Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting rgitt05

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Hi Malcolmb14,

You are absolutely right about making realistic target everyday..I said in the past post that 20 pips with several pairs can get you 100 pips average if you wait patiently for the call..I like scalping more now since I realized the compounding effect it has on my margin in the long term..GJ is the favorite for capturing big pips...I usually trade several pairs that are in correlation to the GJ and make 20 pips targets...I also, swing trade another account for the big trades...Everyday, I look at other pairs to trade to prevent me from overtrading GJ which is known to be a breast...

I started with a small account several years ago and I can say that compounding works..Take a small profit everyday and you will have in the long term a nice profits..

As your account gets bigger, it don't take much pips to reach a nice daily profit...


Here is an old post about compounding based on 10 pips day

THE STRATEGY

Study more, do not rush, do not get greedy, patient, patient…
The successful in FOREX is not how many trades you gain per-day,
neither how much pips you gain per trade, but minimum or NOT
losing any trade.
You only need gain 10 pips per day, consistently with minimum or
almost NO lost to make 150-200 K/ year.
You can do it if and only if you make 10 pips / day NO LOST.




The PLAN math: ( Based on major pairs)

You can trade for 20 to 30 pips on GJ everyday and achieve the goal even faster if you don't overtrade and do good MM)

It's patience and discipline..

Some traders on this board talks about it and it is the truth!!

You open an account for $1000.
You make 1 trade a day (2 in most but just say only one for sure),
and 2 mini lot, make $20/day x 5 day = $100./week/ $400/month.
Do this for 2 months—January & February
March 2008-acct. = 1,800, you trade 4 mini lots, make $800.
April 2008-acct. = 2400, trade 6 mini lots make 1200
May 2008-acct. = 3600, trade 8 mini lots make 1600
June 2008-acct. = 5200, trade 10 mini lots, make 2000
July 2008-acct. = 7200, trade 15 mini lots, make 3000
August 2008-acct. = 10,200 switch to standard account,
trade 2 STD LOTS; make 1000/week, 4K per month.

September 2008-acct. = 14,200 trade 3 STD LOT, make 6K
October 2008-acct. =20.2K trade 4 STD LOT, make 8K
November 2008-acct. = 28.2K trade 6 STD lot make 12K
December 2008-acct. = 40.2K trade 8 lot make 16 K.
Total for year, app. 56K.
After 1 year, from 1K , you make 16 K / month, 192K per year
( and so on if you want, and after 1 year experience, then you can
make 2 trades per day)
All of that is ONLY 10 PIPS/ TRADE/ DAY IF and ONLY IF you gain
100% ( or almost) 10 PIPS.

(I think most of us could live on this type of income--don't get
greedy)


http://www.forexfactory.com/showthre...81#post2237981

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Quoting FXObserver

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Pretty nice!
I strongly agree
Greed is one that can consume us.
Better yet, close the platform once you attained 10 pips per day so that you will not be tempted to trade again.

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Quoting Serendipity

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All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity

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Quoting FXObserver

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Pretty nice!
I strongly agree
Greed is one that can consume us.
Better yet, close the platform once you attained 10 pips per day so that you will not be tempted to trade again.

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Quoting rgitt05

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The PLAN math: ( Based on major pairs)

You can trade for 20 to 30 pips on GJ everyday and achieve the goal even faster if you don't overtrade and do good MM)

It's patience and discipline..

Some traders on this board talks about it and it is the truth!!

You open an account for $1000.
You make 1 trade a day (2 in most but just say only one for sure),
and 2 mini lot, make $20/day x 5 day = $100./week/ $400/month.
Do this for 2 months—January & February
March 2008-acct. = 1,800, you trade 4 mini lots, make $800.
April 2008-acct. = 2400, trade 6 mini lots make 1200
May 2008-acct. = 3600, trade 8 mini lots make 1600
June 2008-acct. = 5200, trade 10 mini lots, make 2000
July 2008-acct. = 7200, trade 15 mini lots, make 3000
August 2008-acct. = 10,200 switch to standard account,
trade 2 STD LOTS; make 1000/week, 4K per month.

