10 pips a day

Hi fellow traders,

I am Eureka and i am a professional trader since September 2008. My goal now is to be a consistency profitable professional trader. Till today i have been consistent in blowing live accounts.. i have blown 2 live accounts till date.. This is my third live account and this time i don't want to blow it this time.

As i have realized after blowing accounts that my main problem was that i wanted to make a killing in forex market in a very short time that too with a very low account balance.I used to over leverage my positions and that was the main reason of getting margin calls.

So this time i have set my target as to earn only 10 pips a day trading a mini lot on a 1000$ account. I know if i do this consistently i will double my account in 100 days. and thats more than enough for me.. My main aim is to do this consistently.. my aim this time is not on to make money but to be disciplined and consistent.

My trades will be based mostly on S/R.. and sometimes gut feeling

I have started this journal so that i could post my trades and write down my plan , emotions going on in my mind while taking a trade , and later on i could analyze my trades and learn from it.

Any suggestions from amazing traders here is always welcome..

Trade i have set limits for...

Sell eur/usd 1.3693 sl:1.3715 tp:1.3663

Reason : S/R on 4hr chart.

Good idea, taking larger time frame sup/res, your 3693 area is a good idea, but always be ready for price to stall just below or above a recent sup/res.
What time frame are you using for entry, in this case, I seen the short setup at 3688 area, and took that trade.
Did you enter this area?
Good Luck.
J

Now my confidence in the above trade is low as market reversed just 3 pips before my target..

but still i will take this trade if market comes there..

hi N2FX,

You were correct as market just stalled below my target area.. i use S/R on 1 hr and above charts.. on majors mostly.

How did you arrive to that 1.3688 number as S/R please post your chart..

Thanks..

I trade the EU specifically, and have seen this area many times. I took the short based on a tick chart in anticipation that this would stall at your resistance area.

What I try to do is find areas of interest, like your doing, hour or 4hour, then watch the price react when those areas hit.

Good trade N2FX,

I believe that trading only S/R on 1hr-4hr charts will make me achieve my goal of earning 10 pips consistently . .. so no longer i will search for systems, methods , EA's . And also i will concentrate only on majors..Only S/R from now on.

Once you pin point those areas that are like magnets, find a time frame like 1 min or 5 min that you can identify where the rejection takes place, I use to take trades based on the line itself to find myself in a trade too early.

There are patterns and formations that form on every time frame to give you the cutting edge to make those 10 pips. I have taken 2 trades since this level at 90 was reached, already grabbing 17 pips on the one level, and those trades were based on the rejection formations under the resistance area.

Will keep up with you, work hard and make some good money.

Cheers,

J

Just went long eur/usd at 1.3591 sl:3583 tp:1.3610

Moved stop loss to +1 pips.. afraid that if it comes down and take my stop loss.

Got stopped out at +1 pip

I took that 1 min chart on EU you had posted and put a few trendlines and areas to look for trades.

Lower high gave a short, and a higher low gave a long.

I do this on any time frame.

The good thing is, if it fails, you know where the stop is, high or low.

Cheers. J