Net/Long term effect of habitual low pips targets on account size | Forex Factory

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Net/Long term effect of habitual low pips targets on account size

  • #1
  • First Post: Edited 4:54pm Jul 20, 2008 10:33am | Edited 4:54pm
I am often pissed off by people who tells me they only have an "EVERYDAY TARGET" of 5pips, 10pips, 15pips etc. My problem here is should it be a habit when there are opportunities at times to make 100-400 pips ?

Firstly, if these are constant scalpers, then i have no say because i know scalpers would use large lot size to target small number of pips so as to make significant profit. conversely, using small lot size to target small number of pips by any trader is what i think will be a stupid idea because what effect will that have on the account size ?

My main grudge here is this, this people who say their daily target is this ridiculosly low number of pips,
1. Are they trying to say that the long waves of about 100-400 pips that can be made by a pair in a day/week(especially the yen pairs) is "ALWAYS AND FOREVER" difficult to catch ? i am however not saying it is easy to catch at all times anyway, but my problem here is should it be a habit of only targetting this small pips ? and if it can be a habit, are these traders long term successful traders ?because i have at many times made 100-400 pips trading waves.

2. For those who always mention 5pips, 10pips, 15 pips as their constant target, what net or long term effect does it have on their account size ? To the best of my knowledge scalpers are not succesful traders on the long run, or can any adamant scalper tell me he has scalped just like that throughout a year and he is succesful with his account or has not blown down any ?account ?
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #2
  • Edited 3:34am Jul 24, 2008 2:37am | Edited 3:34am
Quoting robertsonakp
I am often pissed off by people who tells me they only have an "EVERYDAY TARGET" of 5pips, 10pips, 15pips etc. My problem here is should it be a habit when there are opportunities at times to make 100-400 pips ?

Firstly, if these are constant scalpers, then i have no say because i know scalpers would use large lot size to target small number of pips so as to make significant profit. conversely, using small lot size to target small number of pips by any trader is what i think will be a stupid idea because what effect will that have on the account size ?

My main grudge here is this, this people who say their daily target is this ridiculosly low number of pips,
1. Are they trying to say that the long waves of about 100-400 pips that can be made by a pair in a day/week(especially the yen pairs) is "ALWAYS AND FOREVER" difficult to catch ? i am however not saying it is easy to catch at all times anyway, but my problem here is should it be a habit of only targetting this small pips ? and if it can be a habit, are these traders long term successful traders ?because i have at many times made 100-400 pips trading waves.

2. For those who always mention 5pips, 10pips, 15 pips as their constant target, what net or long term effect does it have on their account size ? To the best of my knowledge scalpers are not succesful traders on the long run, or can any adamant scalper tell me he has scalped just like that throughout a year and he is succesful with his account or has not blown down any ?account ?

Question...what in the world makes you assume that scalpers are not successful in the long run? Your totally misinformed... BIG TIME!

There are more opportunities to successfully scalp than there are to grab the 100 - 400 pips. I scalp and I also trade long term and I can tell you that you need to do more research on the subject before you conclude that scalpers are not successful in the long run. I do look for my 25 pips on Monday to Thursdays and 10 pips on Sunday and Fridays. I always achieve them and I do trade nice size standard lots.

When was the last time you read anywhere that scalping doesn't work? When was the last time you read anywhere that scalping doesn't work in the long run? I never have and I have traded longer than you have.

You know what they say about assuming..........
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #3
  • Jul 24, 2008 2:45am Jul 24, 2008 2:45am
Quoting robertsonakp
I am often pissed off by people who tells me they only have an "EVERYDAY TARGET" of 5pips, 10pips, 15pips etc. My problem here is should it be a habit when there are opportunities at times to make 100-400 pips ?

Firstly, if these are constant scalpers, then i have no say because i know scalpers would use large lot size to target small number of pips so as to make significant profit. conversely, using small lot size to target small number of pips by any trader is what i think will be a stupid idea because what effect will that have on the account size ?

My main grudge here is this, this people who say their daily target is this ridiculosly low number of pips,
1. Are they trying to say that the long waves of about 100-400 pips that can be made by a pair in a day/week(especially the yen pairs) is "ALWAYS AND FOREVER" difficult to catch ? i am however not saying it is easy to catch at all times anyway, but my problem here is should it be a habit of only targetting this small pips ? and if it can be a habit, are these traders long term successful traders ?because i have at many times made 100-400 pips trading waves.

