10 pips a trade to success! | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Move TP to -x pips if trade goes -x pips ea 1 reply

Percentage vs. Pips per Trade vs. Pips per Day/Hour! 7 replies

Flappy Pips - How to keep your hard earn PIPS 7 replies

I lose 40 pips and win 6 to 10 pips... 17 replies

spread on GBP/JPY @ alpari is 12 pips intead of 7 pips they claimed to be 6 replies

10 pips a trade to success!

  • #21
  • Nov 3, 2006 5:10am Nov 3, 2006 5:10am
Quoting diallist
G-dogg,

I'm going to make the assumption that you are serious about learning how to trade. That said, I offer the following advice:

You are seriously undercapitalized. You need a minimum of $5000 in your account, and preferably $10000, in order to overcome a lot of psychological barriers. Foremost of which is even if you were able to trade successfully, how satisfied are you going to be getting a 100 pip trade with on a dime on each pip? Wow, a whole ten dollars! Start doing whatever it takes to build up your account. Deliver newspapers or pizza; sell your unused items on ebay; mow lawns; get a second job.

Dial
Dial , i dont know why you question if im serious or not, i am serious, and for me its hard to put in $5000 due to the fact im not from a filthy rich family actually we are not very rich at all and that im only a highschool student, its not the idea of making "$10 whole dollars" its the idea of breaking the psychological barrier of actually using real money its not much to you but sorry i bust my chops bussing tables for stupid waitresses to get $30 a night so its hard earned money, and i already mensioned i have two jobs and i actually do have a small ebay business.

Quoting Nick_likes_pips
g-dogg--

hey man, why dont ya just demo for now until you've got a system you're comfortable with? confidence plays a huge part in how well you trade, and no better way to build it than to demo until you've found a system that works for you. and you'll save your hard earned $!
Thanks for the idea nick, i actually do have a couple of demo accounts its just that i always make a killer profit on them yet when i do live thats a whole diffrent story lol!
Egyptian and proud of it!
  • #22
  • Nov 3, 2006 5:32am Nov 3, 2006 5:32am
i tried to get 10 pips a day for 1 month on my live account and im quite successful with it...i was able to take a modest profit last month.

My broker emailed me to warn me that i have to changed strategy or else they will changed the rules in my account and increase the spread by 5 pips. they have this thing scalping policy??

Just wondering whats wrong with my strategy? is scalping illegal?
  • #23
  • Nov 3, 2006 5:44am Nov 3, 2006 5:44am
i am like g-dogg in that im a college student and dont have the money to put anything large in. and you can easily pull 10 pips out of the market everyday. just takes a little bit. ive been demo trading for a month and decided to set up a small live account to learn about myself. adn a dime a pip? you gotta start somewhere. if i can make 50 pips a day at a dime i can do that with 5000. and actually today i got 26 pips live using big ben play. i think ill regret it though cuz now i gotta go to work and school all day.
  • #24
  • Nov 3, 2006 6:39am Nov 3, 2006 6:39am
Quoting diallist
G-dogg,

I'm going to make the assumption that you are serious about learning how to trade. That said, I offer the following advice:

You are seriously undercapitalized. You need a minimum of $5000 in your account, and preferably $10000, in order to overcome a lot of psychological barriers. Dial
G-dogg, I agree with diallist. What I could suggest is, if you only have 50 bucks to trade, then you might consider trading mini micro lot (that is 1 pip = 10 cent or even 1 cent). Then, you can take 2 or 3 lot. One lot set 10 pip profit 2nd lot at 20 pip profit and riding the 3rd lot to max. I would prefer to risk only 2-3% for 1 trade, so that I could stay in this business longer :-) JMHO
  • #25
  • Nov 3, 2006 9:54am Nov 3, 2006 9:54am
Although I don't agree with some of your views on trading, I completely agree with your post.

err...and I don't think I've ever said this, but I'm glad that the world still has amazing people like yourself. I think the private forum is helping a lot of beginners (from what I hear) and it simply feels good to read your posts.


Quoting diallist
G-dogg,

I'm going to make the assumption that you are serious about learning how to trade. That said, I offer the following advice:

You are seriously undercapitalized. You need a minimum of $5000 in your account, and preferably $10000, in order to overcome a lot of psychological barriers. Foremost of which is even if you were able to trade successfully, how satisfied are you going to be getting a 100 pip trade with on a dime on each pip? Wow, a whole ten dollars! Start doing whatever it takes to build up your account. Deliver newspapers or pizza; sell your unused items on ebay; mow lawns; get a second job.

