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4% A Day Forever

  • #641
  • Dec 6, 2009 4:24pm Dec 6, 2009 4:24pm
Quoting GulfCoastPip
I'm guessing that you're not a full-time trader. Set and forget? Sounds like a "Get Rich Scheme" or Infomercial.

Any full-time trader with such a method...will fail. All trades need baby sat. Some need baby sat every few seconds, minutes, tens of minutes, or hours, but you DON'T SET and FORGET!

Sounds reckless to me. If not, then explain yourself.
No, it's called swing trading. Appropriate position size, sl and tp. If you have to babysit your trades you need to cut your position or reevaluate your analysis.

Guessed wrong, lol. I either trade the daily or trade the 4hr candles. Less screen time but I have managed to replace my old income with it.

Best of luck to you.
  • #642
  • Dec 6, 2009 4:32pm Dec 6, 2009 4:32pm
Quoting GulfCoastPip
I'm guessing that you're not a full-time trader. Set and forget? Sounds like a "Get Rich Scheme" or Infomercial.

Any full-time trader with such a method...will fail. All trades need baby sat. Some need baby sat every few seconds, minutes, tens of minutes, or hours, but you DON'T SET and FORGET!

Sounds reckless to me. If not, then explain yourself.

Set and forget works for me in Demo, real money no matter how small I'm just not wired that way but in theory it'll work, yes you'll have to accept a lower win ratio but the upside is you can be in for 100-300pips swings, I doubt even $0.10 would be small enough for me though to trade that way.

Yes you need a method to trade this way a actual real proven stastically method, which you likely haven't got.

it's a 50/50 game you don't need much of a edge to cover your spread and start making $$$'s.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #643
  • Dec 6, 2009 4:34pm Dec 6, 2009 4:34pm
Quoting calderone
No, it's called swing trading. Appropriate position size, sl and tp. If you have to babysit your trades you need to cut your position or reevaluate your analysis.

Guessed wrong, lol. I either trade the daily or trade the 4hr candles. Less screen time but I have managed to replace my old income with it.

Best of luck to you.

You'd do a lot better trading Stocks via a Spot account as there is less news and they have better multiple day swing friendly moves.

But learning curve and if your making enough why risk it ofcourse.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #644
  • Dec 6, 2009 4:54pm Dec 6, 2009 4:54pm
Quoting Turveyd
You'd do a lot better trading Stocks via a Spot account as there is less news and they have better multiple day swing friendly moves.

But learning curve and if your making enough why risk it ofcourse.

One day I may try stocks, meanwhile I am just plugging along. I have said it before and I'll say it again. I have a lot of respect for traders that are profitable on the low timeframes. Takes skill and nerves + practice as the Fool has told me. You made a good point, I may not be wired for scalps as it seems that I just can't seem to be profitable over long term. I'm fine with that.

There is another trading method using ichimoku where you trade 1hr cloud breaks. You take all of them and losses are expected-but the winners happen as well. If you manage your money well, you end up with a nice little profit. It's more like herding. Now I have not commited to this but there are traders that are doing well with it. Many ways to skin a cat!
  • #645
  • Dec 6, 2009 4:56pm Dec 6, 2009 4:56pm
Quoting Turveyd
Set and forget works for me in Demo, real money no matter how small I'm just not wired that way but in theory it'll work, yes you'll have to accept a lower win ratio but the upside is you can be in for 100-300pips swings, I doubt even $0.10 would be small enough for me though to trade that way.

Yes you need a method to trade this way a actual real proven stastically method, which you likely haven't got.

it's a 50/50 game you don't need much of a edge to cover your spread and start making $$$'s.
Ok Turvey, seems you missed my point. I'll butt out of your thread now.
  • #646
  • Dec 6, 2009 4:58pm Dec 6, 2009 4:58pm
Quoting GulfCoastPip
Ok Turvey, seems you missed my point. I'll butt out of your thread now.
Maybe I missed it too?
  • #647
  • Dec 6, 2009 5:28pm Dec 6, 2009 5:28pm
Well. Set and forget? Set, sure. But forget? I dunno.

However, I do think it is possible to trade with some low-stress strategies that also have high success rates.

I am working on some range trading methods that involve very conservative position sizing and hedging in the same pair. As I've mentioned AUD/CAD, EUR/CHF look like some likely candidates. Automation will be possible, I will have to re-learn to code. Probably nothing new under the sun - I think Nanningbob has done something similar here at FF with AUD/NZD.

Consistent with the way I scalp, success in this range-trading strategy depends on setting conservative profit targets. I keep coming back to "Less is More". Unless its Gold. Then More is Better.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #648
  • Dec 6, 2009 5:40pm Dec 6, 2009 5:40pm
Quoting The Fool
Well. Set and forget? Set, sure. But forget? I dunno.

However, I do think it is possible to trade with some low-stress strategies that also have high success rates.

