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


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Millionaire in 10 weeks & Conversation with broker

  #142 (permalink)

Wilmington Delaware
 
 
Posts: 7 since May 2019
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MerlinWorld View Post
And how many contracts have you traded max?

That was a big topic of discussion on TradeStation as to what is the bottleneck on the liquidity of the Russell to be able to get in and out with 50+ contracts.

Nobody on TS, despite their years of experience seem to know the max number of Russell Mini contract (RTY) we can get in or out without suffering large slippage even on limit orders.

As you can see, we start with the Micro M2K contract but fairly soon move to the Mini RTY contract but at this point, we believe that we will stall around Level-5. That will be part of the test once the indicator and system will be programmed and backtested.

That's the beauty of this concept because by starting at only $25, we don't really care (ok maybe a little hehe) whether we lose it all at the $50,000 or $100,000 level because we will know we started with only $25 and we played with the stock market's money.

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I am going out of sim in a few days, so my 1 contract at a time journey will begin soon.

I have to think though, if you were using real money and you got to that $100,000 level, could you really stomach doubling down and going for broke. It's one thing to say "no big deal", but another to actually go through with it when you see that figure in your trading account. Knowing you had that much and just going for broke, could really damage your psyche, even if you tried to do it again. I would maybe think that strategy through and say, whats the rush? There comes a point when you can earn enough to take care of your needs and have extra while slowly growing the account. Even if it took say 3-5 years, you would be building trust and confidence in your system and yourself along the way. You could still enjoy the fruits of your labor while controlling risk and building to that millionaire level. I look forward to testing these out once they become available. I also don't look at it as the markets money. It's money you earned through the many hours spent studying and testing the markets to get to this point. It should be respected and protected along the journey.

Good trading
Joe H.

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