i need 5-10 PIPS ONLY per DAY! | Forex Factory

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i need 5-10 PIPS ONLY per DAY!

  • #1
  • First Post: Dec 23, 2006 6:24pm Dec 23, 2006 6:24pm
guys....i need 5-10 pips profit ONLY per day...what is the best strategy i could use for this without risking too much?


any help is appreciated
  • #2
  • Dec 23, 2006 6:28pm Dec 23, 2006 6:28pm
its good to want to not be greedy but 5 to 10 pips a day isnt that great of an idea i think..because if you end up losing then it takes even more to gain it back. Let your profits run and cut your losses short. When i started out i tried doing the same thing then i lost a few trades and it took forever to gain it back, and the only way i gained it back was by letting my profits roll out. Good luck.
I dream, therefore I become.
  • #3
  • Dec 23, 2006 6:38pm Dec 23, 2006 6:38pm
5-10 is a good goal, but I think it would be best to let your profits run. If you are only looking for only 5-10, then why not trail the trade once you get your profit, that way you can lock in profits and possibly get more out of the trade.
Just my thoughts.
  • #4
  • Dec 23, 2006 6:42pm Dec 23, 2006 6:42pm
"Let your profits run and cut your losses short."
Profound advice. Period.

There will be losses. So far the "Grail" has been elusive. Accept the fact that you will not be 100% correct, only that your Winning Pips should {will} outstrip your Losing Pips.

Now you are left with researching Crosses and/or Breakouts or pure Price Action. I wish you luck in whatever you choose.
  • #5
  • Dec 23, 2006 6:45pm Dec 23, 2006 6:45pm
patience/chart reading skills-you might even get 100 pips
Attached Image
Trade what you see - Not what you think
  • #6
  • Dec 23, 2006 6:51pm Dec 23, 2006 6:51pm
Would I be correct in assuming you are looking to scalp 30 pips on a Long Trade to 1.3175 or so? Just wondering...
  • #7
  • Dec 23, 2006 6:57pm Dec 23, 2006 6:57pm
The answer, nothing... Well practice and devellop your own strategie.(base on other if you like)
Hope that was so easy!
If you have a system that give you for sure 5-10 pips everyday... Your rich. (5pip/day * 5 lot * 10$/lot = 250$/day really good)...

But its not so easy... Those that claim to do this... first they average there gain(ex.50 per week on one trade/5day).
And/or they apply strict rules and/money management.

Its harder mentaly to gain 5 than 50 (Its my opinion), Like 'djudah' said "Let your profits run", after 5 pip you would said maybe i'm able to get 10, badaboom your dead...
With long term overview,you set and forget(Well its just a way to say this). Once you have made 25-30 pip you secure your position(Move sl to entry price, and let the reste go).

5-10 pip can be considered scalping
at least for 5 pips. But gain 5 time(5pip) and loose 1 time your sl 30 and your down...
To really gain 5-10 pip a day, yes you can do this, but you have to be a robot(No emotion)
Try to win 4 hard trade of 5 pip an then loose rapidly 30pip in 1 trade... Hard for the mind...
Sorry for my bad english translation
  • #8
  • Edited 7:15pm Dec 23, 2006 7:03pm | Edited 7:15pm
You talking to me Bemac? lol


In my posted chart, I would be skiing by now after taking the earlier moves!
I actually took this trade- you can clearly see the the pair topping out and then the indicators gave clear signals plus the usd/chf had hit bottom- you know the routine- it's all about price action with a little help from my friends.

btw- where is your VT forum now? I use VT charts as well and need to thank you for all of your outstanding work there. Bravo!

I hope Santa brings plenty this season
Cheers~

Quoting Bemac
Would I be correct in assuming you are looking to scalp 30 pips on a Long Trade to 1.3175 or so? Just wondering...
Trade what you see - Not what you think
  • #9
  • Dec 23, 2006 7:11pm Dec 23, 2006 7:11pm
5-10pips per day....15 pip spread = -10 to -5 pip profit....best advice in this thread..."let your profits run".
  • #10
  • Dec 23, 2006 7:27pm Dec 23, 2006 7:27pm
Quoting summitfx
You talking to me Bemac? lol


In my posted chart, I would be skiing by now after taking the earlier moves!
I actually took this trade- you can clearly see the the pair topping out and then the indicators gave clear signals plus the usd/chf had hit bottom- you know the routine- it's all about price action with a little help from my friends.

btw- where is your VT forum now? I use VT charts as well and need to thank you for all of your outstanding work there. Bravo!

