Everyday I make around 80 pips | Forex Factory

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Everyday I make around 80 pips

  • #1
  • First Post: Jun 11, 2007 6:15am Jun 11, 2007 6:15am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Hi All

Since last three four months everyday I make around (more than) 80 pips, and loose everything by the end of the day.

Where I am making mistake, I dont know.

Can any explain how to keep the money in account, or how to prevent lossess.

thanks in advance
All things are difficult before they are easy.
  • #2
  • Jun 11, 2007 6:24am Jun 11, 2007 6:24am
the market is not a mint. Don't get greedy. You sound just like me when i just started out trading.

dont aim for x amount of pips, just trade the best possible setups.

Also, if u are intraday trading, risk 0.5 to 1.0% per trade.

below is a risk calculator, use it wisely and use consistent risk
Attached File(s)
File Type: zip Risk Calc.zip   9 KB | 1,821 downloads
100% of traders are losers. Just that some win more than they lose!
  • #3
  • Jun 11, 2007 6:57am Jun 11, 2007 6:57am
Whats your exit stratergy? This would appear to be the problem. Are you hoping for more profit? Why not move your stop loss at various profit levels to lock in profit.

Quoting vrama
Hi All

Since last three four months everyday I make around (more than) 80 pips, and loose everything by the end of the day.

Where I am making mistake, I dont know.

Can any explain how to keep the money in account, or how to prevent lossess.

thanks in advance
  • #4
  • Jun 11, 2007 7:03am Jun 11, 2007 7:03am
LOL, if you make 80 pips a day and then give it all back....

Place a TP at 70 pips.
  • #5
  • Jun 11, 2007 7:13am Jun 11, 2007 7:13am
today loss maybe tommorow winner,
so ... trade for tommorow too
  • #6
  • Jun 11, 2007 7:42am Jun 11, 2007 7:42am
Quoting vrama
Hi All

Since last three four months everyday I make around (more than) 80 pips, and loose everything by the end of the day.

Where I am making mistake, I dont know.

Can any explain how to keep the money in account, or how to prevent lossess.

thanks in advance
You don't have a plan, that's the problem.

As to the 80 pips a day, that's meaningless to us because we have no idea how you calculate that number. If you show us precise information, such as types of trades and exactly how you count 80 pips, then we could pass on more information to you.
  • #7
  • Jun 11, 2007 7:57am Jun 11, 2007 7:57am
stop trading after u get your 80 pips profit.80pips per day,you will rich soon!
  • #8
  • Jun 11, 2007 8:08am Jun 11, 2007 8:08am
Quoting smjones
LOL, if you make 80 pips a day and then give it all back....

Place a TP at 70 pips.
Off course! Oh the problems of this world...
  • #9
  • Jun 11, 2007 8:43am Jun 11, 2007 8:43am
Quoting amenlo9
stop trading after u get your 80 pips profit.80pips per day,you will rich soon!
exactly what i was thinking

but could not answer before everyone :roll:
  • #10
  • Jun 11, 2007 9:37am Jun 11, 2007 9:37am
Quoting vrama
Hi All

Since last three four months everyday I make around (more than) 80 pips, and loose everything by the end of the day.

Where I am making mistake, I dont know.

Can any explain how to keep the money in account, or how to prevent lossess.

thanks in advance

vrama:

It would be good if you could share with us how you
consistently made 80 pips daily for three months

Thanks
  • #11
  • Jun 11, 2007 7:44pm Jun 11, 2007 7:44pm
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Wow!

I really appreciate all suggestions and questions.
I will come back to you guys, with all answers, with my trades and my strategy.

thanks
All things are difficult before they are easy.
  • #12
  • Jun 11, 2007 7:56pm Jun 11, 2007 7:56pm
Quoting vrama
Wow
thanks
Paradox:
79 pips a day here I come.
OR
Caught with knickers down and outta town...
  • #13
  • Jun 11, 2007 9:23pm Jun 11, 2007 9:23pm
Quoting Dopey
You don't have a plan, that's the problem.

As to the 80 pips a day, that's meaningless to us because we have no idea how you calculate that number. If you show us precise information, such as types of trades and exactly how you count 80 pips, then we could pass on more information to you.
sounds more like he's making two pips with forty lots lol
  • #14
  • Jun 12, 2007 3:29am Jun 12, 2007 3:29am
Shooting for 80 pips per day is just insane. Tone it down few notches, be more conservative. Dont trade like a machine gun soldier, trade like a snipper. Cherry pick your trades, no more than one or two setups per day.
  • #15
  • Jun 12, 2007 9:43am Jun 12, 2007 9:43am
Have you compared the differences between your winning trades and losing trades? Is it a certain pair and/or at a certain time period?

