4% A Day Forever | Page 37 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex changed forever! 315 replies

an EA that worked forever 29 replies

Forever Demo Account 9 replies

Attachments: 4% A Day Forever
Exit Attachments

4% A Day Forever

  • #721
  • Dec 16, 2009 4:57pm Dec 16, 2009 4:57pm
Turv,

I have the same weakness, but you know, if you start allowing your winners to run, you'll find it easier to cut the losers!! I have been practicing that quite a bit lately....


Quoting Turveyd
Always looking for a improvement first Mod to my system since July / August area I think.

My ownly failing point is not bailing when a trade is very likely going to go against me, which I'm working on to further reduce losses.


Working too much, very little time for trading sadly, you ??
In Charts We Trust!
  • #722
  • Dec 16, 2009 5:03pm Dec 16, 2009 5:03pm
Quoting Turveyd
Sounds like your doing okay dude!!!

Had 1 loser today, 40odd pips but hey thats life sometimes so even on the week here.
Hey there D.,

Yup, steady profits. I am slowly working up the courage to trade per the full-size according to my plan. Today its 1.4-lot and I only traded 1/2-lots around the news. But that might be a good standard for newstrade anyway. Traded some full-size last night and the full-size is a blast when I win. A shock when I lose. Will get easier with time & habit....

Happy Trades!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #723
  • Dec 16, 2009 5:19pm Dec 16, 2009 5:19pm
Quoting X.Oden
Turv,

I have the same weakness, but you know, if you start allowing your winners to run, you'll find it easier to cut the losers!! I have been practicing that quite a bit lately....

Every attempt in this market to let profits run has went horribly wrong recently.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #724
  • Dec 16, 2009 5:25pm Dec 16, 2009 5:25pm
Quoting The Fool
Hey there D.,

Yup, steady profits. I am slowly working up the courage to trade per the full-size according to my plan. Today its 1.4-lot and I only traded 1/2-lots around the news. But that might be a good standard for newstrade anyway. Traded some full-size last night and the full-size is a blast when I win. A shock when I lose. Will get easier with time & habit....

Happy Trades!

I'd been averaging down as it neared my SMA which turned it once giving me a cheap out but 2 pips from BE hesitated, so I was upto $4 per pip today on UC which is quite slow, so that 40 pips down was only a 10pip average x 4, I play the cards tight like you, sadly 5 pips higher SL and coulda held it down to +30, but who knew!!

Anyway, $3 and $4 per pip on it's own with my tiny account when it's going against gets pretty damn scarey so I can dig it.

Sorry 1.4-lot what 1/4 lot ? or some slang for 1 full confused give me a $ per pip amount dude please
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #725
  • Dec 16, 2009 5:29pm Dec 16, 2009 5:29pm
Well man don't give up, this week (I admit) was a tough week)..I am barely breaking even on my runners....it was tough to catch the trend...but then again we have two diff styles...I trade the dailys, the trend is way easier to catch....I should have looked at 15 min charts this week with so much volatility...




Quoting Turveyd
Every attempt in this market to let profits run has went horribly wrong recently.
In Charts We Trust!
  • #726
  • Dec 16, 2009 5:41pm Dec 16, 2009 5:41pm
Quoting X.Oden
Well man don't give up, this week (I admit) was a tough week)..I am barely breaking even on my runners....it was tough to catch the trend...but then again we have two diff styles...I trade the dailys, the trend is way easier to catch....I should have looked at 15 min charts this week with so much volatility...

It's only going to get harder as the volume drops approaching Xmas

Got to disagree on the trends the trends on M1 are faster but much more visible and easier to trade. But there is always a risk the pull back your entering the trend with might be a trend change.

But trading with a 10-25SL means you either take profit or eventually your SL will likely be hit, had a trade last week +17 in 4 mins, got greedy ended up -20 and out, no follow through at all!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #727
  • Dec 16, 2009 7:05pm Dec 16, 2009 7:05pm
Quoting Turveyd

Sorry 1.4-lot what 1/4 lot ? or some slang for 1 full confused give me a $ per pip amount dude please
1.4 lot = $14/pip. That's 0.2% of total scalp account equity per pip - gives a 1% risk with a 5-pip sl.

