Then among the 20 or so setups I used I found 10 setups (which later I named: Diamond Setups) that work over 80% of the time, so for every 10 trades I take using those setups I can make 1 or 2 points and be ready for the next one, as I learned they happen from 3 to 8 times a day, depending on market volatility.
They work like clockwork, I never again had problems with big losses and the beauty of that methodology is that I can increase the size of my bets as I reach the targets I have set for the week, month and so on, because I'll be risking 1 single point on each trade.
My favorite instrument for trading futures is no doubt the ES (e-mini SP500), for each lot traded it gives US$ 50/point (or US$ 12.50 per tick, each point has 4 ticks), so what I needed to find was a way to trade that gave me at least 2 points a day for my living and that allowed me to risk a maximum of 2 points a day, if lost then I would be done.
So, in order to illustrate how it'd be to trade using that methodology trying to make 2 points a day (with +80% win rate, max risk 1 point/trade):
Suppose you start trading with a small account of only US$ 5,000, how long would it take you to reach US$ 100,000?
Cars to trade Target Time span (days)
2 US$ 8,000 15 to 20
4 US$ 10,000 5 to 10
6 US$ 13,000 5 to 10
8 US$ 15,000 2 to 5
10 US$ 20,000 5 to 10
20 US$ 30,000 5 to 10
30 US$ 40,000 3 to 5
40 US$ 60.000 5 to 10
50 US$ 100,000 15 to 20
So, if we consider the max probable time it will take on all targets, then it should take you not more than 100 trading days to reach the US$ 100k target. And here we are considering making only 2 points a day but most traders using our methodology make 3 points a day on average.
You may also use different trading styles, this is only the scalping version of the system.
Don't procrastinate no more, start today!
For questions and more details, please email: renatrader at diamondsetups.com
Best of luck in your trading!
Life has no limitations, except the ones you make. - Les Brown