Just 10 Pips !!!

Quoting Fx1618

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Innzall, I do not know how long you have been at this fx, and I know the answer to your Q is not what I'm giving below, but just in case you are new I would like to give some advice, take it or leave it.

Below are some answers that I received back in the days. http://www.forexfactory.com/showthread.php?t=10257

To get to the point of 10 pips is pretty easy if you're thinking is in the bigger picture.

I trade only dallies now and only in the direction of the trend, which I determine with a 10 & 20 EMA. "MyWay" and is properly not the best way anyway

My aim is still a Net profit of 10 pips per day average after the trade has closed and that seems to work better than "the 10 pips a day/trade" on a daily basis.

Work on an overall average, be patient and follow the Trend.

Currently I'm in a Long position on the GBPUSD @ 1.9770 from the 18th June and locking in 50 pips for the 3 days so far.

another Thread that opened my eyes was http://www.forexfactory.com/showthread.php?t=3156

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Quoting ICUB42

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I've only tried this on the Cable. Might work on other pairs, but I use GBP/USD. I think it works because of the market movement at this time of day. The only thing I use for entry is a three minute chart. I do keep track of the daily , weekly, and monthly chart directions, but it doesn't seem to matter for outcome. My main concern is catching what looks like the low point of the movement within this time frame. I try to have this as simple as possible for quick side trading that I don't have to look at any indicators.

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Quoting iinzall

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Thanks so much for all of you guys for your attention and giving me some ways and advices.

i am newbie, i've started forex just for 3 month.
i agree with you guys that this is possible but not probable, cause sometimes we can't predict where the price will go. but sometimes we can.

this idea is similar to scalping way.

i will tell you about my trading way which i am sure all of you think that i am gambling or this is a worse or crazy way. and not using money and risk management.

actually i enter the market with big quantity of my balance. It's 80%. and with this quantity, i just have 25 pips till margin call comes to me if my direction is wrong.
i usually trade GBP/USD with 4 spread. so my pips just only 21 pips.

i'm using pivot indicator and EMA 5,13,62. and sometimes combine it with candlestick patterns. i use TF 15 and 30 Minutes.

i just do this lately. Not from the first time i trade forex.
most of them success, and i have loss too of course.

from my losses. i've learned that if i just aim 10 pips, i can profit, but sometimes i feel greed, i want more pips which cause that finally i got a
loss. (this greed is for me not for you guys, you have your trading method which can make many pips. that's the best for you).

i like to sit in front of my screen for hours, to wait good moment to enter. i have to be really careful, cause if it's wrong, my 20% balance will be taken.

forgive me guys who giving me advices which are useful and safer, for my trading way.
but at this time, i am still thinking there is still a way to do this.

Cause if we can do this, with 10 pips a day, in 1 month (20 days), we can make our balance 4 times bigger than before.

Let's find the way guys, i'm really sure there is.

Thanks for your attention, Best Regard,

IIN

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Quoting diallist

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Hi IIN,

Yes, you are gambling, not trading. May I suggest that you read the three stickies in the Forex Beginner Q&A thread, and follow every link in them to external articles. Pay especially close attention to the Money Management sticky, and the linked article (veeery long article) on treating trading as a business.

After you've read the beginner stickies, go into the Trading Systems forum and read, in its entirety, the James16 Chart Thread to learn the basics of Price Action Analysis.

Take care

Dial

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Quoting ICUB42

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This chart shows the day changeover on the yellow bars. You can see how even on the days that moved down there was first an upward movement.

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Quoting karmostaji

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Patience
Discipline
Stick to your rules
MM

you'll be successful

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Quoting ICUB42

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ok, if the chart dos not come up this time (A) is two lines to the right of the yellow line (B) is about 12 lines to the right of the yellow line.

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Quoting ICUB42

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Thanks iinzall, one can learn something from everything.

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Quoting SunTrader

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There is no good way to catch 10 pips safely.

Every time you put a trade on, your money is at risk.

Without proper risk and trade management, failure is inevitable.

You need to find a strategy that works for you and that you can stay disciplined to, but trying to just get 10 pips is kinda like saying "I don't need to win all $10 million of a lotto prize. Half is ok, even less would be pretty good." I have heard that kind of talk and think it is mighty generous of someone who hasn't won zippo. So looking for "just" 10 pips before you even put the trade on is the same thing.

The amount your trade should generate each time should be based on what the market will give you at that time. It should never be a set amount. Have a target price of course, but based on your strategy.

Because as someone has already pointed out, you might get 10 pips 5 times in a row and then have a loss to wipe all that out. Then what?

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Quoting jest1081

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hi iinzal,

May i tell you that from my limited FX experience earning 30 pips with a 20 pip SL is easier than earning 10 pips with a 50 pip SL. The returns are surely much better.

Sure on really good days scalping can be very lucrative but a 1:5 system is absurd! Do your maths. 1 loss will require 5 wins to break even! Just that wait to get back to BE will cause you to psychologically 'Risk' more so that you can get back in the game quickly hoping that you could go abt your usual business. In due time the hurt will be felt. Im speaking from experience and 2 busted accounts. BIG FAT MARGIN CALLS.

In FX one bar in any timeframe could be worth 20 pips on volatile times. how fast are your fingers? Say you trade the minute bar? Else if you give yourself a chance, the major moves of a day in FX usually is done in minutes, its the trend that last the hours, days, weeks...

Do yourself a favor, if you really wanna scalp go try index futures, trade the ej, nq, es, er and im really reckoning that. Just by paying the spread in FX will cause you to be in a deficit on your trade and you think 10 pips is easy? losing 20 pips is easier...anytime.

regards
jest

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