If you're losing all of it by the end of the day, maybe you should trade the first half of the day and forget about the second half. I'm not sure if that would work out though since I don't know your strategy.
  • #16
  • Jun 12, 2007 10:13pm Jun 12, 2007 10:13pm
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting ronaldy
Have you compared the differences between your winning trades and losing trades? Is it a certain pair and/or at a certain time period?

If you're losing all of it by the end of the day, maybe you should trade the first half of the day and forget about the second half. I'm not sure if that would work out though since I don't know your strategy.

Do not have a particular strategy, every day (morning or evening when ever I get time, i am full time employee) I look all charts with top down approach, day, 4H, 1H and 15 min charts, what ever pair is in consolidation, I count 15 to 20 approx candles and then place buy stop above high (of all candles) + 4 pips. and (of all candles) low - 4 pips. Unable to set targets properly, may be that is one thing, i noticed, because I miss them more often. Stop loss always 10 or 20. For GBP i use SL 40.

What else I have to look, any resistances and supports etc. I dont follow them. Is that a problem? (may be I dont know).

And I found this forum is very usefull, everyone is very kind in this forum. I placed my question for suggestions.

thanks in advance.
All things are difficult before they are easy.
  • #17
  • Jun 12, 2007 11:01pm Jun 12, 2007 11:01pm
Quoting vrama
Do not have a particular strategy, every day (morning or evening when ever I get time, i am full time employee) I look all charts with top down approach, day, 4H, 1H and 15 min charts, what ever pair is in consolidation, I count 15 to 20 approx candles and then place buy stop above high (of all candles) + 4 pips. and (of all candles) low - 4 pips. Unable to set targets properly, may be that is one thing, i noticed, because I miss them more often. Stop loss always 10 or 20. For GBP i use SL 40.

What else I have to look, any resistances and supports etc. I dont follow them. Is that a problem? (may be I dont know).

And I found this forum is very usefull, everyone is very kind in this forum. I placed my question for suggestions.

thanks in advance.
Sounds like a good method to this newbie.
Probably just use the risk calculator, Bemac's ADR target method
or just tighten up your stops.
Staying NET POSITIVE is the goal; not "winning" on every trade.

Newbie's $.02
Keep at it!

FSX
  • #18
  • Jun 13, 2007 9:43am Jun 13, 2007 9:43am
Quoting vrama
Do not have a particular strategy, every day (morning or evening when ever I get time, i am full time employee) I look all charts with top down approach, day, 4H, 1H and 15 min charts, what ever pair is in consolidation, I count 15 to 20 approx candles and then place buy stop above high (of all candles) + 4 pips. and (of all candles) low - 4 pips. Unable to set targets properly, may be that is one thing, i noticed, because I miss them more often. Stop loss always 10 or 20. For GBP i use SL 40.

What else I have to look, any resistances and supports etc. I dont follow them. Is that a problem? (may be I dont know).

And I found this forum is very usefull, everyone is very kind in this forum. I placed my question for suggestions.

thanks in advance.
Hello Vrama. You basically bracket ranges and trade the breakouts as they fire off. That's always very risky because you're greatly exposed to fakeouts (false breakouts). You'd do much better to wait for the confirmation of that breakout and ONLY take those confirmed breakouts that occur in the direction of the overall trend.
  • #19
  • Jun 13, 2007 2:33pm Jun 13, 2007 2:33pm
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting WTB
Hello Vrama. You basically bracket ranges and trade the breakouts as they fire off. That's always very risky because you're greatly exposed to fakeouts (false breakouts). You'd do much better to wait for the confirmation of that breakout and ONLY take those confirmed breakouts that occur in the direction of the overall trend.
Thanks for explanation.
How to identify breakout confirmation?

thanks
All things are difficult before they are easy.
  • #20
  • Jun 13, 2007 4:39pm Jun 13, 2007 4:39pm
Quoting vrama
Thanks for explanation.
How to identify breakout confirmation?

thanks
Concept of former support turned into resistance (or viceversa). After the breakout, wait for the pullback retesting breakout levels and if it holds enter upon making news highs (or lows in a breakout to the downside). Only in the direction of the main trend for safety, discard breakouts in the other direction.
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