What percentage profit per day IS possible? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

EA to close a percentage of lots per trade 13 replies

Percentage vs. Pips per Trade vs. Pips per Day/Hour! 7 replies

Trailing Stop as a Percentage of Profit 1 reply

Show profit/loss on each trade in a percentage of account? 1 reply

What about profit percentage? 3 replies

Attachments: What percentage profit per day IS possible?
Exit Attachments

What percentage profit per day IS possible?

  • #21
  • Edited 11:51am Oct 26, 2009 11:13am | Edited 11:51am
Quoting Intu
Daytrading equities during the internet stock and tech stock boom,... I hope over time to show definitively that 1min TF Scalping can be profitable.
Me too, plus high margin (only not 10:1 ! That's tough in stocks), all I've done since then. Remember KTEL? Skipped 2y after the big crash.
Rm/mm, unfortunately, no; lost, mostly. A typical trader, only stuck with it when found technicals interesting.
I look forward to your advice.
  • #22
  • Oct 30, 2009 3:34pm Oct 30, 2009 3:34pm
1. I stuck to my stop loss limit per trade. (No losses over 10 pips).
2. Scaled down to half size after revenge trade session when I was trading double normal trade size.

Down 12% for the month. I am totally responsible for it.

I switched pairs, from USD/JPY to EUR/USD. I cleaned up my screen a bit. Initially I had a Stochastics indicator ---> gone.

I changed MAs, inspired by some of TurveyD's M1 thread. {12 WMA, 55 EMA, 200 EMA} I use these as a "framework" to make some discretionary decisions.

I have an opportunity for more screen time in November. I need to use it and not be lazy or satisfied with first, quick session gains.

Trade size will now be 0.9% of account.
Stoploss is set for 7 pips with Oanda. (allows for slippage to 10)
Max loss per day 4.5%.
  • #23
  • Nov 2, 2009 12:52pm Nov 2, 2009 12:52pm
Robdee,

Me man, finally some activity from you :-) ... Hope everything's well with you and your trading.

Too bad you did not include New Zealand, i would love to see your percentage :-o


m83


Quoting robdee
The top 10 traders for the October 16, 2009 trading day are below*. These results are not month-to-date. They are only for the 24 hour trading day of October 16, 2009.

http://forexforums.dailyfx.com/352991-post1.html

1. United States - 466.09%
2. Canada -352.29%
3. United States- 348.72%
4. Canada - 340.38%
5. United States- 330.34%
6. China- 241.16%
7. China - 227.03%
8. Japan - 195.82%
9. United States - 195.81%
10. Canada - 192.01%
  • #24
  • Nov 5, 2009 2:16am Nov 5, 2009 2:16am
Those results are not real, they are only "half-truth" and since they are "only for the 24 hour trading day". Any newbie can get those results and go bust in a week.


Quoting robdee
The top 10 traders for the October 16, 2009 trading day are below*. These results are not month-to-date. They are only for the 24 hour trading day of October 16, 2009.

http://forexforums.dailyfx.com/352991-post1.html

1. United States - 466.09%
2. Canada -352.29%
3. United States- 348.72%
4. Canada - 340.38%
5. United States- 330.34%
6. China- 241.16%
7. China - 227.03%
8. Japan - 195.82%
9. United States - 195.81%
10. Canada - 192.01%
  • #25
  • Nov 5, 2009 5:04am Nov 5, 2009 5:04am
I would be happy to make more annually then my bank offers me in a high interest long term deposit savings account. More or less most banks offer some good interest rates (depending right now on where you are in the world) but with a good approacj you can do better. If you can better the return from your bank then you are doing yourself (and your account) justice plus your learning perhaps a new skill that could take your account to greater equity highs. I personally like the satisfaction of that.

Razor
  • #26
  • Nov 5, 2009 5:09am Nov 5, 2009 5:09am
Quoting Intu
1. I stuck to my stop loss limit per trade. (No losses over 10 pips).
2. Scaled down to half size after revenge trade session when I was trading double normal trade size.

Down 12% for the month. I am totally responsible for it.

I switched pairs, from USD/JPY to EUR/USD. I cleaned up my screen a bit. Initially I had a Stochastics indicator ---> gone.

I changed MAs, inspired by some of TurveyD's M1 thread. {12 WMA, 55 EMA, 200 EMA} I use these as a "framework" to make some discretionary decisions.