I hope Santa brings plenty this season
Cheers~
Thank you for the Santa Wishes. I've already warned a few women that "If a big fat guy in a red suit tries stuffing you in a bag, try to relax, it's only because I made a Christmas Wish."

VT Forum didn't maintain the traffic required to make it a viable expense of bandwidth. The news Traders probably {even if they don't know} appreciate it.

Your Posted Chart.
Did you take the previous suggested Trades? More to the point, are you taking the most recent one?
  • #11
  • Dec 23, 2006 8:03pm Dec 23, 2006 8:03pm
Quoting summitfx
patience/chart reading skills-you might even get 100 pips
yep all good advice, nice chart summit. I had taken the same trade based on simple s/r and PA. Why go for 5-10 pips when you can go for much more with good risk to reward ratios. Less stressful in my opinion

Merry xmas
Mike
Attached Image
  • #12
  • Dec 23, 2006 8:18pm Dec 23, 2006 8:18pm
Quoting aqibsherwani
guys....i need 5-10 pips profit ONLY per day...what is the best strategy i could use for this without risking too much?


any help is appreciated
what kind of % returns are you looking for?
  • #13
  • Dec 23, 2006 9:14pm Dec 23, 2006 9:14pm
Quoting summitfx
patience/chart reading skills-you might even get 100 pips
Yes... a Big scalp...
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  • #14
  • Dec 23, 2006 10:26pm Dec 23, 2006 10:26pm
Bemac:

I don't take them all. It all depends on where I sit for the day, week , month etc.. I definetly play the pivot and support lines. Lots of factors come into play... and I'm currently flat- Stuck inside of Denver with the Memphis blues again.


Quoting Bemac
Thank you for the Santa Wishes. I've already warned a few women that "If a big fat guy in a red suit tries stuffing you in a bag, try to relax, it's only because I made a Christmas Wish."

VT Forum didn't maintain the traffic required to make it a viable expense of bandwidth. The news Traders probably {even if they don't know} appreciate it.

Your Posted Chart.
Did you take the previous suggested Trades? More to the point, are you taking the most recent one?
Trade what you see - Not what you think
  • #15
  • Dec 23, 2006 10:28pm Dec 23, 2006 10:28pm
Nice chart Linux- I downloaded the rainbow indicators yesterday. So many indicators so little time

Quoting linuxtroll
Yes... a Big scalp...
Trade what you see - Not what you think
  • #16
  • Dec 23, 2006 10:51pm Dec 23, 2006 10:51pm
The best strategy I can think of that will at least give you 10 pips is in a macd divergence. You can always use triangles at pivot or fibo levels. But if you know how to look for these things you will quickly find out that you are cheating yourself. Also, you better not have a losing trade taking more than five - ten pips. Loss is inevidable. You need a win ratio higher than your losses. I am going to tell you like I tell many on this forum, stop trying to slick the market by using boxed systems and making whimsical trades. Build a solid education in technical analysis and you will get rich.
A. Finesse Williams Making Millions One Pip At A Time!
  • #17
  • Dec 23, 2006 11:42pm Dec 23, 2006 11:42pm
"Let your profits run and cut your losses short."

Very good advice indeed. But not easy to do, or maybe because i don't understand it well.

Can anyone give a trade example that describe the use of this advice?
thx.
You can't make the market move, but you surely can follow the move!!!
  • #18
  • Dec 24, 2006 12:17am Dec 24, 2006 12:17am
Join the SRDC I team.
Change Your Thinking. Change Your Life - JD
  • #19
  • Dec 24, 2006 12:54am Dec 24, 2006 12:54am
Quoting OrangeRoshan
Join the SRDC I team.
Yep, look there. About as easy as it gets and introduces you to support, resistance, fundamentals. Education makes money, indicators dont, so dont waste your time trying 250 colorful ones. If your a jobber, look to the systems from larger timeframes. **MONEY MANAGEMENT** < learn it<learn that="" one="" quick="" forget="" about="" lookin="" for="" profitable="" ea="" s="" also="" just="" give="" me="" your="" cash="" if="" you="" wanna="" waste="" it="">

Read till your eyes bleed, then read more.</learn>
  • #20
  • Dec 24, 2006 1:21am Dec 24, 2006 1:21am
"Let your profits run and cut your losses short."

Hmm... I only started making money when I did the opposite of this maxim.

When I encountered losses I let them run back into profits. Can be an even more positive experience in a carry trade.

When I cut my profits I kept them from turning around to be losses, by taking a certain profit % of my account off the table. Or set limits at determined resistance points.

Prior to this my account was slowly bleeding to death by constantly getting stopped out.

Lou
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