Any system that generate only 10 pips/day? | Forex Factory

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Any system that generate only 10 pips/day?

  • #1
  • First Post: Jun 26, 2008 3:29am Jun 26, 2008 3:29am
Please let me know by any experience trader having a system that generate only 10 pips per day.

Thanks for the support
  • #2
  • Jun 26, 2008 4:27am Jun 26, 2008 4:27am
Quoting ionline
Please let me know by any experience trader having a system that generate only 10 pips per day.

Thanks for the support
Hi,

A few comments to your request.

Firstly, there are many "systems" about that make a claim for even more than 10 ticks/day.

Secondly, I would be happy with a "system" that makes 1 tick/day if there was no RISK involved.

Thirdly, you will have to put your own hard work and research into it - otherwise it won't work in the long run.

And last but not least, if you comprehend the above, you are one step closer in the right direction.

regards,
daytrading
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  • #3
  • Jun 26, 2008 4:52am Jun 26, 2008 4:52am
Any system which will be generating 10 pips per day will be risky system.

You need a perfect entry to minimize your SL and 1, 2 pips of spread (it's 10 or 20% of your win).

When i'm starting I also want to grab 10 pips per day (still I learn how to do that). I'm doing it on GBP/USD waiting for some levels of support or resistance and then place an order with 10pips TP, If my SL is hit (18 pips), then I'm waiting for next level and double my lot size, If SL hit then double it again and again. I'm doing this for 6 months (no margin call) and average in 2nd or 3rd attemp I've got my pips (broker have got more, but this is the cost). And it's working for me.
  • #4
  • Edited 2:21pm Jun 26, 2008 1:55pm | Edited 2:21pm
Can you be awake and at your computer at London open? Then take a look at Daily95 - scale it down and watch it close.
http://www.forexfactory.com/showthread.php?t=44246
I don't remember all the pairs it trades, but just go for the smallest spread, which is the euro.
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  • #5
  • Jun 26, 2008 3:45pm Jun 26, 2008 3:45pm
Take a coin write Buy on the one side and Sell on the other.
Any time of the day flip it and take the outcome with a TP of 10.
Here's your 10Pip a day sytem.
I hope you understand why your question is a bit silly.
  • #6
  • Jun 26, 2008 4:48pm Jun 26, 2008 4:48pm
the system never "generates" any pips....

the market does all the work, for better or worse.

you're better off admitting that early, than getting frustrated when the market doesn't obey the system's rules.
  • #7
  • Jun 26, 2008 9:55pm Jun 26, 2008 9:55pm
io: There were three more quick trades just like those two. Some were good for more than 10 pips. Most had a SL of 10. Good R/R. 50% ROI in one day.
See post 1885:
http://www.forexfactory.com/showthre...73#post2062373
  • #8
  • Jun 26, 2008 10:00pm Jun 26, 2008 10:00pm
From my biased point of view. A 10 pip a day system is about the worst type of system you could get. If I'd made 50 pips last week that would only have been 1.5% using my lot sizes and mm rules. Don't limit yourself.
  • #9
  • Jun 26, 2008 10:01pm Jun 26, 2008 10:01pm
looks like someone read the thread about what 10 pips a day gets you...

to the OP, maybe if you researched things yourself...e.g. read the "trading system" forum, experiment for yourself, etc. Asking questions like this will only lead to questions like "why do i lose money?" later.
  • #10
  • Jun 26, 2008 10:07pm Jun 26, 2008 10:07pm
Quoting tdion
the system never "generates" any pips....

the market does all the work, for better or worse.

you're better off admitting that early, than getting frustrated when the market doesn't obey the system's rules.
Huge tip.... Don't dismiss it.
  • #11
  • Jun 27, 2008 8:56am Jun 27, 2008 8:56am
Quoting randont
From my biased point of view. A 10 pip a day system is about the worst type of system you could get. If I'd made 50 pips last week that would only have been 1.5% using my lot sizes and mm rules. Don't limit yourself.
Not necessarily true my friend. If you have a large account, you can trade large lots. Think about it.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #12
  • Jun 27, 2008 10:53pm Jun 27, 2008 10:53pm
Quoting ionline
Please let me know by any experience trader having a system that generate only 10 pips per day.

Thanks for the support
Ionline, no system offers a guarantee of +10 pips every day, if that’s what you’re asking. If you mean an average of +10 pips, then that is achievable, provided you have a method of entry and exit that gives you the necessary edge.

It’s more realistic to think in terms of expectancy, or profit factor, i.e. net pips returned divided by pips risked. To average +10 pips per day, you will likely need to catch significantly larger than 10 pip moves, in order to overcome the spread costs that occur on every trade. Over time costs can add up to a significant amount, especially if you're trying to scalp small moves.

There’s a good post here from a professional trader with more than 25 years' experience. I mention it because he specifically discusses the "number of pips per day" sales pitch used by vendors. Of course his approach is only one of the many that are possible, but IMHO it gives a pretty fair indication of what’s realistically achievable, and the way we need to think in order to achieve it.
http://www.forexfactory.com/showthread.php?p=205799

Good luck,
David
  • #13
  • Jun 27, 2008 10:58pm Jun 27, 2008 10:58pm
I can't write EAs which can guarantee 10 pips a day, but I can guarantee an EA which never has losses.

How? Simple. Don't trade.


The short answer is: None exist.

The long answer is: 10 pips a day consistently every single day is damn near impossible from a completely mechanical system. There's another programmer somewhere on this forum named Nealc99. He's been shooting for a 500 pip/week EA, and--to my knowledge--cannot get anything to be that efficient.
  • #14
  • Jun 28, 2008 2:43pm Jun 28, 2008 2:43pm
Keep in mind that no single indicator or an automated system can guarantee you victory in the trading game.
  • #15
  • Jun 28, 2008 5:37pm Jun 28, 2008 5:37pm
10 pips a day from any of the major pairs would be a disappointment. EUR/USD, for instance, ranges up to 200 pips... if you could only grab 10 of those, with a reasonable stop (20-30 pips?), your system is going to kill you in the long run.
The market reveals who we really are...
  • #16
  • Jun 28, 2008 8:15pm Jun 28, 2008 8:15pm
shadowninja,

I would imagine that the author wants a guaranteed (risk-free) 10 pips a day.

My thinking being that if you can guarantee 10 pips, then no need for risk management, and you can bet the entire account.
  • #17
  • Last Post: Jun 29, 2008 5:42am Jun 29, 2008 5:42am
Quoting Ronald Raygun
shadowninja,

I would imagine that the author wants a guaranteed (risk-free) 10 pips a day.

My thinking being that if you can guarantee 10 pips, then no need for risk management, and you can bet the entire account.
If he does think that he should stop investing money (no matter if options stock or whatever) right NOW!
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