Thanks for sharing your system. I have a questions about your system. What are the the stop loss and profit target you are using in this NQ system ?
Hi dvonne, the profits targets are set this way:
Stop is always 10ticks pr contract
First target is 4 ticks
Then you move your stop to -2 ticks, this way you are in ZERO risk, and even if the trades does not work out, you wont loose anyting and the 2 ticks will cover the comission. The idea is to use the markets money to gain a profit after your first target, you are then risking the markets money, not your own.As long as you get in a lvel that is halfgood, you will get your first target at least, and be out of danger.
Second target is 16 ticks.
So you risk 20 to get 20, the win ratio is very high, so that is a good reward to risk.
The same thing if you where trading 4 contracts i would do it this way.
Stop -10 ticks
First target +4
Then go to breakeven -2
Second target is then 12 ticks.
When second target is hit, then move stop from -2 to BREAKEVEN at entry level.
That way you have locked 20ticks
Last target is then +20ticks.
Use this way of thinking, and never let a good trade turn into a looser, because you dident cover some. Take whatever the market gives you and do it gracefully
This way you are grabbing more profits as market is moving in your favor, with 3 scaling out, you can get more of the market and even if its a halfgood trade, you will get your second target, and just go brreakeven on the last one.
I will try to get a few more videos out and explain some more about this.
I had some personal problems and havent been trading that much, as trading when your mind is thinking of something else is not a good idea.
Hopefully my mind is clear and calm now, so lets see how today is, yesterday was a rangebound chopp party after that big fall.
With kind regards