Passage to $1 Million

What passed experience has told you to cap contracts at 144/trade?

margin for 144 x $3,000 = 432,000

 

I think there are so many TA indicators that people don't spend the time to actually learn how to use the few that work.

I saw another trader using an indicator for stock trades, so I added it to my future trades, and once I watched it for a few days, I determined it was pretty good in helping me.

 

'Few people have the discipline to do what you have done.'

Correct, you can give the same system to 10 folks in a trading room and end of the month or 6 month period you will have 10 different results.

 

Summary for Thurs 06/24/2010

S 1075.5 s/o @ 1078.50 -3/contract
L 1076.50 Target 1 @ 1080.25 +3.75 stopped on 2nd @ 1078.25 +1.75
S 1070.75 exit @ b/e

The last trade went as much as 4 points in my favor, but I was targeting a larger move. When time began to run out in the session I exited the trade at entry.

Total for the day trading 2 contracts is -.5 points (.25 per contract).

 

It has now been 10 trading days since this challenge began. The trades have produced a gross gain of 76.75 points. As the account grows and more contracts are added, trade management will be easier, as I will be able to scale out and do more add-on trades.

 

Thank you for your continued interest in this journal. The best measure is the track record being produced. So far the track record is doing well. As time progresses and you see the track record, please ask any questions that you have.

Thank you,
Smiles

 

Yes NoDoji,

As stated in one of my earlier posts, this the purpose of this challenge.

My goal is to show that it is not impossible to achieve decent success with modest capital available.

My strategy involves taking the highest probability trades with a high risk/reward ratio. The track record continues to show that consistent results can be achieved even starting with a small account.

Smiles

 

From the look of that late day price action, it appeared 1056 was not out of the question IMHO.

 

Exactly NoDoji. And that was why it was worth it to give the trade time to work, but ultimately time ran out.

Smiles

 

you seem eager to answer questions.. I am not trying to pry.. I am just thinking maybe you didn't see mine.

Its on page 4, 3rd post down... thanks...

TT