2. For those who always mention 5pips, 10pips, 15 pips as their constant target, what net or long term effect does it have on their account size ? To the best of my knowledge scalpers are not succesful traders on the long run, or can any adamant scalper tell me he has scalped just like that throughout a year and he is succesful with his account or has not blown down any ?account ?
scalpers = hyper traders
swing traders = lazy traders
heh, I don't know.
  • #4
  • Edited 3:13am Jul 24, 2008 3:03am | Edited 3:13am
Quoting Clouds
scalpers = hyper traders
swing traders = lazy traders
heh, I don't know.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #5
  • Jul 24, 2008 3:23am Jul 24, 2008 3:23am
Quoting CTGUY
There are more opportunities to successfully scalp than there are to grab the 100 - 400 pips. I scalp and I also trade long term and I can tell you that you need to do more research on the subject before you conclude that scalpers are not successful in the long run. I do look for my 25 pips on Monday to Thursdays and 10 pips on Sunday and Fridays. I always achieve them and I do trade nice size standard lots.


You know what they say about assuming..........
Fine , i quite admit that there are more opportunities to scalp than target large pips however from ur comments i see that your present success i guess is simply because YOU DONT SCALP ALONE. if you do then the market should have eaten you alive. let a constant scalper that has scalped successfully for 1 year prove me wrong !
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #6
  • Edited 3:58am Jul 24, 2008 3:33am | Edited 3:58am
Quoting robertsonakp
Fine , i quite admit that there are more opportunities to scalp than target large pips however from ur comments i see that your present success i guess is simply because YOU DONT SCALP ALONE. if you do then the market should have eaten you alive. let a constant scalper that has scalped successfully for 1 year prove me wrong !
My scalping account is separate from my other accounts. A successful trader that trades as a scalper and a long term trader shouldn't use a single live account.

Your assumptions that my account would be eaten alive if I scalped exclusively is totally incorrect. Please stick with facts when your in discussion about a subject or topic that you either know nothing about, or are not successful in.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #7
  • Jul 24, 2008 3:36am Jul 24, 2008 3:36am
Quoting Clouds
scalpers = hyper traders
swing traders = lazy traders
heh, I don't know.
scalpers = short term succesful traders
adamant scalpers = long term failures
swing traders = long term successful traders
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #8
  • Jul 24, 2008 3:46am Jul 24, 2008 3:46am
Quoting CTGUY
Consider yourself proven wrong again. My scalping account is separate from my other accounts. A successful trader that trades as a scalper and a long term trader shouldn't use a single live account.

Your assumptions that my account would be eaten alive if I scalped exclusively is totally incorrect. Please stick with facts when your in discussion about a subject or topic that you either know nothing about, or are not successful in.
A good idea you had separated both accounts. KUDOS ! for that account on which scalping is exclusively done, can i please be shown a long term track record of performance ? pleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeese ! just for a second.

i should take after you at least you've been trading before me.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #9
  • Jul 24, 2008 3:52am Jul 24, 2008 3:52am
Quoting CTGUY
And this comes from the trader that has a negative trade of 2,250 pips and is still in the trade?

http://www.forexfactory.com/showthre...58#post2125558

I don't think your an authority on short term or long term...lol
opened the account only to trade with litlle concentration and insignificant fund, an abandoned account, left the broker long ago , doing tremendously well with my real brokers. huu mind you i am an account manager ! so if i am not you know i should have crashed out long ago.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #10
  • Edited 4:26am Jul 24, 2008 3:56am | Edited 4:26am
Quoting robertsonakp
A good idea you had separated both accounts. KUDOS ! for that account on which scalping is exclusively done, can i please be shown a long term track record of performance ? pleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeese ! just for a second.

i should take after you at least you've been trading before me.
You should go to my journal my friend. It is a scalping system that performs very well for me. My success record is impressive. I can't mentor new people at this time. Although I can suggest that you use Stop Losses when you trade from this point on.

I want to convince you that scalping does work... send me a pm my friend and I have a system for you to try out... peace offering.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #11
  • Jul 24, 2008 8:11pm Jul 24, 2008 8:11pm
wow this thread is too funny! It is much easier to determine what is about to happen 10 seconds from now than it is 1 hour from now. What is easier to catch, 5 pips at $500 a pip or 50 pips at $50 a pip? Which do you think will happen faster, a 5 pip move or a 50 pip move???? Oh and I forgot scalpers sit at their computers all day long waiting for that 5 pip move lol
  • #12
  • Jul 24, 2008 8:17pm Jul 24, 2008 8:17pm
Also how do you think a lot of pit traders trade? If they were long term traders wouldn't it be more beneficial for them to make trades over the phone versus paying the high fees associated with trading in the pit? I know I personally would not want to pay the fees associated to trade in the pit if I were going to come in and place 1 trade a day or perhaps one every few days.
  • #13
  • Edited Jul 25, 2008 10:09am Jul 24, 2008 10:42pm | Edited Jul 25, 2008 10:09am
This guy knows absolutely NOTHING about compound interest, Einstein even said that it was better than all of his formulae!!!!


