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What's the quickest way to get 20 pips a day

  • #1
  • First Post: Jul 14, 2009 10:41pm Jul 14, 2009 10:41pm
Hi guys,

My mission is to get in and out of the market and my day is done. I rather not sit by the computer all day staring at the computer screen waiting for my swing signal to come or don't. The big moves are nice but why not sit all day gunning for 1000 pips a day when all a newbie has to do is get 20 pips a day consistently, risk 3% per trade, compound the funds and you could be very rich indeed in half a year.

So anyone know of the quickest, trade at a pre-destined time, high probability, low risk method or system to get 20 pips one trade and walk away?

Trading breakouts of the Frankfurt/London range before/during their open is all I can think so far but I'm open to suggestions.

Thanks for the discussion.

Pet
  • #2
  • Jul 14, 2009 11:39pm Jul 14, 2009 11:39pm
hey pa18,

go to this thread: http://www.forexfactory.com/showthread.php?t=2331

read the first page, follow everything it says, practice, have patience and discipline and with in a few months you will find everything you need.

tormo
  • #3
  • Jul 15, 2009 7:21am Jul 15, 2009 7:21am
You should make more than 20 pips every trade. P/L ratio remember ?

_-------------------

S + R = $$

.
  • #4
  • Jul 15, 2009 7:34am Jul 15, 2009 7:34am
Take a look @ this thread too...

http://www.forexfactory.com/showthread.php?t=155533
  • #5
  • Jul 15, 2009 4:57pm Jul 15, 2009 4:57pm
First, you should follow the link in Tormo's post and absorb the first page.
If you can make 3% a day, every day, your dreams will be quickly realised.

Quoting pa18
Hi guys,

My mission is to get in and out of the market and my day is done. I rather not sit by the computer all day staring at the computer screen waiting for my swing signal to come or don't. The big moves are nice but why not sit all day gunning for 1000 pips a day when all a newbie has to do is get 20 pips a day consistently, risk 3% per trade, compound the funds and you could be very rich indeed in half a year.
...
Pet
In practise you will be scalping and once you get above the parapet your broker will likely start making your trading experience quite difficult. So if you use a "market maker" then move to a different account when you start to experience trading difficulties.

I'm not saying it cannot be done, but it is very difficult maintaining that level of performance for the length of time you will need. Start with $1000 and in a year you will have made it to $1.6m, you can have a week off for thanksgiving and another week spread around the global holiday days when trading typically stops.

As you get closer to you dream figure you may find that the contract size you need to place has become rather large. For example to make 3% in 20-pips on an account with a value of $500k you will need to open 75 standard lots (more or less). Some brokers will find that amount difficult.

I look forward to being invited to your achievement party; here's wishing you every success!
Minesweeper target: 284
  • #6
  • Jul 16, 2009 1:38am Jul 16, 2009 1:38am
Quoting pa18
Hi guys,

My mission is to get in and out of the market and my day is done. I rather not sit by the computer all day staring at the computer screen waiting for my swing signal to come or don't. The big moves are nice but why not sit all day gunning for 1000 pips a day when all a newbie has to do is get 20 pips a day consistently, risk 3% per trade, compound the funds and you could be very rich indeed in half a year.

So anyone know of the quickest, trade at a pre-destined time, high probability, low risk method or system to get 20 pips...
Here's a post from a pro trader with 30+ years experience. He discusses the 'pips per day' idea. Read into it whatever you will.

Like you say, if it were possible to make 20 pips per day on a reasonably consistent basis, it wouldn't take long to turn $1k into $1m, given the compounding and leverage allowed by forex. Ask yourself this question: why isn't everybody managing to do it?
  • #7
  • Jul 16, 2009 2:01am Jul 16, 2009 2:01am
Quoting pa18
Hi guys,

So anyone know of the quickest, trade at a pre-destined time, high probability, low risk method or system to get 20 pips one trade and walk away?

Trading breakouts of the Frankfurt/London range before/during their open is all I can think so far but I'm open to suggestions.

Thanks for the discussion.

Pet
You are the hard worker in your class at school ?
  • #8
  • Jul 16, 2009 2:31am Jul 16, 2009 2:31am
No I've never been!

