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Attachments: 150-200 pip/month without technical indicators.
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150-200 pip/month without technical indicators.

  • #81
  • Aug 10, 2008 7:40pm Aug 10, 2008 7:40pm
Good luck to you too micro. I'll be on the road today so will be trading mobile and might not get a chance to post up my trades until tomorrow.

You mentioned you're in Malaysia? Which part?
  • #82
  • Aug 10, 2008 7:47pm Aug 10, 2008 7:47pm
Quoting la_maya_k
Good luck to you too micro. I'll be on the road today so will be trading mobile and might not get a chance to post up my trades until tomorrow.

You mentioned you're in Malaysia? Which part?
cheras...and you?..
  • #83
  • Aug 10, 2008 8:39pm Aug 10, 2008 8:39pm
Quoting la_maya_k
Luke, thanks for enlightening me on the martingale part. Is any increase is martingale, regardless double or not, then I might as well go ahead and call it martingale

As for whether or not I feel that I'm missing out on a lot of pips for quitting trading the whole week, how do I explain...

Although I haven't been trading that long, in the beginning I've always felt the frustration of not being able to keep pips. Making them is not all that hard, but the real issue for me is losses that occur before or after that shadow the profits I made. Not only was I testing this strategy without these restraints as you say, my live account took quite a beating from it.

Ever since I decided to stick with only 50 pips a week, it suddenly feels a whole lot more probable to keep 150-200 pips per month.

May I ask, Tampa Luke, are you already trading live?

I think it is dangerous to look at the charts and start thinking of all the possible pips I can make, or all the ones I missed. That's usually what a new traders get excited about, and that's how I lost my account. But when you trade live, the reality is far different from that.

Just my two cents.
I trade mini lots on oanda. I have been trading live for almost a year. I trade only one pair, one way, profitably. So I am not about to question anybody's trading knowledge because mine is very limited.

You can't blow up your account with a winning system and proper risk management per trade. Doesn't make any sense to stop at 50 or any other arbitrary number. It's like the poker player saying he is gonna get up as soon as he is up a certain amount. That is a flaw, you should stay as long as the game is profitable. So why would trading be any different? If you hit 50 on Monday and stop trading. Then on tuesday you have a great breakout setting up, you don't take it? Does that make any sense?

You aren't going to measure your trading profits by the week, you will measure them by the year. So what happens each week it irrelevant. If you are trading in a well capitalized, profitable way, the results don't matter day to day.
  • #84
  • Aug 11, 2008 6:15am Aug 11, 2008 6:15am
Tampa luke,

"There is more than one way to skin a cat."

Please bear with me regarding my take on how la maya k may be profiting from her strategy.

Although she is admittedly a newbie, I believe her system is quite brilliant despite a couple of detracting comments to the contrary.

Here's my take on one aspect that you brought up for question. The Take Profit of 50 pips within the threshold of the the time frame and order expiry window may on average only allow for a very limited number of 50 pip forays in any given trading week. Perhaps only one. Perhaps that singular 50 pip foray sometimes occurs early in the week and sometimes later (again, within the context of this system's "box" and the short time window when the pending order expires). Perhaps the 50 pip movement generally doesn't repeat the excusion more than once a week. Then la maya k's system is capturing that singularity virtually every time the market offers it. Additional trading for the week under those circumstances would only result in additional losses.

So why push the limit when it is more likely that you will encounter a loss rather than additional profits? Makes perfect sense to me.
  • #85
  • Aug 11, 2008 6:38am Aug 11, 2008 6:38am
Quoting la_maya_k

I think it is dangerous to look at the charts and start thinking of all the possible pips I can make, or all the ones I missed. That's usually what a new traders get excited about, and that's how I lost my account. But when you trade live, the reality is far different from that.

Just my two cents.
Great comments

Good trading IMO is based on projected targets. Dreaming about all the missed pips on the chart will leave u in a spin chasing the impossible. This is a gamblers downfall >> GREED.

Like La Maya. I have targets, managed by my limit order that I use on every trade. Sure i don't catch every pip on offer but I stay in front and that's all that matters.

