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Nail small amount everyday?

  • #21
  • Sep 2, 2017 3:23am Sep 2, 2017 3:23am
Quoting Ross88
guys do you think a lot size of 0.15 per £500 is big?
IMO so long you have more than 200pips to run is pretty sufficient but you need to know what you are doing.
Fundamental provide Volume, Technical shows Direction
  • #22
  • Sep 2, 2017 3:48am Sep 2, 2017 3:48am
Quoting LucasT
{quote} IMO so long you have more than 200pips to run is pretty sufficient but you need to know what you are doing.
i have never really paid much attention to other people ricks and to me this has always seems a ok risk you are taking a bigger ricks than me no? so do you think this is a risky % to trade with?
  • #23
  • Sep 2, 2017 4:17am Sep 2, 2017 4:17am
In forex your income potential is also determined by your personality and the strategies you use. Income potential is also based on volatility in the market. The scenarios below assume a certain number of trades each day, with a certain risk and profit potential. Forex is the least capital-intensive market to trade. Leverage up to 500:1 means you can open an account for as little as $100. I don’t recommend this. If you want to make money, start with at least $3000. Only risk 1% of your capital.
  • #24
  • Sep 2, 2017 4:39am Sep 2, 2017 4:39am
Quoting ReverseFlash
{quote} This is why I "love" FF People come and throw random claims without backing them up with a verifiable live track record. Any other way are just empty affirmations... Pfff, I don't care anyway.

Thanks for your comment ..
please don't forget that FF is a forum where people share their success with others
its not mandatory for them to show their bank statements or anything else as a track record...
we are sharing our experience in Forex .. we aren't sitting in a Tax department where we have to show proof of our wealth.

regards
  • #25
  • Sep 2, 2017 4:48am Sep 2, 2017 4:48am
Quoting cfudge
{quote} Analysis... Anywhere close? {image}

Quite close mate .. maximum DD was 1000 euros
reason is i wanted to take this trade and wasn't with my laptop later ...
so i thought to take this a bit earlier caus i was more then 100% sure of its direction ...
otherwise i could wait it to test support once more .. ( like you have shown )
  • #26
  • Sep 2, 2017 5:40am Sep 2, 2017 5:40am
Quoting adnanpervaiz
{quote} FF is a forum where people share their success with others
If this was true, having in mind that more than 95% retail traders are losers, FF would not work as the business model it is.

Quoting adnanpervaiz
{quote} its not mandatory for them to show their bank statements or anything else as a track record...
I agree it's not mandatory to show a bank statement, as long as you haven't bluffed about how much income you've made without providing it.

Thanks to you too.

I hope your -story sucess- may help others.

-At least, in some way-

RF
  • #27
  • Sep 2, 2017 6:21am Sep 2, 2017 6:21am
Quoting adnanpervaiz
{quote} Thanks for your comment .. please don't forget that FF is a forum where people share their success with others its not mandatory for them to show their bank statements or anything else as a track record... we are sharing our experience in Forex .. we aren't sitting in a Tax department where we have to show proof of our wealth. regards
my friend ReverseFlash nevertheless got some points...
words are cheap!!

dont have to claim,l dont have to show...
most of the time ppl coming up from nowhere and suddenly throw around big and bigger claim either disappear fast, or soon move to commercial section.

this thread was opened with a question: is it feasible to trade with a certain daily target in mind.
it had no regards about commenter's personal wealth, not even style.
in earlier post thus i only shared a screenshot that shown purely profit vs loss days, no amount, no equity, and most certainly no regards about my personal financial standings.
you can always open your thread to advertise yourself!

my suggestion is to stay on the topic, i rather read some personal takes on that!!
there is always, always another trade!!
  • #28
  • Sep 2, 2017 7:50am Sep 2, 2017 7:50am
Quoting LucasT
Nail small amount everyday?

Sorry to sound so critical, but it's a hopeless approach, as thousands of newbie traders have discovered.

Superficially attractive, perhaps, to someone with very little profitable experience, but for lots of reasons it doesn't work in reality.

It doesn't allow adequately for outcome-variability, for a start - and that's a hugely significant issue in trading.


Quoting LucasT
wish to know if its possible to nail say 4 pips per day(6 pips include broker side)

It doesn't matter whether it's "possible": aiming for your overall dealing-costs to be 50% of the size of your net profits is so counterproductive as not to be worthy of serious consideration at all.


Quoting LucasT
and trade say about 1000 balance and with 0.5lot with gradually increase 0.01lot everyday.

Definitely not - that would be horrendously inappropriate position sizing.

Sorry, not what you hoped to hear. But any sensible beginner's trading book (Van Tharp's first book, or Michael Harris's, say, or Tushar Chande's) will explain to you, really clearly and in detail, why all this is a hopeless approach.
  • #29
  • Sep 2, 2017 10:12am Sep 2, 2017 10:12am
If I have 10k equity and 50x leverage, how much "small amount" could I possibly nail daily? Please advise, sincerely hoping for a real feedback. Thank you.
  • #30
  • Sep 2, 2017 4:57pm Sep 2, 2017 4:57pm
Quoting Ross88
guys do you think a lot size of 0.15 per £500 is big?
About 0.01 per 100$ is probably more of a real trade size, I'd say 0.15 is 2-3 times too big.
  • #31
  • Sep 2, 2017 10:39pm Sep 2, 2017 10:39pm
Quoting LucasT
{quote} True. This type of trading is with better discipline and obvious target to hit instead of having the whole tempting market with endless trading possibility where even winning trade may become losing trade in fraction of minute.
Exactly. One way to find out if this is going to work is if you work on it yourself. Listening to me and the others won't really get you anywhere. You can open a demo account anytime and start practicing and trading the way you want. That is to make just 4 pips a day and keep going until you have mastered this particular trading style. You will be needing here a great amount of discipline, courage and confidence to pull the trigger when you find a high probability setup. It takes a lot of courage to put in a trade with 50 lots and greater amount of courage and certainly guts to accept a loss and move on for the day. This is why you should start with demo trading first. Treat that demo account as if it was a real account. Give yourself 3-6 months training. But the decision is up to you and only you. If you want to go do it live you can. It's your own money anyway.

