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EURUSD

  • #83,761
  • Apr 6, 2009 11:52pm Apr 6, 2009 11:52pm
(EUR/USD) Buy at: 13300 - Obj: 13750 - Stop: 13215
1Wk: Strong : 4Wk: Weak SUP 2: 13220 ** SUP 3: 13115 **
(OVERVIEW) Reaction low appears to be in as 13120/13070 support zone holds. Expect renewed bull-phase targeting 13785/13925 takes hold. This zone however should prove tough to reclaim and risk is for topping as it is probed. Above 13925 however will look bullish for 14350/14720.Below 13030 fails for 125/123.
Trade on your own risk Plan your trade&trade your plan dont be a
  • #83,762
  • Apr 6, 2009 11:56pm Apr 6, 2009 11:56pm
Quoting dannies
HI All,

I am new at trading.. and i have this scheme that i want to ask you all about.

Lets say i invest $100.
Every trade i do is always 8$ with an SL of 40 Pips and a target of 60 pips every trade. Im a day trader, and therefore with the above scheme i expect to make approximately 1200 Pips every month, is that possible?

or is there any inputs you can give to me?

i highly appriciate any of your comments.

Thanks Dannies
Of course that's possible, just take care that you are long when EU goes up, and that you are short when EU goes down
Actually it is that easy.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #83,763
  • Apr 6, 2009 11:59pm Apr 6, 2009 11:59pm
i really thought it would go upto the daily pivot but then i didn't believe in myself. i started reading all the posts. now look at it 30 pips higher then where I got out. brutal!!!
  • #83,764
  • Apr 6, 2009 11:59pm Apr 6, 2009 11:59pm
killer if it really moves to 1.35 thats good pips to be earned hee
  • #83,765
  • Apr 7, 2009 12:01am Apr 7, 2009 12:01am
Quoting g5ricky
i really thought it would go upto the daily pivot but then i didn't believe in myself. i started reading all the posts. now look at it 30 pips higher then where I got out. brutal!!!
mate you have to learn to trust yourself and your system not FF BIG mistake!
I am sure you'll get there......
Trade on your own risk Plan your trade&trade your plan dont be a
  • #83,766
  • Apr 7, 2009 12:02am Apr 7, 2009 12:02am
Quoting g5ricky
i really thought it would go upto the daily pivot but then i didn't believe in myself. i started reading all the posts. now look at it 30 pips higher then where I got out. brutal!!!
still in it looking for for 35xx, greedy i know!! ANd looking doubtfall with that hangman on the 15min
  • #83,767
  • Apr 7, 2009 12:07am Apr 7, 2009 12:07am
Finally one of my gold trades is in the green. But on average I'm still 1500 pips in the red. (was 2100 in the red earlier today).
New voice message: Why are you calling me? If I need you, I'll call you!
  • #83,768
  • Apr 7, 2009 12:09am Apr 7, 2009 12:09am
Quoting KillerWhale
Finally one of my gold trades is in the green. But on average I'm still 1500 pips in the red. (was 2100 in the red earlier today).
wow man, thats a lot of red pips, how many trades you got going at once? You must be a very long term trader?
  • #83,769
  • Apr 7, 2009 12:12am Apr 7, 2009 12:12am
15m channel
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  • #83,770
  • Apr 7, 2009 12:29am Apr 7, 2009 12:29am
Quoting KillerWhale
Of course that's possible, just take care that you are long when EU goes up, and that you are short when EU goes down
Actually it is that easy.
Well is my trade amount that i state 8$, is that fine? or should it be higher or lower?

Thanks KillerWhale
  • #83,771
  • Apr 7, 2009 12:35am Apr 7, 2009 12:35am
Quoting dannies
Well is my trade amount that i state 8$, is that fine? or should it be higher or lower?

Thanks KillerWhale
Is that $8 per pip? It all depends on the size of your account, dont risk more than 1% of your account on a single trade especially if your new
  • #83,772
  • Apr 7, 2009 12:39am Apr 7, 2009 12:39am
Quoting PipLand
Is that $8 per pip? It all depends on the size of your account, dont risk more than 1% of your account on a single trade especially if your new
Nope, assuming i invest 100$, what should be my per pip risk reward?

Thanks Pipland
  • #83,773
  • Apr 7, 2009 12:46am Apr 7, 2009 12:46am
Quoting dannies
HI All,

I am new at trading.. and i have this scheme that i want to ask you all about.

Lets say i invest $100.
Every trade i do is always 8$ with an SL of 40 Pips and a target of 60 pips every trade. Im a day trader, and therefore with the above scheme i expect to make approximately 1200 Pips every month, is that possible?

or is there any inputs you can give to me?

i highly appriciate any of your comments.

Thanks Dannies
Is it possible? Yes.
Do I recommend it? No.

I feel I am very qualified to answer this as I have been undercapitalized since I started (not that low though). Before I can explain why I dont recommend it, I feel it's needed for me to give a brief intro to me.

I have had months where I have gained 3000pips and months where i lost 1000 or more (this was my first year trading as i used no stop loss, last month for this to happen was December). My average winning month adds up to about 1000-1500pips now. My SL is always 50 and TP is whatever I feel is the right target given a particular trade (always try to pick up trades that have at least 50pip potential though). My average winning trade is around 40pips and I have a win/loss ratio of roughly 70-75%. Some trades I close at 1pip profit..others at 100+pips. I still place over 100 trades per month (a figure that seems to get lower over time, not quite sure why yet).

Now to your strategy. 8dollars per trade maximum loss out of 100. That from the start is a Money Management problem. You risk 8% per trade. that means if you have 12 losing trades in a row you wipe your account out. Take it from someone who knows...EVERYONE has losing streaks...everyone. Even I have losing streaks with my ratio that some weeks is 80% winning or higher..yet sometimes...I may have up to 10 losing trades in a row. It's like, no matter what I do, no matter how good my strategy may be, I still get burned. Its normal, it happens to every trader. The only way to protect yourself is to have proper MM. This is why I recommend at least cutting that risk in half. Your SL/Tp ratio is good...but for 100 dollars...4% (4dollars) risk is the most I would personally take. The ideal risk is 1-2% but this heavily depends on account size...which is why I think 4% is ok as long as you have a good win/loss ratio. As I have said many times in the past...especially when I did not use stop loss...I would kill my account if my risk ran over 5% per trade...even if my winning ratio was impressive by all standards.

1200pips per month. Sounds like my way of thinking when I first started. I suggest you stop thinking in terms of pips which amounts to money and start thinking in terms of good entries and exits (I know its hard, being undercapitalized forces one to do so but at least try). Putting a number on where you should be is a recipe for disaster. Why?...because if you dont make your target one day..you feel obligated the next day to make the pips that you missed the previous day. Not only that, if you have a losing day, you will have to work three times as hard the next day to be on target. This is called over trading. I am a victim of it to this day...but I'm slowly getting it under control. Don't think of the pips...just think of the good entries and exits.

Hope this helps
Different opinions highly valued, ignorant to slander.
  • #83,774
  • Apr 7, 2009 12:52am Apr 7, 2009 12:52am
Long EUR/USD 1.3331 on daily, 50 pips stop hows that?
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  • #83,775
  • Apr 7, 2009 1:03am Apr 7, 2009 1:03am
Quoting psiholog
Is it possible? Yes.
Do I recommend it? No.

I feel I am very qualified to answer this as I have been undercapitalized since I started (not that low though). Before I can explain why I dont recommend it, I feel it's needed for me to give a brief intro to me.

I have had months where I have gained 3000pips and months where i lost 1000 or more (this was my first year trading as i used no stop loss, last month for this to happen was December). My average winning month adds up to about 1000-1500pips now. My SL is always 50 and TP is whatever I feel...
Excellent advice as usual.

When you arbitrarily give yourself a goal of a certain number of pips per day/week/month/year you are saying that you KNOW better than the market exactly what the market is going to give you.

Well as they say "The market is ALWAYS right, it's TRADERS that are wrong!"

Psi's advice is exactly right. The object is to put yourself in the best possible position to reap what the market has to offer you. No MORE and no LESS.

The market will tell you when it is the right time to trade and when it is the right time to sit on the sidelines studying. Find your harmony with the market, whether it is a trading system or discretionary PA (price action), and stick with it until the market tells you you're out of sync (multiple losses and not feeling right).

GREEN PIPS to All.
  • #83,776
  • Apr 7, 2009 1:15am Apr 7, 2009 1:15am
Quoting psiholog
Is it possible? Yes.
Do I recommend it? No.

I feel I am very qualified to answer this as I have been undercapitalized since I started (not that low though). Before I can explain why I dont recommend it, I feel it's needed for me to give a brief intro to me.

I have had months where I have gained 3000pips and months where i lost 1000 or more (this was my first year trading as i used no stop loss, last month for this to happen was December). My average winning month adds up to about 1000-1500pips now. My SL is always 50 and TP is whatever I feel...
Great advice, that pretty much sums it all up
  • #83,777
  • Apr 7, 2009 1:20am Apr 7, 2009 1:20am
Quoting SmoothTrader
The market will tell you when it is the right time to trade and when it is the right time to sit on the sidelines studying. Find your harmony with the market, whether it is a trading system or discretionary PA (price action), and stick with it until the market tells you you're out of sync (multiple losses and not feeling right).
so very true. a common misconception new traders make (myself included) is that if you are not in the market...you are missing out on pips. But the reality of it is, those lost pips equate to a winning trade or more as a premature entry almost always ends in failure as the % for a profitable trade to materialize is greatly decreased.

When in doubt stay out...you win pips.

Right now for example...I have been talking about a possible h&s formation...I had a short position that I took profit on in 3 steps. Sold at 1.3554, took profit on some of it when I was 70 pips or so in the green as that was the first level of support I saw, took some more off the table when the next support level was reached (which I considered the neckline at the time) and closed the rest at 1.3364 when my h&s scenario seemed like it wouldnt play out (my final target was 1.3250)....even if all signs pointed to lower.

Where am I now, on the sidelines as I have no idea how to interpret current pa and waiting for the next clear entry. Once things make sense again..then I will enter again but until that time comes...no pips=green pips
Different opinions highly valued, ignorant to slander.
  • #83,778
  • Apr 7, 2009 1:28am Apr 7, 2009 1:28am
Quoting psiholog
Is it possible? Yes.
Do I recommend it? No.

I feel I am very qualified to answer this as I have been undercapitalized since I started (not that low though). Before I can explain why I dont recommend it, I feel it's needed for me to give a brief intro to me.

I have had months where I have gained 3000pips and months where i lost 1000 or more (this was my first year trading as i used no stop loss, last month for this to happen was December). My average winning month adds up to about 1000-1500pips now. My SL is always 50 and TP is whatever I feel...

Thanks alot for your help, i would like to ask another question, i trully agree with ure advice, but if i invest 100$ and trade with 8$ with an SL of 40, therefore the maximum loss that i would have per trade is 3.2$ and thats 3.2% of my equity. and that would take approximately 31 trades for me to be zeroed out. would this be a valid arguement?

Once agaian many Thanks
  • #83,779
  • Apr 7, 2009 1:33am Apr 7, 2009 1:33am
Good advice you gave there, psiholog. EU M15 chart sporting a couple of Bear Channels, good consolidation signs before next move down.....to the lower 1.3200s I'd venture a guess based upon the fib extensions off the last Bollinger band squeeze.....
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  • #83,780
  • Apr 7, 2009 1:40am Apr 7, 2009 1:40am
Quoting dannies
Thanks alot for your help, i would like to ask another question, i trully agree with ure advice, but if i invest 100$ and trade with 8$ with an SL of 40, therefore the maximum loss that i would have per trade is 3.2$ and thats 3.2% of my equity. and that would take approximately 31 trades for me to be zeroed out. would this be a valid arguement?
I assume the 8$ figure is with margin included?

In any case, if the maximum drawdown per lost trade is 3.2%, sounds just about right to me. I must warn you though, you will be tempted to break your rules and even if you do stick to them, you may burn your account. You may end up doing this several times, the key is to not give up.

All traders have a rough start, whether rich or poor to begin with..starting equity 100dollars or 100,000 dollars... all traders lose their account at some point in time, whoever says different is lying...either that or they demoed for at least 5 years...(jay)

But yeah...before you even place your first trade ask yourself..."am I willing to sacrifice money and time(years) to master a career that could potentially end in disaster(years wasted) or a great future(set for life)..free of problems regarding money?". If you can answer that to yourself truthfully and the answer is yes, welcome aboard the pips train

one other thing...im not sure if you fully developed your strategy yet but i suggest reading some threads on systems starting with the THV thread by Cobraforex
Different opinions highly valued, ignorant to slander.
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