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Attachments: Poll: What is the best way to make a few pips a day??
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Poll: What is the best way to make a few pips a day??

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  • First Post: Mar 2, 2010 11:36pm Mar 2, 2010 11:36pm
People i hear your opinions, what dou you think that is the best way to make 10 pips a day ?

This is a questions a brainstorming.... i dont know the answer...
alright, i'll throw in some cents and keep this brainstorming moving forward...

Everyday we should have plenty of chances to catch a 10-pip margin on any pair, regardless which direction we go, which pair we pick. Take EURUSD for instance, it's range is about 150 pips these days, and will usually have several turning points during the day. So chances are all there, for both bulls and bears, but the tougher part is, how to catch 10 pips in a safer way, or in other words, how to fight with the market when it doesn't go our way.

Another point to start with is, since the goal here is to make 10 pips a day, so this type of trading will be different from a normal type of trade where people make enough analysis, and enter the trades based on many supporting factors. Because once we've done so much analyzing work, we will not look for just 10 pips, and it will also not make sense to have such short profit, considering that the potential risk can be several times more than that.

It can be a long topic and I will stop here for now and can continue later.
As per Larry Willams- the guy who made millions in commodity trading in 1979:

1) A new trader should do position trading- Holding positions for months. Figure out the real big moves with small lots.

Example: EUR/USD move from 1.51 to present 1.34- 1700 pips

GBP/USD move from 1.64 to present 1.47- 1700 pips.

2) Then after a year, switch to swing trading- holding positions for 3-5 days. But this should not be the first option.

3) Then switch to day trading. Day trading is incredibly tough. Many new traders blew their accounts due to day trading or scalping for 10 pips.
Quoting kingfisher
As per Larry Willams- the guy who made millions in commodity trading in 1979:

1) A new trader should do position trading- Holding positions for months. Figure out the real big moves with small lots.

Example: EUR/USD move from 1.51 to present 1.34- 1700 pips

GBP/USD move from 1.64 to present 1.47- 1700 pips.

2) Then after a year, switch to swing trading- holding positions for 3-5 days. But this should not be the first option.

3) Then switch to day trading. Day trading is incredibly tough. Many new traders blew their accounts due to day...

Times have changed since 1979 computers, internet scalping was not possible back then.

Thats 1 persons opinion who then went on to make good money, you'll find opinions of scalpers who then made money to, and you'll find millions of people who with #1 have blown there accounts to.


10 pips hey, how much time are you prepared to spend to wait for a setup ?

The safest way is to wait and wait and wait for 1 of those 100pip moves then using S10 charts enter on a pull back just as it turns up again.

You should win 98% of the time, but patience is required get bored and play in chop and your odds drop to 50/50, factor in spread costs and you'll lose money.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
I wouln't get outa bed for 10 pips a day
Quoting willf
I wouln't get outa bed for 10 pips a day

10 pips per day 5 days per week for call it 50weeks a year to allow for holidays at $10 per pip would get you $25,000.

Would that be enough ??

Or maybe $100 per pip so $250,000 per year ??



Consistency is of course the tricky part!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
I have said it a couple of times before and will probably say it again. I will never understand why people enter the fx market only to catch a few pips here and there. Never !

The worst part is that people do it with regular crap-brokers, paying 2-6 pips spread and do not understanding they pay 10-30% of their profits in spread.

People who want a safe 10 pip return everyday haven't accepted that trading involves risk no matter what they do.
Measure twice, cut once
Exactly. People have been tryiing to sell the dream of making 10 pips a day but it rarely works becasue of spread and the R:R doesn't work out.

To make a R:R of 2:1 you need a stop of 5 pips, ludicrous in my opinion.

Quoting aediaz1
I have said it a couple of times before and will probably say it again. I will never understand why people enter the fx market only to catch a few pips here and there. Never !

The worst part is that people do it with regular crap-brokers, paying 2-6 pips spread and do not understanding they pay 10-30% of their profits in spread.
7 replies and not one has attempted to answer the simple question, each trying to force their own concept of reality down each others throats.

Take a look at acumen's threads on pivot points.

Also worth investigating breakouts from congestion. Read up on Joe Ross and The Law Of Charts.

Good luck and keep an open mind.
First you need a lot of practice and skill to trade this way. You need the right type of charts..specifically designed for scalping. You need a broker that uses a Currenex platform or is a DMA (Direct Market Access) that has near flawless execution. If you trade Euro/usd, you need to watch a dollar index chart and a Dow futures chart helps as well. You should limit yourself to trading the first 2 hours or so of a Market open. Then you watch for the dollar index to rally or sell off. Euro/usd always moves in the opposite direction. Know your're various support and resitance levels. Along with standard charts to gauge market strength and direction, you need 1 tic or 1 sec charts for timing your entry. Many large institutions are using automated algorithmic trading programs that scalp all day long in a high frequency mode. That is why you are seing less and less trends in forex and more spiky erratic moves. Most "systems" for longer term trading are failing more and more because a currency now will commonly spike up 50-70 pips in a few minutes and then go right back to where it started. Hard environment for systems and it will only get worse. Learning to scalp properly is a good strategy..if you have the time to develop the skills and have the account size and leverage to make 10 pips a day= Large sums of money.
I have yet to see a trader making profit consistently aiming 10 pips a day (I would call that a scalper). But I DO KNOW they exist, however, they are not newbies, that's for sure. Scalping leads to overtrading in new traders, the illusion of fast profits...and it is a fact new traders don't have good MM (fear, greed, no SL at all) that's a quick way to a margin call.