I hit one runner like I planned it - last night for 25 pips and that was at full size. Immediately turned around and gave 1/2 of it back in a couple losers. Everything else I have tried to set to run with a sl @ BE + 2 has come back and hit the sl - and I'm sure I have tried that 15 times in the last few days - probably given up 50 pips trying. So f#ck it.

I tried today at NY close with E/U long at .4508 stuck sl at .4510 and had high hopes for it to hit .4550 but she only ever got to .4538 this afternoon and I got home from the gym a while ago & saw it at .4530 & closed it.

This PA has been hard to read & reminds me of Late Summer - maybe typical thin liquidity volatility. Several of the old timers around here don't trade at all during Xmas nor August & I guess now I can see why. Although, personally, I'm not complaining.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #728
  • Dec 16, 2009 7:56pm Dec 16, 2009 7:56pm
Quoting The Fool
1.4 lot = $14/pip. That's 0.2% of total scalp account equity per pip - gives a 1% risk with a 5-pip sl.

I hit one runner like I planned it - last night for 25 pips and that was at full size. Immediately turned around and gave 1/2 of it back in a couple losers. Everything else I have tried to set to run with a sl @ BE + 2 has come back and hit the sl - and I'm sure I have tried that 15 times in the last few days - probably given up 50 pips trying. So f#ck it.

I tried today at NY close with E/U long at .4508 stuck sl at .4510 and had high hopes...

I think I should WALK AWAY myself, I was Long on EJ near the 130.50 tight SL's 7 pips average, got upto $4 per lot YES STUPID, thought bounce for +20 or SL hit for -9, blew straight through the stop closing out 12 pips below -21 x 4 = $84 doh!!!

I assume 1 position closed, if not even worse, it's not letting me close it the SL is there, can't pull the SL or alter it in any way, it just closed uggg -40 pips!!

-$90 or -18% in 1 trade, Max risk should of been -5% at worst!!

Hoping FXCM recalculate that trade, should of been -7 on that position worst case
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #729
  • Dec 16, 2009 8:03pm Dec 16, 2009 8:03pm
trade Log :-
1. 41, -13.5 should of been -7
1. 40, -16.9 should of been -10
1. 38, -18.6 should of been -10
1. 14, -40.8 should of been -8, Yes this sucker got STUCK couldn't close it or change it, finally closed all the way down there.

Worse case should of been -35, got nearly 3x's that at -90


Sometimes you've got to hate trading hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #730
  • Dec 16, 2009 8:06pm Dec 16, 2009 8:06pm
Well I wasn't expecting this euro drop here but the wires say big investment bank selling euros (EBS?) - they probably shorted a few yards up at 1.51 & now are cashing in. How come I'm not that smart?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #731
  • Dec 16, 2009 8:27pm Dec 16, 2009 8:27pm
Quoting The Fool
Well I wasn't expecting this euro drop here but the wires say big investment bank selling euros (EBS?) - they probably shorted a few yards up at 1.51 & now are cashing in. How come I'm not that smart?

They screwed me over big time tonight, part of the game I guess

No real movement at all, then 50pips swings blowing through SL's and murdering us, I think it's time to call it a year and wait till 2010 sadly.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #732
  • Dec 16, 2009 8:41pm Dec 16, 2009 8:41pm
Quoting Turveyd
They screwed me over big time tonight, part of the game I guess

No real movement at all, then 50pips swings blowing through SL's and murdering us, I think it's time to call it a year and wait till 2010 sadly.
Yup, its brutal if you get caught. 50-100 pip moves a few times a day and weakshit 20-pip ranges in between.

You got a few great white sharks swimming around with thousands of guppies...

I'm hoping to catch a nice E/U bounce off .4450 but who knows....?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #733
  • Dec 16, 2009 8:50pm Dec 16, 2009 8:50pm
Quoting The Fool
Yup, its brutal if you get caught. 50-100 pip moves a few times a day and weakshit 20-pip ranges in between.

You got a few great white sharks swimming around with thousands of guppies...

I'm hoping to catch a nice E/U bounce off .4450 but who knows....?

Risking man risky, 55ema M1 is working PERFECTLY currently, just called the top on EJ and GU and rest before it reversed back to down again.


But I'm not losing any more tonight.

It's feeling like July, which was the last time I blew my account LOL


Night dude, good luck with it!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #734
  • Dec 17, 2009 10:47pm Dec 17, 2009 10:47pm
Well I am going through my first December as a daytrader. Interesting.