I have an opportunity for more screen time...
I dont know how you scalpers manage it. 7 pip SL (plus inclusion for spread) is just a bump in fluctuations and there goes another trade. I feel for you guys/girls, it seems like alot of screen time for some grinding results. I glad to hear you have cleared up your screen. If theres one thing I can relate to its that I see so many traders with more dots and dashes than the radar screens at Heathrow. Glad to hear youve cleaned it up, im sure that the picture will be alittle clearer for you know

Razor
  • #27
  • Nov 7, 2009 9:53am Nov 7, 2009 9:53am
Thanks for the replies Razor Trader, I checked out your journal as well, good stuff! My copy of Atlas Shrugged is still one of my most treasured books. I saw a bumper sticker the other day relating to the current economy, "Atlas Shrugged was a warning, not an instruction manual."

Weekly update on my struggles...

1. tightened my stop one more pip, Oanda default set at 5...so stop out is usually 5.9 pips or so. My entries are pretty precise, usually when things are 4 pips or more against me in the first few minutes, they don't come back. Many times I reverse after a stop-out and can catch pips because price has moved only a short distance.

2. tightened my daily $ stop loss, took away $ figures and % of account figures, and have decided to go with -20 pips.

3. Same with daily target profit target, +20 pips.

I'm a grinder, I grind out pips one, 2, or 5 at a time. My plays aren't always technical, many times it's watching PA and seeing some support or resistance on the 1 min TF.
I think there are many (+100) opportunites to grab pips in a day, that is why I think it is ok to set a profit target. For a scalper I think it's doable, for a longer term trader with 5 setups a day, you can't predict what the market might give you that day.

4. MM (sigh)... last month I kept the SL in place, but had some revenge trades with increased lot size. Sunday and Monday, beginning this week, I moved my stop on a couple trades and of course they went +30 pts against me. They are all less than 1% bets, I should be taking the stop and moving on....just no excuse for this.

Current strategy:

0.7 % risk per trade
+20 pips daily target
-20 pips daily $ stop loss
and I'd like to get more trades in per day.
  • #28
  • Nov 7, 2009 9:58am Nov 7, 2009 9:58am
Quote from The Fool's thread, 4% A Day Forever, early on...

Just ran across this quote while reading "Trade Your Way to Financial Freedom" by Tharp.


Quote:
Nevertheless, my belief is that the largest profit percentages are made by short-term traders who really have their psychology together. I've seen short-term traders who could make as much as 50% or more per month (on small amounts of money such as a $50,000 account) when they were in tune with the market and themselves.

page 85, Trade Your Way to Financial Freedom, 2nd Edition, Tharp
  • #29
  • Nov 7, 2009 7:36pm Nov 7, 2009 7:36pm
Dear Intu,

I belive you are asking the wrong question. You should first define the dollar amount that you want out of the market. There must be a certain sum that, when attained, you can proudly accept and consider your journey complete. If you intended to day trade for 20 years for a living, you have a long, grim, almost impossible task in front of you. If, however, you start with a 10K account and your goal is to have 200k withing a 2 year time span, that is a lot more doable. The odds are still against you, but they are a hell of a lot better than trying to trade for living for 20+ years.

That being said, let's keep our risk low--- say .50 to $1 pip per $1,000 in equity (depending upon the probability of your set up). It should be possible to average .5% to 1% a day. Of course, some days will be negative and some will be will beyond 1%, but we are talking average here. With some decent starting equity, a little luck, and a lot of hard work you will be rich within a 2-3 year time horizon. Take your earnings off the table and sail off into the sunset.

Yes, this is not easy to do... but it has been done before and can be done again. I'm not saying there are not a small handful of undercapitlized traders who have somehow managed to be ahead of the game in forex over the last 9 or 10 years. But they are rare, rare, rare, birds indeed. It's like finding a card counter who has made their living off casino's for 10+ years. They exist, but in terms of total players they are 1 in a million, maybe more.

I wish you all the best!

Regards....
  • #30
  • Nov 7, 2009 11:20pm Nov 7, 2009 11:20pm
Thank you FX Petra! I have read many of your threads and posts also. I appreciate your insight as I know you have had a very experienced Forex journey so far.
  • #31
  • Nov 11, 2009 4:00am Nov 11, 2009 4:00am
I remember there was a person here on forum who showed transaction report and he made over 8000 from 500 in 24 hours so it is 1600%. He traded EUR/GBP and some other strange pair that I forget.
The more experience people get, the more unreal results like this start looking odd to them. Normal reaction, they start attacking on forums people who showed something like this.
There is a lot of impossible things are possible. Lately I think it is maybe in believe system. If you believe that you should have only positive months then you will have positive months and you will think that is completely normal. Probably we creating our own realities in our minds. At the same time some other trader likely far more experienced but with "wrong" believe system always have straggle where he shouldn't have.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #32
  • Nov 12, 2009 8:39pm Nov 12, 2009 8:39pm
Quoting Intu
1. I stuck to my stop loss limit per trade. (No losses over 10 pips).
2. Scaled down to half size after revenge trade session when I was trading double normal trade size.

