Skip to main content

Day Sixteen

 Hey everyone,

It's been a week of reflection and some important re-calibrations on my trading journey. You know how it goes – sometimes you make a decision with good intentions, and then, with more knowledge and perspective, you realize it might not be the best path forward right now. That's exactly what happened with a trading contest I recently signed up for.

The Contest: A Good Idea... Eventually

I initially thought signing up for a trading contest would be a great way to test my mettle, push myself, and get some real-time practice. After all, the competitive element can be a strong motivator. I discovered this particular contest through The 5%ers, a prop firm that has quickly become a favourite in my research, especially with recommendations from members of The Trading Cafe community.

However, after a lot of thought and reviewing my recent progress, I've come to a clear conclusion: it was a terrible idea to sign up for a contest right now. And with that realization, I've decided I'm going to withdraw.

Why It's a Poor Choice Right Now

This decision isn't about fear or giving up; it's about strategic self-awareness, thanks in no small part to the valuable lessons I've been soaking up.

  • "The Boring Shit That Makes You Rich" Course: Finishing this course was a lightbulb moment. It hammered home the paramount importance of psychology, process over outcome, and disciplined risk management. Throwing myself into a high-pressure, potentially emotionally charged contest when I'm still actively building these foundational psychological muscles feels counterproductive. Contests often encourage aggressive, short-term thinking, which is exactly what "The Boring Shit" advises against for consistent long-term success.
  • "Six Figure From Scratch" Book: Having now completed this comprehensive book (and gearing up for a second read!), I understand the methodical, systematic approach required to build a sustainable trading edge. My current focus is on deeply learning and mastering the Bollinger Bands strategy. A contest would divert my attention from this crucial learning phase and might even encourage poor habits just to chase rank.
  • The Learning Curve is Steep: I'm still very much in the learning and building phase. My previous news straddle strategy was a harsh reminder that simply having an idea isn't enough; it needs rigorous testing and refinement. Competing when my strategies aren't fully robust would just be a recipe for unnecessary stress and likely, losses.

Ultimately, doing a contest now would be a poor choice because it goes against the very principles of disciplined, methodical development that I'm trying to instill in myself.

My True Goal: Prop Firm Prowess (The 5%ers!)

My actual long-term goal isn't to win a contest; it's to develop consistently profitable trading skills that can pass a prop firm evaluation and grant me access to funded capital. And as mentioned, The 5%ers is at the top of my list right now. Their structure, community reputation, and the recommendations from The Trading Cafe members make them a very attractive option.

My focus remains firmly on mastering my chosen strategy (Bollinger Bands), applying the psychological principles I've learned, and diligently backtesting and demo trading until I'm truly ready for a funded account challenge. That's the real prize I'm chasing.

Have you ever pulled back from a commitment because your new knowledge revealed it wasn't the right path? Share your experiences and how you've stayed true to your long-term goals!

Happy strategic trading,

Comments

Post a Comment

Popular posts from this blog

Day Five

 Hello fellow aspiring algorithmic traders! Today, I want to talk about two critical, yet often overlooked, aspects of developing an algo trading strategy: backtesting libraries and the looming question of deployment , especially when you're a dedicated Linux user like me. Diving into Backtesting: QStrader vs. backtestpy So, my current focus is really on nailing down the backtesting of my news straddle strategy. It's one thing to have a great idea; it's another entirely to prove it stands a chance against historical market data. For this, I've been getting my hands dirty with a couple of prominent Python backtesting libraries: QStrader and backtestpy . Both libraries offer fantastic functionalities, but they approach the problem from slightly different angles. QStrader is a comprehensive framework that provides a more structured and object-oriented approach. It's great for building sophisticated event-driven backtesting systems, which can accurately simulate ma...
Post a Comment
Read more

Day Four

 Sometimes, the most productive days in algo trading aren't spent coding or backtesting, but simply absorbing knowledge. Today was one of those quieter days for me, and I finally carved out some dedicated time to dive into a new resource. Diving into TradingCafe I've finally cracked open the TradingCafe book ! I've heard a lot about it in various trading circles, and I'm excited to start digging into its insights. It's easy to get caught up in the technical aspects of building bots and analysing data, but understanding the underlying market dynamics and trading psychology is just as crucial. I'm hoping to gain some fresh perspectives and perhaps even discover new strategy ideas from its pages. It's a reminder that continuous learning is paramount in this ever-evolving field. Babypips School of Pipsology: A Game-Changer! On another exciting note, I made a fantastic discovery today: the Babypips School of Pipsology is available in audio format! Seriously, wha...
Post a Comment
Read more

Day Twelve

 Hey everyone, After the recent, shall we say, "humbling" experience with my news straddle strategy's backtesting (ouch, those 10-pip losses!), I've had to take a serious step back and re-evaluate my entire approach. It's easy to get caught up in the excitement of "algo" and "bots," but sometimes, the best path forward is to slow down and deepen your fundamental understanding. And that's exactly what I'm doing. Back to Basics: Alex Morris's Supply & Demand Strategy I've decided to shift my primary focus for now. Instead of immediately trying to fix my news straddle algo, I'm dedicating my effort to learning the components of Alex Morris's Supply and Demand strategy from The Trading Cafe . This isn't abandoning algorithmic trading, but rather taking a strategic detour. The "Six Figure From Scratch" book and the accompanying chapter readings have been incredibly insightful, and I'm realizing the impor...
Post a Comment
Read more