Dial
  • #26
  • Nov 3, 2006 10:13am Nov 3, 2006 10:13am
Dial,

I completely respect you, my friend...you have proven to be an inspiration to many, but I'm gonna have to counter you on this, but hear me out.

I've always thought it important to learn with real money, no doubt. I don't trust demo accounts enough (different server technology and sometimes different quotes...like I doubt there would be too much slippage when trying to get orders in a demo...otherwise, a lot of people would be turned off by the idea of trading with the platform)...anyway, I always thought it was important to start with a small micro-mini account trading at $1 to $.10 a pip. This way you don't bust a big load on a bad trade AND you get the benefits of all the technological, broker and psychological barriers. $50 isn't a lot and sure it's hard to get excited about $10, but don't you always stress to focus less on the money and more the successful trade? I think a lot of people would pat themselves on the back for bagging a 100 or 150 pip trade regardless of the actual dollar amount. Trust me, I think a lot of people would get super excited if they could pull out 2 50-pip trades for every 50-pip loss. I think once G-dogg can do THAT successfully, he can invest more capital...but he has to learn how to manage that money first and then manage his trades before he can roll the typical $10K account.

From that perspective, G-dogg, it's important to realize that a $50 account will not make you rich...so get those $ signs out of your eyes. What $50 WILL give you is a cheap education on how to start making a good living. If you can pull at least $10 out of that account every month trading sound principals that protect your capital first and makes excellent trades second, then you'll be on your way to making a great living throughout your college years (once you've invested $10K or hopefully more like $25K or so) and beyond. Then you'll realize that you'll never go hungry because you can make your own destiny at the very worst. Making yourself rich will take more than $50, but it will take every thing you've learned during that time with your small account.

Good luck.

Quoting diallist
G-dogg,

I'm going to make the assumption that you are serious about learning how to trade. That said, I offer the following advice:

You are seriously undercapitalized. You need a minimum of $5000 in your account, and preferably $10000, in order to overcome a lot of psychological barriers. Foremost of which is even if you were able to trade successfully, how satisfied are you going to be getting a 100 pip trade with on a dime on each pip? Wow, a whole ten dollars! Start doing whatever it takes to build up your account. Deliver newspapers or pizza; sell your unused items on ebay; mow lawns; get a second job.

Dial
  • #27
  • Nov 3, 2006 10:30am Nov 3, 2006 10:30am
From the wording of your post I would say u have other psycological barriers to break before you can be successfull. In trading or in life. Whats good is that you are young enough to really benefit if you truly want too.
Suggestion #1 Start by reading "Shut Up, Stop Whining, and Get a Life. - By Larry Winget. As PhilMcgrew said in another thread. "If the title offends you, then you need to read it".
#2 - Stop referring to the 'rich' as filthy. Your subconscience wil never allow you to become 'filthy', and by association "rich".
#3 Stop complaining about your job. Be thankfull you got one and that you are healthy enough to work. Change your attitude and maybe those 'stupid' waitresses can teach you something.

Quoting g-dogg
Dial , i dont know why you question if im serious or not, i am serious, and for me its hard to put in $5000 due to the fact im not from a filthy rich family actually we are not very rich at all and that im only a highschool student, its not the idea of making "$10 whole dollars" its the idea of breaking the psychological barrier of actually using real money its not much to you but sorry i bust my chops bussing tables for stupid waitresses to get $30 a night so its hard earned money, and i already mensioned i have two jobs and i actually do have a small ebay business.
In trading, there is no bullshit. You either make money or you don't.
  • #28
  • Nov 3, 2006 11:21am Nov 3, 2006 11:21am
hi thanks for all the support but i request that a mod would close out this thread because it had turned from my personal trading journal to a discussion, i dont need people calling me stupid or immature to learn how to trade, heck i learned most of the things i know not through people but through my own thirst for knowledge, i have aquired many skills through reading on my own which im very capable of doing right now as well. and by the way the best way to succeed in forex is not through listening to people on a forex forum but to actually go through the hard way your self, which im about to attempt and i dont care if i lose all the money i invest in the market because i can always start again until i get it right. If Many of you are as successful as you claim to be what limits me from reaching that success?. and for those who say i think im gonna get rich from $50, why would i have that though my idea was to put in a grand IF and only IF i can trade profitably using my $50 now. and finally for mrgreen i dont associate filthy with rich, its just an expresion and for your info some of my best friends are very rich yet they are kind and nice people, and as for the waitresses the only thing i can learn from them is i definatley am going to college! again thanks for all the responses but i think i will take it from here!

