book, I can't help but feel that it was written specifically for me. It is a book about exactly what I'm experiencing as of late.

 

I'm enjoying it so much that I just ordered his other book, The Disciplined Trader. :)

 

-Cory

 

 

if i ordered a book "how to become the best fighter pilot" and sim practice for 2 yrs shooting down all enemy fighters in within 10 min with no emotion, will that make me a top gun pilot on my first 2 months live combat?

 

In reality, i be dead or shot down due to excessive emotion

 

hope this help, sim vs live

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if i ordered a book "how to become the best fighter pilot" and sim practice for 2 yrs shooting down all enemy fighters in within 10 min with no emotion, will that make me a top gun pilot on my first 2 months live combat?

 

In reality, i be dead or shot down due to excessive emotion

 

hope this help, sim vs live

 

the best top gun pilots are the one engaged in many live combats. the worst pilots are still practicing flying in sim mode believing they are the best pilot ever.

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if i ordered a book "how to become the best fighter pilot" and sim practice for 2 yrs shooting down all enemy fighters in within 10 min with no emotion, will that make me a top gun pilot on my first 2 months live combat?

 

In reality, i be dead or shot down due to excessive emotion

 

hope this help, sim vs live

 

the best top gun pilots are the one engaged in many live combats. the worst pilots are still practicing flying in sim mode believing they are the best pilot ever.

 

FWIW, I'm live now. :) (starting this week)

 

-Cory

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if i ordered a book "how to become the best fighter pilot" and sim practice for 2 yrs shooting down all enemy fighters in within 10 min with no emotion, will that make me a top gun pilot on my first 2 months live combat?

 

In reality, i be dead or shot down due to excessive emotion

 

hope this help, sim vs live

 

Do all high performing athletes, astronauts, etc. extensively practice their craft in simulated environments to develop skills and habits for the real event. Yes they do, and they do it much more than they do the real thing because when the pressure is on, they want their trained habits to have already become instinctual reactions to whatever is placed before them. Is it possible to develop bad habits while training? Yes. Is it possible to develop good habits? Yes.

:2c:

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