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


futures.io - 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

  #143 (permalink)

Montreal
 
 
Posts: 128 since Jan 2013


Joseph H View Post
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 was a figure of speech, of course I would be nervous trading $100,000.

Besides, do you remember my "3 doublings and back" method?

The first time you reach the end of level after 3 doublings (from 1 to 2 contracts, 2 to 4 and 4 to 8), you should always put all the money in the bank and start that level again a 2nd time but now you will have 8 blocks in the bank to restart that level.

So if we can reach the $100,000 level (which I don't think we will btw) there will be plenty of orange back levels waiting for us as a safety net (Orange $25,000, $8,000, $2,000, $500, $100) before we lose the original green $25 that started it all so I won't be freakin out that much.

Sure it will suck but I will bring back the other $25,000 and try to double it to $50,000 and then double it again to $100,000. All we need is 5 pts.

Back in 2014 the average daily range of the Russell Mini contract was around 14 pts, today it's double that amount (28.9 pt in 2018) so 5 pts is still a lot but I believe it's doable. Not everyday because some days the RTY is stuck in a range.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).