G-dogg
Egyptian and proud of it!
  • #29
  • Nov 3, 2006 11:29am Nov 3, 2006 11:29am
So I have a question. Why did you get into the market to begin with?
Mr. Trend
  • #30
  • Nov 3, 2006 11:29am Nov 3, 2006 11:29am
Quoting g-dogg
Dial , i dont know why you question if im serious or not, i am serious, and for me its hard to put in $5000 due to the fact im not from a filthy rich family actually we are not very rich at all and that im only a highschool student, its not the idea of making "$10 whole dollars" its the idea of breaking the psychological barrier of actually using real money its not much to you but sorry i bust my chops bussing tables for stupid waitresses to get $30 a night so its hard earned money, and i already mensioned i have two jobs and i actually do have a small ebay business.



Thanks for the idea nick, i actually do have a couple of demo accounts its just that i always make a killer profit on them yet when i do live thats a whole diffrent story lol!
g-dogg, I totally understand your situation, and I'm sure that most people on here have done odd jobs in their early days. I have too!!!! It's actually good to see that you are starting off at a very young age. That will obviously be beneficial to you. Maybe by the time you get out of college, you could be rich....????

My take on your system:

1 Your RRR is highly unfavorable. If you do all the calculations, it would take about 5 profitable trades and 1 losing trade to just break even. The odds of making a successful trade would be higher in your case, as your sl is larger (assuming low volatility). I'll give you that. But it still doesn't make sense, and over time, you'll most likely lose, unless you have a killer system. If you're successful, it means that your system is almost perfect. Then it doesn't make sense to risk just 10-15%. You should risk 50% per trade. You'd be churning out a 10% daily return compounded daily. If you start out with $50, you'll make about $10 billion after 250 successful trades with drawdowns taken into account. Now...do you really think this is feasible?

2 You're talking about trading the early NY/ late London sessions. And there is high volatility during those times. This significantly reduces your chances of being successful.

3. Have you thought of medium/long term trades where your potential profits would be anywhere between 80-500 pips, and you'd be holding your trades for a few hours to a couple of weeks?

4. You dont have to be in front of the computer all day. You could develop an automated system, or predetermine your entry, sl and exit points. Create entry orders for the next 24 hours, and just go do your thing. And perhaps, once you make some money, you could get one of those
PDA phones and trade.

5. Save up atleast $1000. I don't like the idea of trading micro lots. When I started off a few months ago, I traded micro lots (1 pip = $.10) and I hated it for the most obvious reason. But if money isn't an issue, and you dont have a problem trading micros and micro-minis, then you should. But I started getting serious when I was risking serious money. I didn't mind losing a couple of bucks. If you're like me, then perhaps you could cut down on your spending for a while, save up some money and invest about $1000. In the meanwhile, you could figure out your system (and by that I mean everything. How much to risk. When to get in and get out, What pairs to trade. What sessions to trade.)

6. Read a lot. That's a very good way to learn. You can find great articles on google.

Good Luck.
  • #31
  • Nov 3, 2006 11:51am Nov 3, 2006 11:51am
Quoting g-dogg
Dial , i dont know why you question if im serious or not, i am serious, and for me its hard to put in $5000 due to the fact im not from a filthy rich family actually we are not very rich at all and that im only a highschool student, its not the idea of making "$10 whole dollars" its the idea of breaking the psychological barrier of actually using real money its not much to you but sorry i bust my chops bussing tables for stupid waitresses to get $30 a night so its hard earned money, and i already mensioned i have two jobs and i actually do have a small ebay business.
Hi G-dogg,

Man I envy you that you are a high school student! You've got your youth on your side and most of your life ahead of you. This fits in nicely to what I was saying about accumulating the $5000. The reason I asked about your seriousness in this, which I'm afraid I didn't convey at all, was to determine if you're willing to put in the time and have the patience to accumulate the $5000. I was envisioning you doing whatever extra it took to put away $100 a month for the next 50 months. That's a bit over four years. I wasn't questioning your sincerity. During those four years you can hone your trading skills through demo at first, then live with a micro or sub-micro account.

Each person who trades is different in their beliefs, views and expectations, especially in how they respond to the reward/effort ratio.

In my case, I started out much like you, by trading accounts with less than $100 in them. This is virtually impossible to do with a mini account, and still difficult (but doable) with a micro account. I'd bust my butt working my trades, only to end the month with an extra $10 more than I started with. I felt despair. But, when I was able to fund my account with a $4000 windfall that came my way, instead of $10, I made $400! What a difference this made for me psychologically and emotionally for me. I no longer felt pressured to push my trades! As a result, the rollercoaster ride on my equity, as well as my emotions, smoothed out tremendously.