September 2008-acct. = 14,200 trade 3 STD LOT, make 6K
October 2008-acct. =20.2K trade 4 STD LOT, make 8K
November 2008-acct. = 28.2K trade 6 STD lot make 12K
December 2008-acct. = 40.2K trade 8 lot make 16 K.
Total for year, app. 56K.
After 1 year, from 1K , you make 16 K / month, 192K per year
( and so on if you want, and after 1 year experience, then you can
make 2 trades per day)
All of that is ONLY 10 PIPS/ TRADE/ DAY IF and ONLY IF you gain
100% ( or almost) 10 PIPS.

(I think most of us could live on this type of income--don't get
greedy)


http://www.forexfactory.com/showthre...81#post2237981

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Quoting worlhin

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Just curious, based on $1000 account, if you trade 2 mini lots and the leverage is 100, then you actually using 20% of the account, am i right?

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Quoting malcolmb14

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....
It is about developing a habit in this game.... that is what I have found has kept me in the game.
1)Be patient ,
2) trade the right trade and at the right time.
3) Do not trade for longer than you have to , once you have reached target call it a day , alot of traders make some pips only to give them back and some by the end of the day
4) do not be greedy .... once you reach target take it . I often do even if the pair keeps on moving
5) do not overleverage the account , that = sudden death if you are wrong.

develop some very simple habits and keep it real. In this volatile market we forget about the time when getting 30 pips a day consistently would have made you a hero ....lol

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Quoting GodfreyH

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Just expanding on that point for others, I find it difficult to trade more than one currency pair, because I look at everytime frame from 5min to monthly, (heck, if I had a yearly chart, I would analyze it too).

For the same time frame, I also may have 2 or 3 different templates, as I can't put everything on one template. So before I make a trade I sometimes may have looked at more than 12 different charts.

While too much knowledge can lead some persons to trading gridlock, I don't subscribe to the simple is better idea of trading, at least, not in the current market conditions. Although each of my templates may be simple, taken together I get a comprehensive picture.

From I have started doing this, I am almost never surprised by the direction the currency pair moves. Or I'll wait till it shows direction. So I won't be like, darn, how could I place a buy trade on the 5minute, when on the hr chart, we reached the 50 fib of the down, clearly its going to give me some drawdown now. Or, we've reached the weekly 5 SMA low, I should probably take profit here.

If I attempted to do this for several currency pairs I would quickly lose focus.

The other thing is, each currency pair has its own peculiarities and time for moving, and it's always best to trade when there is volume. It's sometimes difficult to see volume on the higher time frames, but look on the 5 min chart below, you can clearly see the times at which the volume is low. Although there are opportunities when the volume is low, try to trade when the volume and volatility is high.

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Quoting GodfreyH

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Incidentally, this pattern finder based on fib ratios / expansions, suggests that a harmonic pattern could be developing on the weekly chart, which would suggest that the monthly support at 1.7552 is the bottom, if support is taken out then this would invalidate the pattern.

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Quoting rgitt05

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Hi Godfrey,

I thought maybe this article would be something relating to your trading style with Gartley patterns..

http://www.traders.com/Reprints/PDF_...s/GC_FOREX.PDF

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Quoting GodfreyH

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Thanks!

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Quoting malcolmb14

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so looking at the dj-30 we now have a bullish rsi on the daily

October of 2002 when the market was in free fall we had a very similar pattern in the dj as the one we have now ... it marked the bottom before the up run from 7500 to 9500 . In fact the pattern is not similar it is the same. (in the 1st chart note the second lower low and the bullish divergence)

I am not 100% convinced we will get free fall in the market as the indices seemed to indicate on Friday , we may in fact be in for one hell of a bounce in the markets if we get a symmetrical pattern as the one that played out in October of 2002

Of course this will also mean no 175 gj .... if we get the bounce i doubt we will even see the monthly trend line.....there is still that bullish divergence on the daily that has to be broken.

this is going to be an interesting 2 weeks coming up ... either the market will crash or the bounce will play out



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Quoting Scrat

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no, it's actually not greed, it's money management.
the problem with that plan is that it doesn't show how much you can LOSE per day, if you don't keep a tight SL. all well and good when you make your 10-20 pips a day, but what happens with those days when you take a 20 pips loss first? and then another 10-20 pips? on your already compounded account... what happens with your daily plan? it puts more pressure on you for the next days. and so on.
the very first thing you have to do when you start trading is think how much you can LOSE, not win. and then write "I DON'T HAVE TO TAKE THIS TRADE" on a piece of paper and stick it to your screen.
it will help, trust me.
other than that, the plan is perfect .

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