Being consistent with discipline.

Good trading La maya.
  • #86
  • Aug 11, 2008 6:43am Aug 11, 2008 6:43am
Quoting Tampa Luke
I trade mini lots on oanda. I have been trading live for almost a year. I trade only one pair, one way, profitably. So I am not about to question anybody's trading knowledge because mine is very limited.

You can't blow up your account with a winning system and proper risk management per trade. Doesn't make any sense to stop at 50 or any other arbitrary number. It's like the poker player saying he is gonna get up as soon as he is up a certain amount. That is a flaw, you should stay as long as the game is profitable. So why would trading be any different? If you hit 50 on Monday and stop trading. Then on tuesday you have a great breakout setting up, you don't take it? Does that make any sense?

You aren't going to measure your trading profits by the week, you will measure them by the year. So what happens each week it irrelevant. If you are trading in a well capitalized, profitable way, the results don't matter day to day.
Disagree Luke,

I trade on a 30 min chart on one pair. I have one entry I have a stop of 10 pips a limit of 10pips.

I can trail a second order and i do.

Here's my point even if I trade 1 lot at 10 pips a win I still beat the market each week do i need to catch every pip in the move no. Even on 10pips a win I am above each week. it's all about your system, your targets. Not what you could have made if you held the trade open 1 hour longer.

Profit targets show discipline. That's what make a good trader.

Cheers.
  • #87
  • Aug 11, 2008 6:57am Aug 11, 2008 6:57am
well nothing happen today...time to cancel all the orders
  • #88
  • Aug 11, 2008 8:00am Aug 11, 2008 8:00am
Am in either Cyberjaya or Klang, depending on what days of the week.
Quoting microsuck_36
cheras...and you?..
  • #89
  • Aug 11, 2008 8:27am Aug 11, 2008 8:27am
Micro, did you set up your trades after 5 pm? Because I set mine earlier at 4.40pm, and the small spike at about 5 pm took out my buy trade. No regrets about that, will try again tomorrow, but it makes me think whether ot nor I should study further about opening trades only after 5 pm.

Any thoughts?
Quoting microsuck_36
well nothing happen today...time to cancel all the orders
  • #90
  • Aug 11, 2008 8:32am Aug 11, 2008 8:32am
Quoting Bobcat2
Tampa luke,

Here's my take on one aspect that you brought up for question. The Take Profit of 50 pips within the threshold of the the time frame and order expiry window may on average only allow for a very limited number of 50 pip forays in any given trading week. Perhaps only one. Perhaps that singular 50 pip foray sometimes occurs early in the week and sometimes later (again, within the context of this system's "box" and the short time window when the pending order expires). Perhaps the 50 pip movement generally doesn't repeat the excusion more than once a week. Then la maya k's system is capturing that singularity virtually every time the market offers it. Additional trading for the week under those circumstances would only result in additional losses.

So why push the limit when it is more likely that you will encounter a loss rather than additional profits? Makes perfect sense to me.
Thanks Bob, exactly how I would have tried to put it but you can surely explain it far more aptly than I could.
  • #91
  • Aug 11, 2008 8:40am Aug 11, 2008 8:40am
Quoting >Apocalypto<
Great comments

Good trading IMO is based on projected targets. Dreaming about all the missed pips on the chart will leave u in a spin chasing the impossible. This is a gamblers downfall >> GREED.

Like La Maya. I have targets, managed by my limit order that I use on every trade. Sure i don't catch every pip on offer but I stay in front and that's all that matters.

Being consistent with discipline.

Good trading La maya.
As Apocalypto says it, pips are actually very elusive when you're out to get them. Forex could never be equated to gambling, I remember the times when I pull the trigger with excitement and pounding heart, those are always the trades that turn out to be mistakes I shouldn't have done. Even if they do turn out to be winners, they later on become a very expensive lesson to learn.

I think seasoned traders eventually get tired of trying to chase tonnes of pips, and end up settling for consistent but more reasonable returns each week/month.

