1 pip per day (at least)

Hi all,

I got inspired by this thread here:
http://www.forexfactory.com/showthread.php?t=207018

I'll try to make at least one pip per day. Don't expect wonders. I don't know if I can make it but I'll do it from the 5m chart (check out Phil Nell's 5m system). I'll use pivot points (the daily ones) as well using that source: http://www.actionforex.com/technical...-200603205734/

I'll start with $1,000 on monday. I will give my potential entries in advance so you should see the reasons and real time entries.

Let me add that I won't use high leverage so I'll limit it that way that 1 pip would be 0.1% which is already about 10:1.

Hey Xaron what happened to 5000$ to infinity?


Did you get a margin call ?

No. I just had no nerves to update every day.

Current balance: 6,911.93
Current NAV: 6,101.27
Floating drawdown: ~12%

1 pip per day

i am looking forward to see that...

good luck, xaron!

Xaron,

Good to see you trying diffrent strategies. I have found this a key point that very few talk about. I think it is important to trade multiple strategies in multiple time frames. It keeps you sharp and engaged, as well as giving you a lot more income opportunites. For example, I have:

1) Long term E/U uptrend. This a small position, but I will not close it until it touches the weekly chart upper trend line... likley at 1.70 or above.

2) Daily Charts, with all their swing highs and swing lows

3) Scalping-- 15 min charts, with all their swing highs and lows

4) Scalping-- random entries with good P/A (this is in my journal on this forum)

I suspect you have multiple time frames and strategies as well. Best to you as we keep moving forward towards the promised land (financial independence)!

Regards

xaron,

i hope this thread is in joke! your are much too good a trader to trade like this!!!

What could you possible gain from 0.1% a day anyway? Does it not ruin the point of trying to make a good stable income from forex?

And yes your idea is based on that thread, but that dude doesn't even know what he's doing because he wants 40% return on equity from 1 pip netted :s

Xaron, you have been doing very well. Keep repeating your successful & proven trading method but be wary of look-good strategies. Wishing you all the best.

Guys, of course I keep my current trading alive. This is just a test. Getting one pip can't be too hard, it's doesn't care where you enter, you will get your pip just due to the noise. I just want to see how far I can push it.

Hi Xaron

I see that you have set your sights high...

Having read some of your other posts, I am sure you will do better...

.

hi xaron,

I would be not overconfident to manage each day 1 pip profit.


Not to discourage you - but we all would but a high leverage into it if that was a given

Doesnt having a spread of 2-3pips make this impossible?

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Automation is key

Oanda has a 1 pip spread on some of the majors during liquid times. I have been known to place a 1/2 pip TP limit order every now and then

Hi, so let me think. If you intend to do this, whats your entry plan?

Will it be similar to a breakout strategy or at least where you can be in a position to nail your single pip without just trading noise.

@M_j: Thanks, I know it isn't that easy as it sounds.

@hirool: Oanda has 0.9 pips spread in the EUR/USD which will be pair i'll mainly use.

@Jackjones: Hehe, yes. That's the nice thing at Oanda. I can place a TP/SL very close. One thing that's impossible to do with most MT4 bucketshops.

EUR/USD: Long @1.49651

Closed at 1.49674. I'm done for the day.

Result: +2.3 pips

What stop/% risk are you going to use?

No stops at all. But I won't let it run into a margin call. It's a bit discretionary but obviously more than 10 pips.

Long EU @1.49514