Trading is already hard enough, why make it more complicated?

My advice, stop this bullshit of 10 pips a day, yes you can make 10 pips in just a minute, or seconds, but you can also lose 10 pips (or more) quickly as well.

My trading these days consists at taking trades ONLY at S&R, never beetween them (alright, sometimes I'll do it, but with TINY risk)

that allows me to have tight stops usually around 20 pips on eur/usd (rarely more than 30)

best part is, that way RR is very high, since if I am risking 20 pips, I expect to make at least 40 pips...I close 1/4 or 1/3 of trade at 30~40 pips, stops BE and let the rest run

I get a few good runners every week (+100 pips)

now make the math: risk 2% of account, SL 20 pips, reward 40~60 pips usually...
Quoting birdt
7 replies and not one has attempted to answer the simple question, each trying to force their own concept of reality down each others throats.

Take a look at acumen's threads on pivot points.

Also worth investigating breakouts from congestion. Read up on Joe Ross and The Law Of Charts.

Good luck and keep an open mind.


But you know it happens all the time at Public Forums.
.
still looking for it my self..my holy 10pips grail.
if you just ask the opposite question....how to lose 10pips a day i'm sure you'll get a lot of good and correct answer.
Don't mind me.. i'm crazy
Quoting willf
I wouln't get outa bed for 10 pips a day
I quite happily get out of bed for an average of sightly over 7 pips a day and I'd probably get out of bed for a tenth of what I make.

In fact I got out of bed every day for 20 years for 0.5% of what I currently make on a good year.
Quoting aediaz1
I have said it a couple of times before and will probably say it again. I will never understand why people enter the fx market only to catch a few pips here and there. Never !

The worst part is that people do it with regular crap-brokers, paying 2-6 pips spread and do not understanding they pay 10-30% of their profits in spread.

People who want a safe 10 pip return everyday haven't accepted that trading involves risk no matter what they do.

A broker earn between 1 pip to 6 pips per trade. And they make money !!!!

Answer = be a broker !!

If you don't have the finance, follow them - the broker.

Be an IB -- you have half a pip per trade.
It's up to you to learn how to talk to potential and already traders.
Beside being a IB, think about providing signal to your IB clients.
Per signal on every trade they win, you get half to one additional pip.

Think outside the box !!!
10 pips per day? How many pips are you willing to risk to get those 10 pips? 10? 100? How many trades to get those 10 pips? 1? 10? If you are with an ECN and can get your spread to <1 pip, then you could look for set ups on the 30 second chart that offer 3pip loss and 5 pip gain. However, I do not know of any such sclaper like that has been succesful for 5+ years. Perhaps one exists, but they are rare, rare animals.
Quoting FX-Petra
10 pips per day? How many pips are you willing to risk to get those 10 pips? 10? 100? How many trades to get those 10 pips? 1? 10? If you are with an ECN and can get your spread to <1 pip, then you could look for set ups on the 30 second chart that offer 3pip loss and 5 pip gain. However, I do not know of any such sclaper like that has been succesful for 5+ years. Perhaps one exists, but they are rare, rare animals.
Indeed, scalping on those tiny profits is extremely hard.

To anwser the question, 10 pips on a daily base may look less, but once you have figured out a strategy that can realise this it isn't difficult to adjust it and make more pips on a daily base.
Quoting Chunnel
Indeed, scalping on those tiny profits is extremely hard.

To anwser the question, 10 pips on a daily base may look less, but once you have figured out a strategy that can realise this it isn't difficult to adjust it and make more pips on a daily base.

10pips is actually quite easy as previously stated above, it's having the patience to wait for the right conditions to get to that you nearly can't lose setup and not wasting your money trading inbetween these times which is the hard part.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting FX-Petra
10 pips per day? How many pips are you willing to risk to get those 10 pips? 10? 100? How many trades to get those 10 pips? 1? 10? If you are with an ECN and can get your spread to <1 pip, then you could look for set ups on the 30 second chart that offer 3pip loss and 5 pip gain. However, I do not know of any such sclaper like that has been succesful for 5+ years. Perhaps one exists, but they are rare, rare animals.
Yes FX-Petra, traders who can do this consistantly is very rare. I'm fortunate enough to work closely with a trader like this, and we're trying to use programing trading to replace human work, because getting 10 pips or more in a day is very do-able, but this type of game would require a lot of advanced hedging, a lot of human energy, in order to minimize risk. We're using a lot of hedging to control our risk, and using short stop loss will not help a lot, because it will limit the game to a must-have-high-winning-percentage type of game, and market is complicated enough to not allow this on daily basis.

If I buy eurusd, and market goes different direction, there can be many choices for me to start making money, and eventually get the loss back. For example, I may sell eur/jpy, eur/gbp, eur/aud, or sell aud/usd, gpb/usd ....if I sell aud/usd, then my net position will be eur/aud, and I can keep hedging and hedging till i start winning during the day and take the profit, and this is how my approach to get that 10 pips. It may take 5 mins to finish, or may take a whole day to overcome the challenge. I'm sorry that this thing cannot really be taught over internet, but I just want to offer a different point of view.
If anybody still remember orange roshan's SRDC, he basically trade breakouts of previous day candle. Simple and profitable, use your own risk management and MM, I find their version a little dangerous. Here's the link...

http://www.forexfactory.com/showthread.php?t=9471
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