  • #14
  • Jul 24, 2008 11:01pm Jul 24, 2008 11:01pm
I know of two traders who are very successful with just 10-15 pips a day. They primarily trade the London open and when they reach their target they close and they are done for the day. They trade relatively large lots with small stops. They have perfected their system and it works for them. Their goal is to make enough to live on without living in front of the computer. Most of the time they are done in less than 30 minutes. Not a bad way to make a living if you ask me. I have seen their account statements, in fact I have been there for some of their trading. Over the last 4 years they have never had a year with less than $250,000 U.S. in profits. 30 minutes a day 4-5 days a week 250,000 a year, not bad if you ask me. Both were smart enough not to quit work until the system was working. They only make 1 withdrawal from their account per year.

What I don't understand is why what someone else is doing really bothers you? If they are reaching their goals good for them. A persons trading methodology is theirs and theirs alone.
  • #15
  • Jul 24, 2008 11:11pm Jul 24, 2008 11:11pm
Quoting fxRichard
wow this thread is too funny! It is much easier to determine what is about to happen 10 seconds from now than it is 1 hour from now. What is easier to catch, 5 pips at $500 a pip or 50 pips at $50 a pip? Which do you think will happen faster, a 5 pip move or a 50 pip move???? Oh and I forgot scalpers sit at their computers all day long waiting for that 5 pip move lol

Im not hating on anybody, they can do what ever that makes them happy. yeah 5 pip at $500 a pip sounds very good, but you have to account the fact that it might go the other way, then ur losing $500 a pip lol. i dont think i have the patience to look at 5 mins charts all day long.
  • #16
  • Jul 24, 2008 11:44pm Jul 24, 2008 11:44pm
Quoting CTGUY
This guy who is 2,250 pips in the negative and still declining and uses the excuse that he forgot about the trades... comes to this thread and trashes scalpers.


Interesting is that he didn't just come to the thread- he created it for the sole purpose of knocking scalpers.

At least five scalps a night minimum for me anywhere between 5-10 pips. I get paid easy money to sleep while some people complain about it.... okey dokey.
  • #17
  • Jul 25, 2008 3:56am Jul 25, 2008 3:56am
I don't believe people should rubbish a technique that they obviously have no understanding about, the posts above have confirmed that scalpers make a profit short and long term.

I personally am a scalper and a day trader, I use two separate accounts and trade both a the same time, mainly because when my day trades are on I scalp for something to do.

I might add as well that both accounts are profitable, I live off my trading and have done so for around a decade and a half.

So if you don't understand how someone dose what they do, you should ask questions about it, not rubbish what someone else dose as everyone will trade differently to suit their own personality.

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #18
  • Jul 25, 2008 4:16am Jul 25, 2008 4:16am
Quoting Go Getter
I don't believe people should rubbish a technique that they obviously have no understanding about, the posts above have confirmed that scalpers make a profit short and long term.
cheers
well i have not seen any long term successful scalper(habitual) around me.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #19
  • Edited 5:17am Jul 25, 2008 5:01am | Edited 5:17am
Quoting robertsonakp
well i have not seen any long term successful scalper(habitual) around me.
I have yet to see one person that agrees with you, but I do see several that has picked up on your inexperience and your incorrect assumptions. I see no further need to challenge those that do know how to trade. My advice is to be friendly with them and learn the forex and you may one day be a successful yourself instead of being bitter and showing resentment toward successful traders.

Jump out of your 2,250 negative pip loss and associate yourself with someone that is successful in their trading and turn your self around. Other have learned from their mistakes. But attacking successful traders on this forum will not win you any friends. As far as your statement, not knowing any long term successful traders, well, if you did, they would tell you to learn the definition of a stop loss and to never forget that your in a forex trade. Your the first person I have heard of that entered a trade and forgot you were in it for several months.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #20
  • Jul 25, 2008 5:28am Jul 25, 2008 5:28am
Quote
Originally Posted by robertsonakp http://www.forexfactory.com/images/buttons/viewpost.gif
well i have not seen any long term successful scalper(habitual) around me.

Well Mate all I can say to that is this,

My business mentor said to me right from the beginning that if you want to be successful at something then you look for the best and hang around them and study their every move so that you can learn from them.

That message that he put into my head still sits with me even today, whatever new adventure that takes my attention the first thing I do is find out who is the best and track them down and take them out for dinner to soak in the wisdom that they might share.

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
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