Quoting WarmagusDislikedcesarnc, thanks for posting that system.Ignored
tick chart vs minute chart 17 replies
What is the best ADX period to trade on a 5 minute chart? 0 replies
Quoting WarmagusDislikedcesarnc, thanks for posting that system.Ignored
Quoting ProdiGDislikeda consistent 10 pips/day can turn 1k into 1million within 1 year.(have the spread sheet if anyone is interested)Ignored
Quoting GeldschluckerDislikedPlease post the spread sheet. Many thanks in advance.
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Quoting ProdiGDislikedi only shoot for 10 pips a day because making a consistent 10 pips/day can turn 1k into 1million within 1 year.Ignored
Quoting cesarncDislikedHi ProdiG,
Today (Fri) Euro soared to such a level that I supposed I could make a few pips out of the natural descent. I have this material - attached - from which I took only the "Micro Trading" part to share. - the whole file is 2,5MB, but I can send you if you wish.
I followed e-x-a-c-t-l-y the steps in this material - charts, studies, wait for this and that and BANG!!! made myself 20 pips in about 20 minutes...
I advise you to read this material along with EUR-USD's today historical to see when you would be confortable going Short and when get out with 20 pips in the pocket ...
But hey! it looks like this strategy's to scalp a few profit only, ok?Ignored
Quoting 4xCoderDislikedHere's one spreadsheet for calculating the compound return based on weekly returns. It'll show you the lots you need to trade for each level.
I didn't build this, btw, just found it on another board.Ignored
Quoting cesarncDislikedHi all,
I was working with the spreadsheet posted by 4xCoder here and changed a few things to fit my needs. Please have a look at it attached.
Main parameters figures wasn't changed. Just dates and the beginning balance.
Now, starting with $1,000 (NBD*) / 100pips a week (NBD???*) / 5% risk / -30pips stop loss / max 200 lots per trade (NBD*) you make $2 MILLION within 1 year.
(NBD) - Not a Big Deal
Well, Excel takes everything. Question is: is this REALLY feasible? As far as I can see, key figure here is 100 pips a week (average, of course) which doesn't seem a delusion to me... Am I wrong?
I'm trying to establish achievable goals to myself and I'll be able to work full time in Forex during 2007. Are you guys saying that I'll make TWO freaking million dollars THAT WAY? I can't believe it, but I couldn't find the mistake here...
NOW I need some help....
CésarIgnored
Quoting aswilledDislikedA million dollars can easily be made if you trade everyday and trade no less than 10 lots. The object is to trade correctly. If you can trade .1 to 1 pip and achieve success, you can do the same with any amount of lots. You just have to have the money in the bank to cover such a large bet. Otherwise a margin call will wipe you out. I have made $26,000+ in 11 hours and $36,000+ in 7 hours last month. And thats just two of the trades I did. And I trade everyday that I can. And I did that with 10 lots. With $10,000 in your account, you can make 6 figures every month if you are trading a volatile currency like the pound.Ignored
Quoting Pip RageDislikedWhile my main trade for the week is the break-out of the weekly opening range(the first 18 hours), I'll switch to 1 minute charts if my weekly limit or stop is hit(I won't re-enter because there's only one weekly opening range each week)
I've found that while using a 5 min chart for direction (or lack thereof), the 1 min is superb for taking tiny bites out of a trending or oscillating market during the early European session.
I use a 20 period EMA and 20 period CCI(+100/-100) to time my entry. The beautiful part of the 1 min chart is that if you only enter when the 1 min pull-back is weakening(according to the CCI) then your heat tolerance can be really, really low. In fact, if your timing is right, you'll know your position is in serious trouble when you're only 5-6 pips down. It takes patience but its very reliable.
The equivalent knowledge in a 15-min chart could easily cost 30-50 pips and if that's your risk profile, you might as well trade opening ranges, shoot for 100 pip profits and check your positions twice daily.
I've become very disenchanted with every time frame between 5 mins and daily. They just don't seem to give me value for money(or value for the time invested).
But there's rarely a day that little pieces of gold aren't available for anyone prepared to watch a 1 min chart for a couple hours.
Just wait for the right time to strike, be happy with 5-10pips and make sure your method is no more than a crude profit-taking vehicle. Complex models seem to struggle on low time frames.
Just my opinion.
Cheers
KenIgnored