But not having to trade long enough to have much say in that, perhaps any seasoned trader out there have some advice to share?
  • #92
  • Aug 11, 2008 8:49am Aug 11, 2008 8:49am
Quoting la_maya_k
Micro, did you set up your trades after 5 pm? Because I set mine earlier at 4.40pm, and the small spike at about 5 pm took out my buy trade. No regrets about that, will try again tomorrow, but it makes me think whether ot nor I should study further about opening trades only after 5 pm.

Any thoughts?
i just follow exactly what u said...4.45pm...its almost hit my buy but missed like 3 pips..before its goes down...

bout 5pm sound interesting...can try tomorrow..
  • #93
  • Aug 11, 2008 11:20am Aug 11, 2008 11:20am
Quoting la_maya_k
Micro, did you set up your trades after 5 pm? Because I set mine earlier at 4.40pm, and the small spike at about 5 pm took out my buy trade. No regrets about that, will try again tomorrow, but it makes me think whether ot nor I should study further about opening trades only after 5 pm.

Any thoughts?
The exact price feed amount varies from broker to broker. I trade with Oanda. My BUY pending order was @ 1.9258 and the high price was 1.9256, so the BUY order was never filled.

Ther will be some variance with profits and losses because of the price feed differential amongst various brokers.
  • #94
  • Aug 11, 2008 7:33pm Aug 11, 2008 7:33pm
[quote=la_maya_k;2158905] Forex could never be equated to gambling quote]


I appreciate your view and the others that support you, I also look up to you in your organization and enthusiasm. But, the above statement is simply false. Forex is absolutly gambling. You are placing money on an uncertain outcome and with limited information. You try to make the most informed decision you can but it is still a risk. That equates to gambling. Not the kind you find in a casino where they have the built in edge, the kind you find at a poker table where you can exploit your edge. Anyone who says forex or any market speculation is not gambling is incorrect.

I think most math guys will agree with me about the math part of your system but I can't say that I am absolutly correct either. Most of all I don't want to mess up your thread with endless points so I will end it here.

I will be around to root you on though and I am sure we will agree and disagree on other things in the future.
  • #95
  • Aug 12, 2008 1:58am Aug 12, 2008 1:58am
La Maya K,

Are there market circumstances in which you do not make trades? For example:

1) Tonight, the "box" is 153 pips wide @ GMT 700. Would we assume that there is little market movement remaining when the box is this wide, and simply not initiate a trade because there may not be enough movement remaining to make our profit target??

2) If the box is narrow, perhaps only 25-40 pips wide, would we assume the market is ranging and not place a trade?

3) When we are about to place our trade the price is almost at one box extreme or the other. Is this a good or bad scenario?

In other words,does there seem to be an ideal box or channel width with which to trade, perhaps 60-125 pips wide?

Keep up the great work!
  • #96
  • Aug 12, 2008 3:10am Aug 12, 2008 3:10am
Hi la_maya_k,

I was just going through the forum and read your thread, I am a newbie and have just started looking into forex.

Can you do some basic number crunching for me and let me know how you could potentially make about $752 monthly with an account size of $3500 with 50pips/week?

I would like to start trading with an account size of $5000.

I didn't see any mentioning of leveraging.

Thanks in advance,

Andrew
  • #97
  • Aug 12, 2008 3:47am Aug 12, 2008 3:47am
okay good luck guys...
  • #98
  • Aug 12, 2008 4:04am Aug 12, 2008 4:04am
gbp/usd kinda crazy today...hit SL..well hope tomorrow will be much more better
  • #99
  • Aug 12, 2008 6:01am Aug 12, 2008 6:01am
Mine's not hit yet, am still pending sell order at 1.8965 or buy at 1.9107.
  • #100
  • Aug 12, 2008 7:38am Aug 12, 2008 7:38am
Maya,

Oanda's Buy pending order was 1.9125 (a big difference of 18 pips from your entry order). Oanda's Sell pending order was 1.8966 (a small diffeerence of only 1 pip).

Could you please disclose the broker you are using? I fear that I will end up with much different results from yours due to the price differential between Oanda and your broker.

Best regards!
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