Good luck to you.
Patience and Discipline, these are the Holy Grail.
  • #32
  • Sep 3, 2017 11:27am Sep 3, 2017 11:27am
Quoting Quickly
But any sensible beginner's trading book (Van Tharp's first book, or Michael Harris's, say, or Tushar Chande's) will explain to you, really clearly and in detail, why all this is a hopeless approach.
I am glad brothers Wrights did not have your mentality, otherwise we would still travel on horses across the world today

J
  • #33
  • Sep 3, 2017 5:33pm Sep 3, 2017 5:33pm
Quoting adnanpervaiz
{quote} You dont need SL if you are confident enough for your Entry setups and if you aren't trading against your broker. Thanks for appreciation ... my target is to reach 1 million euros in next 3 years.

when you say trade against your broker do you also mean trading against the trend? how to know the direction of where your broker is trading? i'm new to trading live so i'm just curious.
  • #34
  • Sep 4, 2017 1:13am Sep 4, 2017 1:13am
Quoting Awopv
{quote} when you say trade against your broker do you also mean trading against the trend? how to know the direction of where your broker is trading? i'm new to trading live so i'm just curious.

Most brokers take the opposite side of your trade.

60-75% of people are trading against the trend at any one point, it's free money for the broker.
  • #35
  • Sep 4, 2017 3:13am Sep 4, 2017 3:13am
Quoting Awopv
{quote} when you say trade against your broker do you also mean trading against the trend? how to know the direction of where your broker is trading? i'm new to trading live so i'm just curious.
what Catch-22 said, is a bottom line ..
Problem : regardless of on what side you trade, broker has to take a trade against you to balance two sides of that trade. that's why sometime it manipulates the market and hence called market maker.

Solution : chose an ECN broker and atleast give yourself a free chance to trade in a equal environment without getting manipulated.
  • #36
  • Sep 4, 2017 4:02am Sep 4, 2017 4:02am
If you are not confident enough then don’t increase the number of trading lots size! Forex trading is not for the low skilled traders! It’s a knowledge based profession; in addition, there is nothing like impossible here for a pro trader!
  • #37
  • Edited 2:01pm Sep 5, 2017 7:24am | Edited 2:01pm
Quoting profitfarmer
{quote} it is possible to take some small amount of money from the market most days, scalping a few pips here and there. but it is the wrong approach of it to try to quantify it, in pips or dollar, how much you need daily...just doesnt work out that way. for that sort of 'security and knowing' you would need to have a job. the 9-5 kind. that gives you the predictable! for example, here is myfxbook, with a profit curve. (live account; removed personal data, not to confuse you) about 6 month, or 100 trading days...marked the 3 that lost money. some...
There is nothing wrong with aiming for small profit at a time and let profit accumulate but the one thing that you need to remember also is to keep your losses small too otherwise it's not worth it if you won just small profit 10 times in a row and then lose them all and more with this one huge loss.
Make your losses in demo. Earn your profits live.
  • #38
  • Edited 8:45am Sep 5, 2017 8:14am | Edited 8:45am
Quoting Forexia
{quote} There is nothing wrong with aiming for small profit at a time and let profit accumulate but the one thing that you need to remember is also to keep your losses small too otherwise it's not worth it if you won just small profit 10 times in a row and then lose them all and more with this one huge loss.
There are no huge losses
there is always, always another trade!!
  • #39
  • Sep 6, 2017 8:50am Sep 6, 2017 8:50am
Quoting Forexia
{quote} There is nothing wrong with aiming for small profit at a time and let profit accumulate but the one thing that you need to remember also is to keep your losses small too otherwise it's not worth it if you won just small profit 10 times in a row and then lose them all and more with this one huge loss.
I agree. People who talk about regular small profits often forget about the possibility of a loss. All it takes is one large loss to wipe out one's profit for the past month and more, unfortunately.
  • #40
  • Sep 6, 2017 11:41am Sep 6, 2017 11:41am
Quoting mlawson71
{quote} I agree. People who talk about regular small profits often forget about the possibility of a loss. All it takes is one large loss to wipe out one's profit for the past month and more, unfortunately.
um, one moment you are advocate on a thread of trade SL on every trade, then you talk about one single trade to wipe out a month's profit?

there is not much difference between making regular small profits, regular big profits, or regular any profits for that matter.
all carry the possibility ( and the hard facts too) of a loss.

just as well as making regular small profits can be wiped out by a large loss...regular large profits can be wiped out by a larger loss.
makes sense, right?

thus you only have to work on your money management side to limit the damage from a single or few large(r) loss to an extent what your account can recover from.
there is always, always another trade!!
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