My son is handicapped so I need to spend the time with him and not at the computer screen all day. Sorry, I just don't have the time.
  • #9
  • Edited 3:38am Jul 16, 2009 3:20am | Edited 3:38am
Given your intention...I would go for four trades with 5 pips profit target. Consider flexibility.
  • #10
  • Jul 16, 2009 3:21am Jul 16, 2009 3:21am
Trading around the Frankfurt and London Opens - currently 6am - 7am GMT - is the most active time of the day and with the correct strategy you should achieve 20+ pips / session.......this thread should help......good luck....

http://www.forexfactory.com/showthre...98028&page=203
Trading Levels with WRBs
  • #11
  • Jul 16, 2009 10:50am Jul 16, 2009 10:50am
Quoting pa18
No I've never been!

My son is handicapped so I need to spend the time with him and not at the computer screen all day. Sorry, I just don't have the time.
Don't take this the wrong way. Given your circumstance, trading might not work out for you. The question of 1/5/10/20 pips per day has been continually asked on this forum. You could fill a football stadium with the Excel spreadsheets that have been written, outlining the road to riches by compounding a few pips per day. When the search for such a thing is complicated by a time constraint, the goal becomes more elusive.

I'm not saying you can't trade successfully with limited screen time. But usually trading with less screen time = longer timeframes = smaller positions held for longer periods. There are skilled scalpers who consistently clip a few pips consistently each day in a short amount of time, but that skill doesn't come overnight. And they have their poor spells too. That's why they continue to trade, unemotionally taking their profits and losses as they come, with no false hopes of compounding an "easy" twenty pips per day into a quick fortune.

I hope you read the link that Hanover posted, then I hope you continue your pursuit, but in a more achievable manner.
  • #12
  • Jul 16, 2009 11:01am Jul 16, 2009 11:01am
Quoting billflet
Don't take this the wrong way. Given your circumstance, trading might not work out for you....
I second that!
  • #13
  • Jul 16, 2009 2:33pm Jul 16, 2009 2:33pm
Quoting billflet
I'm not saying you can't trade successfully with limited screen time. But usually trading with less screen time = longer timeframes = smaller positions held for longer periods.
Yep, agree with billflet. Might be easier to spend less time on the longer timeframes going for 200 pips a week instead of 20 pips a day. In the end the market never asks what you want or need, it will give you what it has, option is up to you to take it or leave it.

Enjoy and I hope things work out for you.
  • #14
  • Jul 16, 2009 3:02pm Jul 16, 2009 3:02pm
Quoting pa18
Hi guys,

My mission is to get in and out of the market and my day is done. I rather not sit by the computer all day staring at the computer screen waiting for my swing signal to come or don't. The big moves are nice but why not sit all day gunning for 1000 pips a day when all a newbie has to do is get 20 pips a day consistently, risk 3% per trade, compound the funds and you could be very rich indeed in half a year.

So anyone know of the quickest, trade at a pre-destined time, high probability, low risk method or system to get 20 pips one...
Trade using support and resistance levels with pending order's , fix Stoploss and target profit. But only by practicing hard.
  • #15
  • Last Post: Jul 16, 2009 7:00pm Jul 16, 2009 7:00pm
Quoting pa18
Hi guys,

My mission is to get in and out of the market and my day is done. I rather not sit by the computer all day staring at the computer screen waiting for my swing signal to come or don't. The big moves are nice but why not sit all day gunning for 1000 pips a day when all a newbie has to do is get 20 pips a day consistently, risk 3% per trade, compound the funds and you could be very rich indeed in half a year.

So anyone know of the quickest, trade at a pre-destined time, high probability, low risk method or system to get 20 pips one trade...
Hi Pet,

What happens if you make 40 pips in one day? Would you stop trading until next day?

What happens if you lose 40 in one day? Would you try and double next day?

The idea of making only 20 pips is incorrect. You gotta take every signal that your system generates. Reason, because you don't know the sequence of wins and loses.

If you know, from your testing, that a System has 70% Win ratio. Then every 7 out of 10 trades would be profitable. What sequence those 7 winning trades are going to come, you don't know. You gotta be in every trade to find out.

Hope it make sense.
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