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Millionaire in 10 weeks & Conversation with broker
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Millionaire in 10 weeks & Conversation with broker

  #11 (permalink)
Lenox, Ma
 
 
Posts: 178 since Dec 2018
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Millionaire in 10 weeks & Conversation with broker (Part 1 - Money Management)

With accuracy above 50% and avg win/avg loss near 5:1 your goal seems plausible.
Iíve never been able to write a strategy that is anywhere near that level of profitability.
I wish you the best of luck and will follow along with this conversation.

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  #12 (permalink)
Montreal
 
 
Posts: 128 since Jan 2013


mtzimmer1 View Post
With accuracy above 50% and avg win/avg loss near 5:1 your goal seems plausible.
Iíve never been able to write a strategy that is anywhere near that level of profitability.
I wish you the best of luck and will follow along with this conversation.

Stay tuned for Part 2 ;-)

That ratio drops to 10:1 thanks to what I call HD Trading.

 
  #13 (permalink)
Montreal
 
 
Posts: 128 since Jan 2013


Alright part 2 is updated so just reload the page and you should see it at the top of this page.

I also open with a link to Part 1.

Cheers,

Merlin

 
  #14 (permalink)
Lake Michigan (Summer), N. Miami Beach (Winter)
 
Trading Experience: Advanced
Platform: TOS, Ninjatrader
Broker/Data: Tradeovate, TOS, Dorman
Favorite Futures: indices/currencies/interest rates/energies/metals/grains
 
Posts: 422 since Oct 2009
Thanks: 230 given, 728 received

So your stops are 0.5 pts (or 5ticks) on the Russell? That is 'noise' - how do you qualify an entry without getting caught up in the 'noise' of up 10ticks/down 10ticks/up 7ticks/down 7ticks w/your Renko bars even when price dips into your favorable cloud(s) area(s)?

At 3 to 1 r:r (say 15tick risk to 50tick target) even w/a win% of 50/50 you would do just fine over time.

The question is are the vast majority of your trades full wins or do cut the 50tick profit target short?

Also, since you are basically buying pb's within a trend - chop sessions will hit you multiple times on those days.

Frankly, the million dollar discussion is rhetorical - pro traders constantly work on proper execution, correct trading psychology, risk control, consistent profit factors over time - the money takes care of itself that way.

Just keep doing that everyday over and over and you could be trading 'size' properly without the million dollar challenge in 10 weeks even being a part of the conversation.

With micro contracts one can be trading regular sized contracts in say 6 months or so and continue to build your business.

But hey - enjoy your journey. You do realize you will be challenged repeatedly in this thread 'cause what you are proposing is (in reality) theoretical in nature 'cause I don't see it happening in reality.

But, records are made to be broken. I'd rather get a million slowly while building professional trading and risk management habits over time - gives you a better chance of keeping the winnings and building on that even more over time.

Cheers!

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  #15 (permalink)
Montreal
 
 
Posts: 128 since Jan 2013


researcher247 View Post
So your stops are 0.5 pts (or 5ticks) on the Russell? That is 'noise' - how do you qualify an entry without getting caught up in the 'noise' of up 10ticks/down 10ticks/up 7ticks/down 7ticks w/your Renko bars even when price dips into your favorable cloud(s) area(s)?

Yeah I know that 5 ticks is nothing to the Russell however, if you look closely, you will find something interesting.

Look at last Friday's chart. You can see in the green rectangle that the bulk of the price was hovering above not only the darkest cloud but also above the lightest one too.

What I deducted from watching my indicator is that you carefully watch where the price IS and where it's NOT. In Friday's case, it's NOT within the 1st cloud so you ONLY enter when you see a dip at that level.

Look at the number of times the priced dipped into the 1st cloud, only 7-8 times. That's NOT being bombarded with dips where the second you get into one, it reverses on you and makes another one and another one and another. I don't know about you but I can handle 7-8 events per trading day.

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On Thursday however, the bulk of the price was hovering within the 1st and light blue cloud so unless you want to get whipsawed, YOU DON'T GET IN at every reversal you see within the 1st cloud, instead, you wait that it makes a reversal at the 2nd and darker cloud where reversals occur a handful of times.

In this screenshot, the market only hits the dark cloud once so you would get in at that level. Earlier that morning and later on that day, the price hovered within the 2nd and darkest cloud so you would get in at the peaks OVER that 2nd cloud. here again reversals at that level don't occur too often.

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Oh yeah, one more thing.

I found out lately that on Renko charts these bars just loooooooooooooovvvves to make double bottoms or double tops, they're freakin EVERYWHERE!!!

So if you get in at a peak and it reverses on you, you can get out and place your limit order right at that double bottom or double top point and get in at the best entry point on the chart.

You will be surprised as to how often it will work.

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In fact when I made my $25 yesterday, it was on my very 1st trade and I caught it after entering at a triple bottom!!!

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Btw, I have not invented sliced bread here. I just did my homework for many years to find the best trading system I could find and even then, it's not perfect. That's in fact the main reason why I am posting it here so that maybe you guys will help me improve it.

On almost all my books, CDs, DVDs and even Cassette Tapes I bought throughout the years on trading, they all say the same thing...

"... Find the TREND and then BUY THE DIPS".

Well... these 2 clouds are giving me BOTH. The color of the clouds tell me the trend direction and the price actions regarding those 2 clouds are giving me the deepest of dips while indicators like Stochastic will show up reversals at the 20/80 line on ALL those reversals and THAT is how you get whipsawed.

However if everyone is like you telling me that it will fail then I might as well do like I did at TradeStation and pack my things and go elsewhere.


Last edited by MerlinWorld; July 28th, 2019 at 12:31 AM.
 
  #16 (permalink)
Chicago
 
Trading Experience: Beginner
Favorite Futures: MES
 
snax's Avatar
 
Posts: 533 since Feb 2019
Thanks: 1,731 given, 1,281 received

Hey @MerlinWorld,

Don't be discouraged.

I will warn you up front that I agree with @researcher247. Please don't take this personally or as an attack, I want you to succeed as I believe most members of this community do.

Here are a couple of my fears, please shoot them down if I've mis-read your post or missed something (its very possible ) :

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

2) Probability & statistics perspective: You are not giving yourself enough "bullets" to test your hypothesis. 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.

My $0.00000002 cents (I am a neophyte by comparison to the majority of the members of this site.)

- Creat a Trading journal here and treat it seriously.
- Post your progress, even if it means your strategy falls apart. People will want to help.

I hope you find what you are searching for buddy.

Take care,
Snax

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  #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.
 
  #18 (permalink)
Chicago
 
Trading Experience: Beginner
Favorite Futures: MES
 
snax's Avatar
 
Posts: 533 since Feb 2019
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MerlinWorld View Post
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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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.

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

Good strategy testing with the e-micros first! Good luck, friend!

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  #19 (permalink)
Montreal
 
 
Posts: 128 since Jan 2013


snax View Post
Good strategy testing with the e-micros first! Good luck, friend!

Yup, not only do it starting with Micros but always first do it during live trading hours just like I did yesterday.

1st trade, 1st doubling, only 20 more to go. :-)

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  #20 (permalink)
Lenox, Ma
 
 
Posts: 178 since Dec 2018
Thanks: 216 given, 440 received


I think you can do it! Start a journal and update it daily with your trades!


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