I am working on some range trading methods that involve very conservative position sizing and hedging in the same pair. As I've mentioned AUD/CAD, EUR/CHF look like some likely candidates. Automation will be possible, I will have to re-learn to code. Probably nothing new under the sun - I think Nanningbob has done something similar here at FF with AUD/NZD.

Consistent with the way...
lol

With all do respect for Gulf Coast Pip, I do move my stop to be and make sure my tp is minimum 2 to 1 with 3 to 1 my goal. I don't babysit my trades unless you consider checking on the candle close-yes I do that.
  • #649
  • Dec 6, 2009 6:19pm Dec 6, 2009 6:19pm
Quoting GulfCoastPip
Ok Turvey, seems you missed my point. I'll butt out of your thread now.

Hey don't worry I'm with you a short term swing / trend trader as it's the only real way to make loads of money out of well next to no money in theory atleast, which a fair few of the people using my system on my thread are doing including Loops recently sadly not me due to never around to trade and when I am I'm shattered from all of lives other little distractions.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #650
  • Dec 8, 2009 4:02am Dec 8, 2009 4:02am
Doing good this week, +19% since Sunday only 6 trades lol!

+33 pips AUDCAD
+318 pips GBPJPY
+194 pips EURJPY
+102 pips AUDJPY
+73 pips CHFJPY
+22 pips USDJPY

Still holding since Sunday....
In Charts We Trust!
  • #651
  • Dec 8, 2009 4:11am Dec 8, 2009 4:11am
Quoting X.Oden
Doing good this week, +19% since Sunday only 6 trades lol!

+33 pips AUDCAD
+318 pips GBPJPY
+194 pips EURJPY
+102 pips AUDJPY
+73 pips CHFJPY
+22 pips USDJPY

Still holding since Sunday....
Awesome. Yen pairs have been hot.

I'm just scalping the old yurow today, up about 2-3% since FO. About to quit, usually just have time for 2-3 hours around the FO/LO now, dayjob deadlines and all. Kinda looking forward to January, when I will basically be out of work & so can trade full time. Its actually been a couple months since I could do that, so now looking forward to seeing what I can do.

X, what's the most money you ever made in a day trading forex? About $1,500 for me, on a $10k account....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #652
  • Dec 8, 2009 4:31am Dec 8, 2009 4:31am
Yen pairs are hot....the funny thing is, the 800+ pips is being done on a small $42 account. I'm recovering the account now. Its now up 923 since posting this...I'm in the hole in a big way on that baby account, but I have a lot of folks telling me I cannot build a tiny account playing long term trends....they say I need deep pockets....I'm trying to prove em wrong....

Most I've ever made......Honestly?

Let me post a pic....live account...

This is most I've made dollar wise...pip wise, alot more...but who's counting....

And honestly, I can do more than that now....ok as I'm finishing this response now +987 pips..

Here's the small account hehe....I'm building it from a loss....original amount $1200....was experimenting with scalping and using large lot sizes which I find out that I'm useless at lol that's why I'm in here....but as it dropped to almost -90% loss, I decided to run the swing method that you see in this large account...I have to save it.....

http://www.mt4i.com/banner.aspx?id=fmc2&t=1

The pic above are live stats and will update dynamically every few minutes if you refresh the screen....






Quoting The Fool
Awesome. Yen pairs have been hot.

I'm just scalping the old yurow today, up about 2-3% since FO. About to quit, usually just have time for 2-3 hours around the FO/LO now, dayjob deadlines and all. Kinda looking forward to January, when I will basically be out of work & so can trade full time. Its actually been a couple months since I could do that, so now looking forward to seeing what I can do.

X, what's the most money you ever made in a day trading forex? About $1,500 for me, on a $10k account....
Attached Image (click to enlarge)
Click to Enlarge Name: Most I've Ever Made.jpg Size: 77 KB
In Charts We Trust!
  • #653
  • Dec 8, 2009 4:39am Dec 8, 2009 4:39am
If you have a day job, all the more to trade the daily charts. The success rate off it is about 98% for me....that's why I'm using it on my small $42 account.

Advantages...no whipsaws, no news to really worry about.....

All I do is I catch reversal trades....just a few bars and you're set for the week.

As to the GBPJPY, if that's why you're playing, got loads more room to run on the shorts....

But hey, your scalps are working for you, stick with it....I saw your myfxbook progress, you're doing excellent.

I've been scalping the EURUSD and USDCHF recently on demo. Been doing really well. All I do is wait for extreme moves and do a fade away trade....

I've come to the conclusion that I'm a counter trend trader catching tops and bottoms.

Up 14K on demo since Nov on the 50K original account....just scalping 1 lot here and there...nothing special....

Quoting The Fool
Awesome. Yen pairs have been hot.

I'm just scalping the old yurow today, up about 2-3% since FO. About to quit, usually just have time for 2-3 hours around the FO/LO now, dayjob deadlines and all. Kinda looking forward to January, when I will basically be out of work & so can trade full time. Its actually been a couple months since I could do that, so now looking forward to seeing what I can do.

