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That makes a lot of sense. Earlier this year I had enough to trade those but lost almost all of it. Poor discipline, giving up too much/ trade, not using stops/ and hanging in there until the price "came back", turning trades into investments. That method worked for me with small cap stocks until Feb when the market changed. An expensive education. If I get better at this I might add to my account and try the NQ. Corn pays $12/ point, mini nat gas too. But they don't compare to NQ in liquidity.
I have a similar approach to you. 5/1 minute. 15/240 for eagle view. I overlay a 15 minute 20sma onto my 5 minute chart as price often bounces off that sma and I can have an quick reference point without looking up at the 15 minute chart. . My wife and I only trade the MNQ. She uses the 5, 30 and 240.
You have a beautiful place to trade from there on the Gold Coast. My wife grew up there. I have been by your town on the way to Byron.
You cant give a Dollar figure. It is a PERCENTAGE of your account and should be 1% and a maximum of 2%.
When tied to where your STOP LOSS should be this then determines the SIZE OF YOUR CONTRACT
67belvedere was referring to a daily loss limit. It appears that you are referring to loss per trade.
Yes, your formula is advantageous for when starting out. Any conservative restraints are good in the beginning as one is in the learning process of figuring out their own psychology and abilities.
Some traders will risk their whole account on a trade.
They might say that "what's the point of the funds just sitting there doing nothing'?
Safeguarding our account is a good thing, however, it is a moot point when one's personal wealth might be 100 times greater than said account.
The market loves the 1 and 2 percenters. They provide liquidity.
I prefer Range bars or a deviation of range. It removes the time element, as well as helps avoid some chop, without force smoothing things out like the Renko charts do.