How to create a token to render nodes in content?
Even though Mołot made a point about your question, I will give you an answer:

Using dynamic tokens with parameters is possible, but some coding is necessary. See pass parameters with tokens for more info.

You can also achieve what you need with some contrib modules, more specifically Field Collection (https://drupal.org/project/field_collection) and References (https://drupal.org/project/references). With these two, you can create a field collection for your content type which includes one field for text and one field for node reference. Field collection module makes it possible to have multiple values, so you could slice up the text and insert the node references in between. To render full nodes with node reference field, go to manage display and set it to Rendered node. You will end up with something like this (administration):