X, what's the most money you ever made in a day trading forex? About $1,500 for me, on a $10k account....
In Charts We Trust!
  • #654
  • Dec 8, 2009 4:43am Dec 8, 2009 4:43am
Quoting X.Oden
Most I've ever made......Honestly?

Let me post a pic....live account...
Very nice. Thank you for sharing that. That was a damn good day.

Hope I can make it up there. Made $150 on my $5500 account in the last few hours, 2.7% - woohoo! I know I can do those percentages like clockwork, though, so its only a matter of time til I get in some tall cotton, too.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #655
  • Dec 8, 2009 4:51am Dec 8, 2009 4:51am
Fool,

Well honestly, you will find those type of trades EVERY WEEK playing the daily.

Here, let me show you in pips what I am riding on my tiny $42 account. Imagine what you could do with your larger account! This is all using .01 lots....why .01? Because that's all the risk I can take on a $42 account, but look at the % gain....only 6 trades since Sunday...

Point I'm trying to make is, I only check the trades but once a day....

I'll attach the current positions in pips AND in actual $ gains....its not much, but don't look at the $, look at the % gains...


Quoting The Fool
Very nice. Thank you for sharing that. That was a damn good day.

Hope I can make it up there. Made $150 on my $5500 account in the last few hours, 2.7% - woohoo! I know I can do those percentages like clockwork, though, so its only a matter of time til I get in some tall cotton, too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: PIP COUNT.jpg Size: 44 KB
Click to Enlarge Name: DOLLAR COUNT.jpg Size: 47 KB
In Charts We Trust!
  • #656
  • Dec 8, 2009 4:53am Dec 8, 2009 4:53am
Quoting X.Oden
If you have a day job, all the more to trade the daily charts. The success rate off it is about 98% for me....that's why I'm using it on my small $42 account.

But hey, your scalps are working for you, stick with it....I saw your myfxbook progress, you're doing excellent.

I've been scalping the EURUSD and USDCHF recently on demo. Been doing really well. All I do is wait for extreme moves and do a fade away trade....

I've come to the conclusion that I'm a counter trend trader catching tops and bottoms.
I am getting comfortable with the daily trading plays, working it well in demo on the ranging pairs. And I can do the very short tf scalping, no problem, but just a few hours of that a day is plenty.

So, I probably will seem like an odd cat, trading on the M1/10s charts and then on the 4H/D1 too. But variety is the spice of life.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #657
  • Dec 8, 2009 4:54am Dec 8, 2009 4:54am
Quoting X.Oden
Fool,

Well honestly, you will find those type of trades EVERY WEEK playing the daily.

Here, let me show you in pips what I am riding on my tiny $42 account. Imagine what you could do with your larger account! This is all using .01 lots....why .01? Because that's all the risk I can take on a $42 account, but look at the % gain....only 6 trades since Sunday...

Point I'm trying to make is, I only check the trades but once a day....

I'll attach the current positions in pips AND in actual $ gains....its not much, but don't look at the $, look...
I'm glad you see the power of the daily. That's how I pay my bills. That and 4hr, you just have to be patient. Good job on that!
  • #658
  • Dec 8, 2009 4:57am Dec 8, 2009 4:57am
Here's a screen shot of the GBPJPY trade I'm in riding the Daily....on $42 account....see how small the risk is and how large the profit potential is?

Imagine, catching these type of trades on the Daily and then switching to the 5 minute to ride the sucker like you are doing now with scale ins!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 215 KB
In Charts We Trust!
  • #659
  • Dec 8, 2009 4:59am Dec 8, 2009 4:59am
Yeah Amen to that Calderone....I should have been playing the Daily's all the time...my wife plays the 4Hr charts. Since she started doing that, she's bumped her account 500% in 4 weeks...

What she does is she adds to positions on pullbacks...and moves prior positions to 1+ BE....I taught her that a few months back....but I'm too lazy to do that...so I just ride it...

Quoting calderone
I'm glad you see the power of the daily. That's how I pay my bills. That and 4hr, you just have to be patient. Good job on that!
In Charts We Trust!
  • #660
  • Dec 8, 2009 5:04am Dec 8, 2009 5:04am
Quoting X.Oden
Yeah Amen to that Calderone....I should have been playing the Daily's all the time...my wife plays the 4Hr charts. Since she started doing that, she's bumped her account 500% in 4 weeks...

What she does is she adds to positions on pullbacks...and moves prior positions to 1+ BE....I taught her that a few months back....but I'm too lazy to do that...so I just ride it...
Haha! I usually am asleep or some trash when I should be moving my stop. I like to scale in and build my position or when I see the daily close and I have my pattern-drop down to the 1hr or lower and put a larger order in with a smaller stop. If I had traded like this from the start, I wouldn't have been so stressed out. lol My problem is when I sit and stare at the charts-I see what I want to see and end up being wrong. lol
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