Plus I was able to eliminate the added stress of being forced to use excessive leverage on my too small account. Getting more return (in actual, spendable dollars) with less stress made trading so very much easier that I kicked myself for not doing something to increase my account size before (like delivering pizza or mowing lawns).

Anyway, that's my perception, and because it helped me so much, I share it in this forum so that others of like mind will take thie idea and run with it to their benefit as well, even if it takes four years to save the money.

Now that I understand your situation a little better, let me offer this.

Because of your schedule, I recommend the daily charts for you. Nothing shorter. Use a daily strategy that lets you check your charts just once a day on the close of the day. Take a look at the Fozzy Daily method if you haven't already. To trade the daily charts with your small account size, you'll need to use sub-micro lots in order to accomodate the larger stops that come with daily charts.

Accumulate $500 over the next 12 months. On way is to find out which of those "stupid" waitresses is making the best tips. Model her treatment of her customers and move up from busboy to waiter. I have a friend who is a waitress. She averages $100 in daily tips, six hours a day, six days a week, working at a buffet style steakhouse. Being a waitress is hard work if done properly, so she's earning every penny of those tips. She's also a full time college student. If she can do it, so can you.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32
  • Nov 3, 2006 12:08pm Nov 3, 2006 12:08pm
Quoting blueshift
Although I don't agree with some of your views on trading, I completely agree with your post.

err...and I don't think I've ever said this, but I'm glad that the world still has amazing people like yourself. I think the private forum is helping a lot of beginners (from what I hear) and it simply feels good to read your posts.
Thanks blueshift!

Your kind words have lifted my spirits a notch higher today! I enjoy your posts as well, so I hope you'll be around for a long time to come.

Take care,

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #33
  • Nov 3, 2006 12:11pm Nov 3, 2006 12:11pm
Quoting mrmikal
Dial,

I completely respect you, my friend...you have proven to be an inspiration to many, but I'm gonna have to counter you on this, but hear me out.

I've always thought it important to learn with real money, no doubt. I don't trust demo accounts enough (different server technology and sometimes different quotes...like I doubt there would be too much slippage when trying to get orders in a demo...otherwise, a lot of people would be turned off by the idea of trading with the platform)...anyway, I always thought it was important to start with a small micro-mini account trading at $1 to $.10 a pip. This way you don't bust a big load on a bad trade AND you get the benefits of all the technological, broker and psychological barriers. $50 isn't a lot and sure it's hard to get excited about $10, but don't you always stress to focus less on the money and more the successful trade? I think a lot of people would pat themselves on the back for bagging a 100 or 150 pip trade regardless of the actual dollar amount. Trust me, I think a lot of people would get super excited if they could pull out 2 50-pip trades for every 50-pip loss. I think once G-dogg can do THAT successfully, he can invest more capital...but he has to learn how to manage that money first and then manage his trades before he can roll the typical $10K account.

From that perspective, G-dogg, it's important to realize that a $50 account will not make you rich...so get those $ signs out of your eyes. What $50 WILL give you is a cheap education on how to start making a good living. If you can pull at least $10 out of that account every month trading sound principals that protect your capital first and makes excellent trades second, then you'll be on your way to making a great living throughout your college years (once you've invested $10K or hopefully more like $25K or so) and beyond. Then you'll realize that you'll never go hungry because you can make your own destiny at the very worst. Making yourself rich will take more than $50, but it will take every thing you've learned during that time with your small account.

Good luck.
Hi MRMIKAL and all the other guys !!

I can ABSOLUTELY underwrite what you said in your statement regarding
the starting capital

I've seen people who inherited a bunch of bucks and drained them
completely down with light speed !!

I started in Jan 2005 with 50 € and an micro account at Oanda.

Till today I'm up to round about 15.000 € and the race isn't over !!

For me the following attributes are absolutely essential :

1. MONEY MANAGEMENT !!
2. MONEY MONEGEMENT !!
3. MONEY MONAGEMENT !!
4. AN ALL CONSUMING PASSION !!
5. A GOAL BIG ENOUGH THAT YOU CAN'T ACHIEVE IT IN LIFETIME !!
6. MY GOAL IS TO ACHIEVE 100 MIO € !!
7. FORGET ABOUT TRADING FOR THE MONEY !!
8. MONEY IS A WASTE PRODUCT WHICH IS NICE TO HAVE => FULL STOP !!

I encourage everyone in FF to have their personal dream !!

IT IS POSSIBLE !!!

Great trading

Bernhard
  • #34
  • Nov 3, 2006 12:57pm Nov 3, 2006 12:57pm
Quoting mrmikal
Dial,

I completely respect you, my friend...you have proven to be an inspiration to many, but I'm gonna have to counter you on this, but hear me out.
Thanks MrMikal, I feel the same about you. I always pay special attention to your posts my friend, because I derive great benefit from them!

