Millionaire in 10 weeks & Conversation with broker | Psychology and Money Management - futures trading strategies, market news, trading charts and platforms

Psychology and Money Management

This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader


Millionaire in 10 weeks & Conversation with broker

  #127 (permalink)

Buffalo NY
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
Posts: 10 since Sep 2013
Thanks: 2 given, 6 received

MerlinWorld View Post
I risk 5 ticks to make "50 ticks" or 5 points, not "5 ticks". It's a 10:1 ratio game here. If you want to play super conservative, you can even get in only at those multiple double top/bottom that you see everywhere in the Renko charts.

You place your limit order at the top and then your stop loss just 1-2 ticks above your entry so if it doesn't do a double top/bottom, you lose peanuts but again, you will be surprised as to how many of those double top/bottom you will find in this type of chart especially if you have 0.3 pt Renko charts (see green rectangles in screenshot below).

Interesting and thanks for the clarification.

My constructive input would be to ensure you have very fixed rules for entry. It appears, based on what you've shared so far (but of course I could be wrong), that you may not be taking every signal or entering some with discretion.

I will eagerly await your testing results!

Follow me on Twitter
The following 2 users say Thank You to r3torcr0 for this post: