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  • #84,601
  • Apr 9, 2009 2:30pm Apr 9, 2009 2:30pm
Quoting stewrigh
What you are saying is that the traders here aren't making at least 10 pips a day????

Now I must admit I don't know, but I would guess that they make a lot more than 10 pips.
Well, considering that 95% of retail traders fail, it would be safe for one to assume that the majority of traders in here do not average a 10 pip a day profit over a period of 5 years. Do you think that the users of Forex Factory somehow defy this failure rate, a case where the majority are profitable, perhaps?

My point was made with reference to your example, in that the majority of traders on here will not achieve a 25%p.a return on their capital over a five year period.

In fact, about 98% of traders posting on this forum today will not even be trading forex in five years.

Of course, there are some very good traders on here, many of whom I have great respect for as I know they make strong profits from this asset class, but the harsh facts surrounding retail traders and forex market still remain.
  • #84,602
  • Apr 9, 2009 2:31pm Apr 9, 2009 2:31pm
Quoting stewrigh
What you are saying is that the traders here aren't making at least 10 pips a day????

Now I must admit I don't know, but I would guess that they make a lot more than 10 pips.
i sure hope so... if its their full time job.. its mine so i sure hope so or i need to go look for another J.O.B. ASAP... not perfect but trying to keep it my job... sorry i guess i'm talking now
and too be honest... i need this thing to go down sooner would be much more helpful but i will survive...
  • #84,603
  • Apr 9, 2009 2:37pm Apr 9, 2009 2:37pm
Quoting emda
hello traders!
I didn't trade this week.... because it started as a down week.... and been busy... tomorrow there will be liquidity problems and if a huge break happens and goes down then on monday there will be an excellent opportunity to start buying euros again... I guess around 1.2940. we will see...
Happy Easter everyone
  • #84,604
  • Apr 9, 2009 2:41pm Apr 9, 2009 2:41pm
Quoting gammase1
In fact, about 98% of traders posting on this forum today will not even be trading forex in five years.

Of course, there are some very good traders on here, many of whom I have great respect for as I know they make strong profits from this asset class, but the harsh facts surrounding retail traders and forex market still remain.
I would say that the members of this forum who are around for a couple of years must make money somehow.
Forex is not really a game were you can just keep losing year after year and still be happy and confident that you will get it some time in the future.
If you don't get it in forex after a few years then you'd better pay a visit to the nearest casino and try the slot machines or black jack
New voice message: Why are you calling me? If I need you, I'll call you!
  • #84,605
  • Apr 9, 2009 2:42pm Apr 9, 2009 2:42pm
Quoting traderathome
Psiholog, could be the uptrend started with the low of the last session....could be headed right back down there.
Ahem.......! (Sorry, could not resist. One of the very few times a pure guess turned out to be correct. Oh, well.......)
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  • #84,606
  • Apr 9, 2009 2:47pm Apr 9, 2009 2:47pm
Quoting stewrigh
BTL, do the maths - if you have a 100k account and limit your risk to 1% - thats $1000 per trade.

Now if you set all your stops at 100(some, psi for instance use 50) - that means that you can trade one standard contract per trade, worth $10 per pip. If u use 50 thats 2 contracts.

Now if you only make 10 pips a day thats $100 p day = $25000 per year. If you do some work around those numbers - reduce stop inrease risk(2 or maybe 3%) you begin to see much better returns, assuming of course your MM is good and you have bigger winners than losers...

A 100k account MM 1% you can only trade 38000 units per trade means 3.8USD per pip.
A 1000 pips average gives about 45600USD per Year.
I know that here most are trading 100:1 or even 200:1, but at Oanda I can't do that.

And about SL, 100 pips not for me, the limit risk I use is few percentage MM at riskier levels and then the rest for more safer levels, that's why I earn less than majority, but account is more protected.

Sometimes, about once per week I can do a Large scalp at levels I identified as very supportive ones, I can trade there 20 to 60% MM for only Partial 8 pips Profit and after BE if goes my position 15 and 22 pips.
this is very riskier and I have had already almost some Heart attacks, so I try to do less than I want.

You can imagine that a 22 pips trade win with 60% MM profit it is very tasty. In last 6 Months I have won all this Scalps, but I have already broke some times my rule that do not let trade negative more than 7 pips.

I know there are Traders that usually use more than 15% MM as Daily trading rule, NO WAY. NOT FOR ME!!
And I have a good percentage to catch tops and bottoms, but I know if I change my rules, they will start to fail.

AND HAPPY EASTER TO ALL!
  • #84,607
  • Apr 9, 2009 2:56pm Apr 9, 2009 2:56pm
Quoting BoredToLoose
A 100k account MM 1% you can only trade 38000 units per trade means 3.8USD per pip.
A 1000 pips average gives about 45600USD per Year.
I know that here most are trading 100:1 or even 200:1, but at Oanda I can't do that.

And about SL, 100 pips not for me, the limit risk I use is few percentage MM at riskier levels and then the rest for more safer levels, that's why I earn less than majority, but account is more protected.

Sometimes, about once per week I can do a Large scalp at levels I identified as very supportive ones, I can trade there 20...
I was talking about zero leverage - real money.

With leverage it looks even better.
  • #84,608
  • Edited 9:15pm Apr 9, 2009 3:21pm | Edited 9:15pm
Quoting psiholog
looking at the other pairs it is not just the eur/usd stock market/commodities correlation that is all messed up.

the dollar is getting weaker against the swissy, against the pound, against the aud yet stronger versus the yen while the euro is not really getting weaker against other majors...just rangebound activity.


what the hizzy is going on
Hi Psi,
Following your comments and like to offer a possibility. The surprise strong downturn today was likely strategic when we condider official announcements from EU just prior, staging "Fundamentals". It would appear that ~.3333 level is a limit for the moment in the context of the central banks financial protectionism. The move was out of step with usual correlations and is another indicator. Maybe, can we trust that the regular market forces will return soon for a retrace. On the other hand a correction in this equity rally could spoil that and push E/U down more.
  • #84,609
  • Apr 9, 2009 3:33pm Apr 9, 2009 3:33pm
EU fell asleep
New voice message: Why are you calling me? If I need you, I'll call you!
  • #84,610
  • Apr 9, 2009 3:34pm Apr 9, 2009 3:34pm
Quoting KillerWhale
EU fell asleep
Calm before the storm maybe....
  • #84,611
  • Apr 9, 2009 4:04pm Apr 9, 2009 4:04pm
what a beast. if this breaks south for real....well it wont be a holiday for EUR/USD

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Different opinions highly valued, ignorant to slander.
  • #84,612
  • Apr 9, 2009 4:21pm Apr 9, 2009 4:21pm
Quoting jesjack
i sure hope so... if its their full time job.. its mine so i sure hope so or i need to go look for another J.O.B. ASAP... not perfect but trying to keep it my job... sorry i guess i'm talking now
and too be honest... i need this thing to go down sooner would be much more helpful but i will survive...
Your off feeding your kids or something right now but if you see this send me a pm (and turn yours on) I just noticed your in Tulsa ---- that's an old hang out of mine
  • #84,613
  • Apr 9, 2009 4:40pm Apr 9, 2009 4:40pm
I took some time off.
Now I'm back and I went long right now. I placed 100 pip SL and 300p TP. I hope this will work for me to take another few days skiing
Mike
  • #84,614
  • Apr 9, 2009 5:26pm Apr 9, 2009 5:26pm
added profits2 position 3161 50sl55ts its bending down now! time to hit th sack c u's tomoro
  • #84,615
  • Apr 9, 2009 5:47pm Apr 9, 2009 5:47pm
Quoting stewrigh
Hi Patience,

Trading is ok - could be better tho - seem to have hit a flat spot.

Keep making too many stupid errors LOL.

Yes re EURUSD - next to Geppy its my favourite pair.
Hey Stew

Yeah, I'm with you on the flat spot. Can't seem to get the direction right at the mo. Not to worry tho I have a lot of Patience .... a bit like Breeze

Don't worry about the stupid errors, we all make them, and in hindsight those stupid errors are not so stupid sometimes given a little time.

I've tried geppy a few times, always seems to smack my arse, won't tell you how long I kept a position open on that one! Just don't seem to have the time at the moment to really immerse myself with getting to grips with another currency's gyrations (oh, how I wish I didn't have to work). GBPUSD always seems to head the other way on me let alone GBPJPY. You would think I would be able to trade that currency better considering I reside in the UK but I've basically given up on it. GBPUSD not your bag then?

And since this is the EURUSD thread, I say down, is that a bearish engulfing on the daily?
Nothing worth having is easy.
  • #84,616
  • Apr 9, 2009 6:22pm Apr 9, 2009 6:22pm
gotta break 3113 now...
  • #84,617
  • Apr 9, 2009 6:25pm Apr 9, 2009 6:25pm
broken
  • #84,618
  • Apr 9, 2009 6:28pm Apr 9, 2009 6:28pm
hit S1 area 3084/3088
  • #84,619
  • Apr 9, 2009 6:32pm Apr 9, 2009 6:32pm
These manipulated low volume down moves are getting abit predicatable aren't they these days, pretty much every night.

GBPUSD setup perfectly to my 24hour rule, multiple failed attempt to break it for 4hours then TANK!!

Shame I've just got in!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #84,620
  • Apr 9, 2009 6:48pm Apr 9, 2009 6:48pm
Quoting Turveyd
These manipulated low volume down moves are getting abit predicatable aren't they these days, pretty much every night.

GBPUSD setup perfectly to my 24hour rule, multiple failed attempt to break it for 4hours then TANK!!

Shame I've just got in!!!
Yeah this is awful early for such quick, large moves.
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