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Everyday I make around 80 pips

  • #21
  • Jun 13, 2007 6:11pm Jun 13, 2007 6:11pm
Quoting WTB
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.
What should I do if it doesn't pullback?
  • #22
  • Edited 3:44am Jun 14, 2007 3:33am | Edited 3:44am
Quoting Bemac
What should I do if it doesn't pullback?
If I get no confirmation and the train simply takes off right away, I wave goodbye and let it chug away without me. There's always more breakouts the next day.

Let me explain with a graphic example. It's my last breakout trade, taken two days ago on EURUSD for +35 pips.

Flat-top triangle breakout to the downside in the direction of the trend (if it had broken to the upside, I would have passed). Then we get a one bar-pullback (see that green bar after the breakout?), which in the shorter time frames (what I call "the trigger chart") looks like a proper breakout+pullback+continuation pattern. Entry as we made new lows below the breakout thrust low.
Attached Image
  • #23
  • Jun 15, 2007 4:30am Jun 15, 2007 4:30am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting WTB
If I get no confirmation and the train simply takes off right away, I wave goodbye and let it chug away without me. There's always more breakouts the next day.

Let me explain with a graphic example. It's my last breakout trade, taken two days ago on EURUSD for +35 pips.

Flat-top triangle breakout to the downside in the direction of the trend (if it had broken to the upside, I would have passed). Then we get a one bar-pullback (see that green bar after the breakout?), which in the shorter time frames (what I call "the trigger chart") looks like a proper breakout+pullback+continuation pattern. Entry as we made new lows below the breakout thrust low.
Can you please suggest me some sites, where I can look for more information.
All things are difficult before they are easy.
  • #24
  • Jun 15, 2007 5:44am Jun 15, 2007 5:44am
Quoting vrama
Can you please suggest me some sites, where I can look for more information.
There are plenty of information about breakouts on the internet. If you want to have a look at my trading blog where I post my breakout trades in detail, you're very welcome.
  • #25
  • Jun 17, 2007 10:24pm Jun 17, 2007 10:24pm
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting WTB
There are plenty of information about breakouts on the internet. If you want to have a look at my trading blog where I post my breakout trades in detail, you're very welcome.
Thank you very much. Very usefull information.

I will go thru again n again to learn more.

thanks
All things are difficult before they are easy.
  • #26
  • Jul 11, 2007 4:49am Jul 11, 2007 4:49am
it seems vrama ur not planing a trade and ur not trading the plan the best way to keep winning trade is to look where major support and resistance levels so u keep ur syopp loss and ur winning target so in this way u can be disciplened and u keep ur account alive and one more thing work also on psycology of ur self in trading .......
  • #27
  • Nov 27, 2008 2:54am Nov 27, 2008 2:54am
your problems is one of the following:
1= leave trade over night
2= leave trade and go out do do your daily stuff
3= extand your stop loss if u think trade is going in wrong direction, and u hope it will come back.
4= let a lossing trade run.(its call emonational trading)

im telling u these things cos these are trading pit fall, 95% people fell in to and they give up trading, i was one off them but never give up, dont do what is above and you will see you money grow, getting 40 pips per day by 4 month u have £68000, but u r getting 80 pips, imagen how much money can u make. its up to u, to make or break.

(my spelling is not that good, but math is very strong)
thanks
  • #28
  • Nov 27, 2008 2:27pm Nov 27, 2008 2:27pm
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
Can't explain it, know where you're from. Earned 25-100% several days each week for a few months, only to lose it the same or next day.
  • #29
  • Nov 27, 2008 7:41pm Nov 27, 2008 7:41pm
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...
Try setting your limit profit twice as far as your stop. This way you have 2/1 risk/reward in every trade. If your stop is at 40 you will collect your 80 you say you get everyday
  • #30
  • Nov 27, 2008 11:57pm Nov 27, 2008 11:57pm
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.
Thats is GOOD advice-Listen to this guy and u will profit more than u dont-maybe. It seems like a classic metamorphous from new trader to broke trader to wiser trader happening before our eyes. We all been there too.Hope he makes it!
FF = Forex Faggots
  • #31
  • Nov 30, 2008 2:01pm Nov 30, 2008 2:01pm
im from london, i learnt the hard way, don make the mistake, what i have listed in pervious replay, once u make your profit , stop trading for day, dont over trade, stick to ruls.winning rule is : minimise losing trade and increse winning, your choice my friend,
good luck
  • #32
  • Nov 30, 2008 8:11pm Nov 30, 2008 8:11pm
This thread is over a year old.

But since it seems like it's still relevent I'll add my 2c worth.

If you can make 80 pips a day and you can compound that you will have a very large account in short order.

If you make that many pips a day, consistently, then you are doing very well. Set that as a goal and be patient. You will reach your financial objectives.

Good luck to everyone.
  • #33
  • Nov 30, 2008 8:47pm Nov 30, 2008 8:47pm
Are you interested in discussion?
You are here for either, refinement of Your Method or Promotion of Your Method & are, therefore possibly, in the wrong forum.

Q. Are you Bragging or Informing?

I don't need Statements, just a short list of Trades would suffice to quell all my hesitations.



ps. i'm over a year old * 55.
  • #34
  • Last Post: Dec 1, 2008 2:02am Dec 1, 2008 2:02am
10 pips a day will make you very rich. having said that, i think it is very important not to be greedy, cocky or have the "i am a trading god" mentality. have a plan, stick to it, don't question it.
after you have made a successful trade for the day, stop trading, unless you are quite sure that the trade you are looking at opening is going to be profitable.
a lot of discipline is required in the world of forex
Twitter: @forexpokerpro
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