Quoting mrmikal
...don't you always stress to focus less on the money and more the successful trade? I think a lot of people would pat themselves on the back for bagging a 100 or 150 pip trade regardless of the actual dollar amount. Trust me, I think a lot of people would get super excited if they could pull out 2 50-pip trades for every 50-pip loss. I think once G-dogg can do THAT successfully, he can invest more capital...but he has to learn how to manage that money first and then manage his trades before he can roll the typical $10K account.
Yes, I do stress the importance of focusing on trading well rather than on making money. That has not changed. But, I also think it is easier to focus on trading well with a properly funded account than with an underfunded one. Being underfunded actually prevents a trader from trading well. Having only $50 in a micro account means that the minimum true leverage is 20! Too high for a beginner to handle. All I'm saying is that learning to trade is hard enough as it is without adding to the difficulty by having an underfunded account.

Thanks for your wise post MrMikal, and for your kind words.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #35
  • Nov 3, 2006 1:24pm Nov 3, 2006 1:24pm
Dial,

You're too kind, my friend. :-)

Perhaps $50 IS a little TOO little...I do think, however, $5,000 would be asking any newbie to invest too much without the proper fundamentals of trading. I've always thought $300 - $500 on a micro-mini would be about right to start with...I think it's too easy for a newbie to have some success and then feel like he can blow the other $4,500...Lord knows I've started a few micro-mini accounts with $300 and then added $2000 or more to them only to start taking larger risks without truly getting a hang of the system at hand.

I agree, looking back on my previous statement...$50 is definitely too little, even for a micro-mini.
  • #36
  • Nov 3, 2006 1:58pm Nov 3, 2006 1:58pm
Quoting mrmikal
You're too kind, my friend. :-)
How about a group hug!??!? :
  • #37
  • Nov 3, 2006 2:07pm Nov 3, 2006 2:07pm
Quoting mrmikal
Dial,

You're too kind, my friend. :-)

Perhaps $50 IS a little TOO little...I do think, however, $5,000 would be asking any newbie to invest too much without the proper fundamentals of trading. I've always thought $300 - $500 on a micro-mini would be about right to start with...I think it's too easy for a newbie to have some success and then feel like he can blow the other $4,500...Lord knows I've started a few micro-mini accounts with $300 and then added $2000 or more to them only to start taking larger risks without truly getting a hang of the system at hand.

I agree, looking back on my previous statement...$50 is definitely too little, even for a micro-mini.
Once again, you speak words of wisdom, born of experience. You are right. A beginner, having tasted early success (luck), and also having easy access to $5000 will do as you say and proceed to lose the $5000. I know, because I did it myself.

BUT, if the new traders has had to work his butt off for many months or even years to accumulate that $5000, I think they will be a lot more cautious in how they trade it. At least I hope they would!

Rob Booker says that if you allow your account drawdown to exceed 25% then you are an idiot! He says that if that happens, then you are doing something wrong and you should stop trading immediately and go do odd jobs to earn back the money you lost. Then the next time you wont be so cavalier about losing it. That's really the whole point I was trying to get across to G-dogg.

Thanks again for your posts MrMikal. They're always good.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #38
  • Last Post: Nov 3, 2006 2:18pm Nov 3, 2006 2:18pm
Quoting g-dogg
hi thanks for all the support but i request that a mod would close out this thread because it had turned from my personal trading journal to a discussion, i dont need people calling me stupid or immature to learn how to trade, heck i learned most of the things i know not through people but through my own thirst for knowledge, i have aquired many skills through reading on my own which im very capable of doing right now as well. and by the way the best way to succeed in forex is not through listening to people on a forex forum but to actually go through the hard way your self, which im about to attempt and i dont care if i lose all the money i invest in the market because i can always start again until i get it right. If Many of you are as successful as you claim to be what limits me from reaching that success?. and for those who say i think im gonna get rich from $50, why would i have that though my idea was to put in a grand IF and only IF i can trade profitably using my $50 now. and finally for mrgreen i dont associate filthy with rich, its just an expresion and for your info some of my best friends are very rich yet they are kind and nice people, and as for the waitresses the only thing i can learn from them is i definatley am going to college! again thanks for all the responses but i think i will take it from here!

G-dogg
What a slap in the face to those who've offered you nothing but good advice! Well, I can't say much, because when I was a teenager in high school I was stupid too and thought I knew more than those who advised me.

Wise men don't need advice. Fools won't take it.
— Benjamin Franklin

Per your request, this thread is now closed.
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
0 traders viewing now