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the money management and discipline reinforcement of the combine are helpful , but at the end of the day your training in sim . i think you should take a combine just for the experience then move to a broker where you can lock down your trading platform after you reach your daily , weekly, and monthly loss limits. trading micro contracts . many traders will blow out there accounts on a bad day or week of trading. if you can stop that from happening and be happy with just braking even , making money will come sooner rater than later .
This is VERY good advice. In fact as a full-time trader, I do this. I moved from NinjaTrader to Tradovate + TradingView and inside Tradovate is this shut off feature.
Where I live in Japan, deep in the mountains food and living costs are very low. Many local farmers sell veggies and fruits at low prices. Our house mortgage is $70. For tax write-offs we leased 2 cars and we created a health food restaurant and pay roughly $2k a month for the leases/loan. The restaurant and the cars were part of a tax strategy since Japan has a 20% income tax on investments.
The point of this story is I set my daily take profit to $300 and have the software stop the account. I easily can make $800-$1000 in a day. But for a $1k profit, I need to make risky trades which always leads to $500+ loss days (bad days). I have multiple accounts so if I really want to trade more I log-into a different account. However, with this $300 a day CAP I have re-kindled my daily stock trading, and jump over to stocks and I have been making some good moves with small to big runners, where I hold until I hit the perceived daily high and sell. With the stocks, I never lose money because I put in a stop loss for the opening price.
I would suggest asking yourself --- "Self? How much money do I need, like really need, in order to pay my bills and keep $500-$1000 in my pocket?"
Go for the micro account and build your way up to a mini account. I think this is especially useful if you are trading a strategy where you need multiple contracts working in the market.
You can actually turn a fairly decent profit trading micros without risking too much money or needing a large account. I've moved down to trading micros for my strategy I'm using in MNQ.
It allows me a ton of psychological breathing room as I play with the fire of volatility. I will trade this strategy in the regular NQ in a few weeks. My average winning day is around 200-400 ticks, my losing days are minuscule. I'm able to slam the market with contracts in ways that I'm not prepared to with the regular NQ.
I know that when I am ready to do so, that there's 10 times as much money waiting on me, and 10 times as much risk, but that is the game. Right now, the $100-$200 I'm taking from MNQ/day is enough LIVE 'practice' and will pad my account for when I move back up to NQ.
Before, I was scalping tiny bits of profits on each NQ trade, now I'm taking no less than 15-25+ ticks, and firing more contracts when the action picks up.
Broker: Edgeclear and Rithmic. (Nordnet 1 year more for Norwegian stocks)
Trading: ES, NQ, GC, CL (Maybe Dax if I bother to get euro data, probably dont need more.) futures only
Posts: 21 since Jan 2020
Thanks Given: 108
Thanks Received: 27
Just my 2c, min 1000$ pr micro contract and min 10k (may be bit short on some brokers, should probably use 20 or something regards to 1% rule) pr mini. Only intraday trading. No idea regarding other futures, I were kinda a semipro poker player before I found trading and so much less coinflips (and keep your bankroll even when go all in, as you can take off your bet when tha ace comes and you have qq!) and think about NQ vs ES as Omaha vs Holdem (4x volatility. not sure if correct "number" in trading, but it feel kinda same (and will probably vary some from day to day). I guess as people say that specifically CL can be very volatile (and can be alot of dollars when opec surprise you or something).
1% rule regard risk on trade is the same in poker aswell, max 1% on a cash table, probably less regard multitable tournaments. (I read that in a poker formum 15 years ago. Probably from statistics originally regarding risk of ruin whatever you "play" (and having an edge! No matter how small risk, it wont help if you aint winning!!
Adolpho911
"Faith does not always let you fix the tuition fee; she delivers the educational wallop and sets her own bill" Jesse Livermore
"I am not curious when I know everything" Adolpho911