Scalping in this PA lately has been a mixed bag. Lots of exaggerated up/down moves and I have caught some of those. Had about 4 losers in a row, though, last night, so shut it down. Still have not fired up live swing trade accounts but damn did I miss an opportunity. I hope some of you have scored these hundreds of pips shorting the euro. Thousands of pips shorting Gold.

For any that caught the southbound train I bet there are some who got caught looking north, too.

I keep an eye on the news and try to add that to the mix of how I approach trading - but lately I am sure I would have been better off not even trying. Just too much of it - Dubai, Greece, today a rumored coup in Pakistan holy cow whats next? I don't know what to believe anymore where the truth ends and the engineered smoke screen begins....

I don't expect the USD rally to continue for very long, though. After the dust settles on some of the euro commotion the expectation will remain that the US monetary policy will stay looser longer than the EU's. Now, having said this - I am usually wrong in my interpretation of fundies. Time will tell.

I know I'd rather be on a Costa Rican beach. Couldn't leave though - have had projects out to bid & they will be getting built before March, so I'm stuck here. I don't think I would ever pull off the fantasy of trading forex from a laptop while sitting by the pool somewhere, anyway, so maybe its just as well....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #735
  • Dec 18, 2009 7:01am Dec 18, 2009 7:01am
Quoting The Fool

I don't expect the USD rally to continue for very long, though. After the dust settles on some of the euro commotion the expectation will remain that the US monetary policy will stay looser longer than the EU's. Now, having said this - I am usually wrong in my interpretation of fundies. Time will tell.
interesting, i have had similar thoughts since i recently started trying some longer term stuff at the same time. I cant see the US loosening their monetary policy before the EU but again just like you its more of a guess.

I just finished my civil engineering degree, i hope to avoid that 9-5 slavery

Today has been dodgy i think it is because it is a quadruple witching day.
  • #736
  • Dec 18, 2009 1:41pm Dec 18, 2009 1:41pm
Big banks who shorted EU at 1.51 or somewhere close, have Phds in math writing computer algorithims like crazies.

These Phds would have been in NASA or somewhere else but their is no budget to get these nuts over there.
So what they do, they find financial markets and write algos they would be writing to simulate flight paths and missile tracking systems.

If there is a wave, the quants ( phds ) can write algorithims to manipulate that wave, now that wave could be a forex or stock chart or a flight path.

You are up against these number crunching psychos when it comes to trading forex.

You have to have an edge, even a 10 pips per day but you got to have it, otherwise they will eat you alive.

So work on your edge, your system. You may never beat these geniuses nutjobs but you may be able to learn how to ride the wave they setup for all of us and eek some dough out of it, while riding their trend.......
  • #737
  • Dec 18, 2009 3:31pm Dec 18, 2009 3:31pm
I bought a netbook with the plan to walk upto the top of the local hill and trade for @3hours on it's battery life, but with lack of time and generally bad weather failed at this plan.

Low Volume times suck, especially that Mid move pause with a pretty much 50/50 odds on it's direction so Exit then 50% of the time it goes higher arrgghh.

The Life of a scalper hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #738
  • Dec 18, 2009 4:20pm Dec 18, 2009 4:20pm
Quoting The Fool

So, what gives? Why not stick to this simple plan?

Fear, I suppose, plain and simple.

There is really no reason not to proceed with this simple plan, though. 0.2% per pip with a 5-pip sl is a 1% risk - not meek but not exactly reckless. And, of course, I am usually killing losers at 2-3 pips, not 5 pips, anyway... And 20 pips a day? C'mon, really - how hard is that?
I am only a micro account trader atm but I scalp with a 5 pip stop that usually never gets hit because I close much sooner than that, I also target 20 pips per day and usually am able to let a winner run to 10+ pips. Due to the similarities I think my opinion may be relevant to you.
The more you risk, the harder it is to trade effectively. If that risk level is causing you problems you will lose trading it. I tried to increase the risk but trading performance always drops. I have found I am most effective with only .25% risk per trade and I usually get at least 30 pips per session - about 1.5% per day. I am ecstatic with those returns. A spreadsheet tells me I could make alot more by increasing my risk but to ask for more is greedy and causes increased fear, we all know what that does to traders.
Quoting The Fool
And another thing, If 4% per day works out, as shown, that gives me a 10-fold equity increase in 3-months - with about a $79,000 ending balance.
I know you have a specific goal and you are pursuing that but you cant rely on the market to provide a specific return everyday. Your spreadsheets are disrespectful of market reality and the sooner you stop fantasizing and accept what the market gives or takes from you, the free-er you will be to trade profitably. Nobody has ever achieved a consistent 4% return per day or even come close. Nobody has ever traded without losing days. I dont want to sound negative but really, besides your spreadsheets, what are you basing your beliefs about your trading ability on?
BTC Return This Year: na
  • #739
  • Edited 7:23pm Dec 18, 2009 6:22pm | Edited 7:23pm
Quoting M.A.C.Doug
The more you risk, the harder it is to trade effectively.
Thanks for your thoughts. You raise issues that are at the heart of why people trade & how they may succeed or fail at it. Also, if you are making 1.5% per day with consistency I congratulate you - those are awesome results.

