Millionaire in 10 weeks & Conversation with broker | Psychology and Money Management


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Psychology and Money Management


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Millionaire in 10 weeks & Conversation with broker

  #14 (permalink)

Lake Michigan (Summer), N. Miami Beach (Winter)
 
Trading Experience: Advanced
Platform: TOS, Ninjatrader
Broker/Data: Tradeovate, TOS, Dorman
Favorite Futures: indices/currencies/interest rates/energies/metals/grains
 
Posts: 422 since Oct 2009
Thanks: 232 given, 730 received

So your stops are 0.5 pts (or 5ticks) on the Russell? That is 'noise' - how do you qualify an entry without getting caught up in the 'noise' of up 10ticks/down 10ticks/up 7ticks/down 7ticks w/your Renko bars even when price dips into your favorable cloud(s) area(s)?

At 3 to 1 r:r (say 15tick risk to 50tick target) even w/a win% of 50/50 you would do just fine over time.

The question is are the vast majority of your trades full wins or do cut the 50tick profit target short?

Also, since you are basically buying pb's within a trend - chop sessions will hit you multiple times on those days.

Frankly, the million dollar discussion is rhetorical - pro traders constantly work on proper execution, correct trading psychology, risk control, consistent profit factors over time - the money takes care of itself that way.

Just keep doing that everyday over and over and you could be trading 'size' properly without the million dollar challenge in 10 weeks even being a part of the conversation.

With micro contracts one can be trading regular sized contracts in say 6 months or so and continue to build your business.

But hey - enjoy your journey. You do realize you will be challenged repeatedly in this thread 'cause what you are proposing is (in reality) theoretical in nature 'cause I don't see it happening in reality.

But, records are made to be broken. I'd rather get a million slowly while building professional trading and risk management habits over time - gives you a better chance of keeping the winnings and building on that even more over time.

Cheers!

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