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Psychology and Money Management

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Millionaire in 10 weeks & Conversation with broker

  #143 (permalink)

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.

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