50 to 100 Ticks Per Contract …

Hello Traders,

THINK

THINK

My thought pattern has taken me down several paths as I continue to work out how you can profitably bring in 50 to 100 ticks per one contract per trading day.

When I start working and thinking on a trading strategy …

I start with a vision board and what I want to accomplish.  Although, I like the HVS Trading Strategy I am working out … I believe what I need to be able to do is to go after a set profit target on each trading day … while still allowing myself the opportunity to take advantage of a major move.

The obvious question is how many contracts to trade … I want to start with 1 contract and work my way to another and so on.  I have utilized my trading worksheet in excel to divide into 1/2P and 1/2R, and various other ways of approaching the crude oil market.

In addition, utilizing some of the work of Joe Ross, and his Law of Charts.  I am in the process of determining what to use.  You have to determine and know exactly how you will handle each trading decision.

One of the other considerations is what to add to the chart and what not to add … you do not want to add so much information to a chart you have analysis paralysis in your trading.  The other extreme is not having enough information to make a valid trading decision.

One of the strengths you have as a trader is what will you include in your trading method/strategy and what not to include.  By knowing yourself, then to yourself be true correct.  Kn0w exactly which trading masters you are comfortable with using in your trading strategy/method.

Gann Square of 9

Gann Square of 9

I know I like the Wave Theory from Ralph Nelson Elliott … I also know I like to keep an eye on volume which I believe is like seeing footprints in the sand as the ‘big’ traders leave their marks on the market … Richard Demille Wyckoff and Tom Williams have done extensive work.

Don’t forget about W.D. Gann … as you work with your chart settings … have you seen Gann’s Square of 9 … and wondered what was he thinking when he drew that?

When you look at this you can see angles and degrees … and numbers associated with each area … it is a pretty neat concept when you fully understand it.

During my trading today, I was able to pull out 50 ticks in live sim, but I know this is only one trading day … still a lot of work left before I feel comfortable trading it with real money.

Each step of a trading strategy/method should be with the intention of taking it live with real money … the reason I decided to revamp my trading strategy is I believe I can do better per month and make more money each day, week, and month.

It is not unreasonable to be able to achieve $10,000 per contract per month, in my humble opinion.  The first step is to allow yourself to BELIEVE you can ACHIEVE this amount and are worthy to obtain it.

 

Good Continued Trading,

David ‘Tiger’ Knight

P.S.  Live Simulated Trading Video on May 16th, 2012:  Achieved 50 Ticks on Trading Today

 

 

 

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.