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

  #17 (permalink)

Montreal
 
 
Posts: 128 since Jan 2013


snax View Post
1) You seem to be creating the "Big Design Up Front" that hasn't weathered the storms of live trading in an uncaring market.

The "Storm" in our world is called "CONSOLIDATION" because this is where traders lose back all that they've gained in trending markets where it's easy to make money as long as you don't bet against the trend of course.

One of the crappiest day in July was July 9th, a pure consolidation day like we hate them :-)

And yet, my indicator did ok that day.

First it showed me that the cloud were blue so to only trade on the down side, that's usually the biggest problem for traders (which direction should I get into?).

Second, it only made a few peaks above the darkest cloud. I don't always get to make those 5 pts but at least I don't lose my shirt either with this indicator, at least not on that boring 5pt range day.

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snax View Post
2) If you have a substantial account where these trades are a trivial percentage of the account then it is reasonable, but the tone of this post leads me to think this isn't the case.

I think you missed the point mentioned above that with my new broker, my M2K contracts cost me only $25 and even with a HUUUUGEEE investment like $2,500 you get not 1, not 10 but 100 M2K contracts to test with.

Reasonable enough for you?

Oh yeah I almost forgot...

With my new broker, you not only get to buy M2K contracts at only $25 but you also can open a trading account with as little as $100. So if you can't get into trading now, you never will...

I have redone my 1K to 1M climb Money Management diagram based on this $100 and $25 contract. You can deposit $100 and split it into 4 blocks of $25 and start the climb to the Million in 21 doublings.

Now of course when you switch from M2K Micro to RTY Mini contracts and reach levels of 50+ contracts, things will get dicey but like Tim showed in his performance report, you can lock in the contracts to 18 and still get there in 10 weeks.

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Last edited by MerlinWorld; July 28th, 2019 at 01:13 AM.