Better 6 + Pips a day Than Taking risk ,
Is 5 pips enough for you? 62 replies
Percentage vs. Pips per Trade vs. Pips per Day/Hour! 7 replies
You think you are good enough to analyze what system is this?? 7 replies
10 pips daily isn't enough? 33 replies
DislikedWell seeing as +/- 6 pips is nothing but market noise, yes it is a risk.
The guy who said he made 26 trades for 2 pips each, and put him at +73% means he is leveraging his account around 400:1 - 500:1. This is the same thing as taking a coin and placing a 500:1 bet on heads or tails. This is not trading, it's gambling. And I have a hard time believing that someone is making 2 pips with a 2 pip stop loss and trading with 500:1 leverage. People who trade with 500:1 do not have accounts large enough to only take a 2 pip stop loss because their spread...Ignored
DislikedWell seeing as +/- 6 pips is nothing but market noise, yes it is a risk.
The guy who said he made 26 trades for 2 pips each, and put him at +73% means he is leveraging his account around 400:1 - 500:1. This is the same thing as taking a coin and placing a 500:1 bet on heads or tails. This is not trading, it's gambling.Ignored
DislikedI know it is for me...see two attached spreadsheets, both are the same sheet, the first assumes an account size of $50,000 to start and the other assumes an account size of $500 to start, just something to play with.Ignored
DislikedHi..
Just a few things...
where do you get a 5 sec chart...and for those that are profitable using the small pip theory.....I never seem to see any posting in a journal and if there is one guide me to it...I would be interested to take a look even though it is not for me....I just cant do it....and don't really want to.Ignored
DislikedI use high leverage and a large percentage of my account, very rarely does the market turn on me, when it does I simply get out as soon as I detect it with only a few pip loss at max.Ignored
DislikedBecause I know my exit before I enter. Typically my exits are 3 to 4 pips away on average minus spread. If It hits my exit the pattern did not turn out as expected...exit and wait for the next setup. If there is not a viable exit that makes sense within 6 pips away I don't take the trade as the risk is too high.Ignored
DislikedRichard,
One question that I have in general is the following. How has scalping been treating you?
The reason I ask like that is that after almost 3 yrs of soul-searching (and losses) in forex I think I have found my holy-grail. I am using a strategy published here in ForexFactory but with a scalping twist (i.e. take my profits quickly with small SLs). Essentially, I make 3-4 trades of 10-15 pips daily and if I am above 30 pips for the day I stop....
Thanks,
Kostas.Ignored
DislikedKostas -- Wondering if that's the 3 or 4 trades per day that endroute talks about with his "Pipmaker strategy"? If so, those exits sound easy enough to program... Also, if that's the case, would like to know how you determine your exit targets as I'm thinking of coding endroute's strategy.
t.Ignored
DislikedTbuitendyk,
It's actually the Dance strategy which has its origins in Endroute's trading. My exit targets are size related (if the trade gives me 10-15 pips I take it). My SL are usually around 15 pips. You can study the DANCE thread if you want more info.
Kostas.
P.S. Richard I am still waiting for your response.Ignored
DislikedTbuitendyk,
It's actually the Dance strategy which has its origins in Endroute's trading. My exit targets are size related (if the trade gives me 10-15 pips I take it). My SL are usually around 15 pips. You can study the DANCE thread if you want more info.
Kostas.
P.S. Richard I am still waiting for your response.Ignored
DislikedI lost out on roughly 8-9 pips on each trade that I could have made in addition to the small profits I took.Ignored
DislikedYou appear to be profiting from your strategy so not so relevant to you, but for someone new or inexperienced....Ignored
DislikedGood point. I was merely giving an example of me not following my rules and in doing so losing out on profits I should have had by not following them. Your point is very valid though, as sitting there watching and thinking "ooh man I should have had that" will do nothing but cause frustration and lead to emotions killing your next trade thinking "ooh it might go" etc.Ignored