Down 12% for the month. I am totally responsible for it.

.
Hows your scalping going ?
  • #33
  • Nov 12, 2009 8:42pm Nov 12, 2009 8:42pm
Quoting Intu
Thank you all for your input, I appreciate the thoughts.

I am coming to the belief that smaller time frames allow more opportunities to exercise an edge in the market, but...

Trading in smaller time frames (i.e. more frequently) also creates more opportunity for mistakes.

Thanks! Enjoy the rest of the week-end.
What is your edge?
  • #34
  • Nov 12, 2009 8:55pm Nov 12, 2009 8:55pm
Quoting Intu
Daytrading equities during the internet stock and tech stock boom, with good tools, my "edge" was huge. We had 10 to 1 margin, option hedges allowing legal shorting on down ticks, and fast execution systems. During volatile months over the course of a year, it was quite common for even the weakest traders in our office to do 50% to 80% on our equity per month scalping.

I just finished reading The Fool's trading journal here on our site, check it out. "4% a Day Forever".

Many people posted that 4% a day average is an impossible dream, perhaps...
Possible? Unlimited.
Probable is somewhat less. Pick your Plays & Play your Picks.
If that pi$$es you off then you are on the right track.
Trade what looks good to You. Even if you are pilffering my cargo.....
  • #35
  • Nov 19, 2009 7:32am Nov 19, 2009 7:32am
Quoting Andy12
I remember there was a person here on forum who showed transaction report and he made over 8000 from 500 in 24 hours so it is 1600%.
I don't doubt this. You choose to fund your account with 500 whatevers and set a few trades. If you have a million to back it up this is very low leverage. But I think the question could have made it clearer - the point being at a reasonable leverage?
Gone to a better place
  • #36
  • Nov 19, 2009 8:54am Nov 19, 2009 8:54am
This week i have changed from trading from 5 M and 15 M to 1 H charts.

My account shows 20% gain on eur/usd trading.

5-15% per week gain is possible.
  • #37
  • Nov 19, 2009 10:26pm Nov 19, 2009 10:26pm
Quoting kingfisher
This week i have changed from trading from 5 M and 15 M to 1 H charts.

My account shows 20% gain on eur/usd trading.

5-15% per week gain is possible.
Re evaluate in 52 weeks. Stir (don't shake) & repeat 52 weeks after... & repeat 52 weeks after... & repeat 52 weeks after...
...

Hey KF... Just trying to ensure that you keep your guard up.
I'm happy you are up but now asking if you have the 'Cocky Devil' calling your Trades.
Stay Sterile.
  • #38
  • Nov 30, 2009 1:40pm Nov 30, 2009 1:40pm
Method hopping, psychological pitfalls... down 16% percent for November.
I didn't apply myself as much as I thought, traded mostly afternoons US session. I have alot of free time in December, I'd like to take it a bit more seriously.

I've been drawn to Acumen's "style" lately, 15min TF for decision making, 5min TF for trading Pivots, Trendlines, and Psych levels. I believe it's a solid framework.
  • #39
  • Nov 30, 2009 7:20pm Nov 30, 2009 7:20pm
Quoting Andy12
I remember there was a person here on forum who showed transaction report and he made over 8000 from 500 in 24 hours so it is 1600%. He traded EUR/GBP and some other strange pair that I forget.
The more experience people get, the more unreal results like this start looking odd to them. Normal reaction, they start attacking on forums people who showed something like this.
There is a lot of impossible things are possible. Lately I think it is maybe in believe system. If you believe that you should have only positive months then you will have positive...
The mentality of the trader and what he has on the side needs to be considered. The trouble is that people feel compelled to gloat when they make returns of that size and seldom do they return to say they have blown it the week after. Its easy to attract suckers with huge returns, it is difficult to be honest and post the awesome bust outs which is why you dont see it as often as the big wins. Pride comes at a price and people dont stick around to answer the questions of "what returns did you make this week" because they cannot face the music with egg on there face.

I do believe it is possible to make extrodinary returns over time (I follow Joels blog which has increased almost 1200% over a period of close to 2 years) but you find they are few and far between.

Razor
  • #40
  • Sep 3, 2013 8:01am Sep 3, 2013 8:01am
My goal right now is to aim for 3% a month min. The rest is my bonus
All posts are my personal opinion
0 traders viewing now