Everyone who has made a serious effort at trading knows that the size of trade is quite relevant. Lots of newbs (I was one) had great success trading mini- or microlots & achieved big returns only to find that the same could not be duplicated as they tried to trade larger.

But why should this be, after all? If you make a trade with a controlled risk of 1% of your account (or 0.5% or 0.1% or whatever) then why shouldn't you be able to live with that across the board?

Fear.

Everyone has to confront their limits very honestly and that effort has to be factored into what it means to be "trading effectively".....the meaning of which must be different for everybody, depending on who they are & what they want out of trading.

If you have found the "sweet spot" of being comfortable with a particular trade size/risk level, and that satisfies your goals for income, then I wouldn't mess with it if I were you - that is all I am aiming for. Personally, I can't stay interested in sticking with this enterprise if I am going to have to limit myself to mini-lot trading & the limited revenue available from that. Also, I have other things to do and I am not willing to commit to spending half of my life watching the monitor for the perfect trade. These admissions point to trading with higher risk.

So I am just trying to systematically up my risk as a function of the account balance: 0.2% of account risk per pip with a 5-pip stop loss is 1% risk per trade and 20 pips/day is 4% per day. (For scalping only.) 20 pips a day scalping is quite doable and anyone knows this - all that remains is to see if I can live within that risk profile. It is not easy, but I work at it every day. Even if I only do a few out of 20-30 scalps with that high risk (about right for now) then those few often make up over half of the day's revenue. If I don't make it to trading with such a high risk profile all the time, that's ok. Of course, its all relative anyway - the larger your account the less risk you need to take on to get decent returns. With a $50k account balance - 20 pips/day x .05% of account per pip with 5-pip sl = 1% per day = $500/day and that would be fine, etc etc...

You say I must accept what the market has to give - and even though this is a cliche it is very true. But its a two-way street: you have an opportunity to tell the market what you are going to take - and its up to you to follow through. That is where I am now in this journey. I have a long way to go - it is still a struggle for me to leave that 5-pip sl in place and watch it get hit sometimes. But its my journey & I'm on it with eyes wide open.

Good luck to you on yours.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #740
  • Dec 20, 2009 5:54pm Dec 20, 2009 5:54pm
Hi Fool, I have been reading a lot of this thread with interest, and wish you success with your endeavour. It is interesting how much can be learned from someone else, so thank you.

Quoting The Fool
I keep an eye on the news and try to add that to the mix of how I approach trading - but lately I am sure I would have been better off not even trying. Just too much of it - Dubai, Greece, today a rumored coup in Pakistan holy cow whats next? I don't know what to believe anymore where the truth ends and the engineered smoke screen begins....
Well I missed the rumoured coup in Pakistan, and I hope to God it remains a rumour. The rest of the mess with Euro-zone banks has taken a hit recently with Dubai defaulting on bond coupon payments, and none of the european/british banks admitting how big their exposure might be (no change there then). Today I also discovered that Austria has nationalised one of its larger banks, Austrian banks have reportedly over-extended themselves in eastern-european property prior to the onset of Armageddon. JFYI nationalisation is the current euphemism for state-rescue. Bundled with the downgrade of the Greek financial system we have another Euro-negative mood which could take a while to sort out.

I believe you can do 4%, you have been quite candid about your demons. Best of luck to you, ...oh no, there isn't any luck - I remember. I'm off to read posts 300 thru 600, should take me over Christmas...
Minesweeper target: 284
0 traders viewing now