My 30 pips Daily and my 45% Weekly Journal | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Demo contest only - 20 pips TP and 20 pips stop - Any TF 54 replies

My Fix Plan: SL 20 pips & TP 5 pips 4 replies

Flappy Pips - How to keep your hard earn PIPS 7 replies

I lose 40 pips and win 6 to 10 pips... 17 replies

spread on GBP/JPY @ alpari is 12 pips intead of 7 pips they claimed to be 6 replies

Attachments: My 30 pips Daily and my 45% Weekly Journal
Exit Attachments

My 30 pips Daily and my 45% Weekly Journal

  • #21
  • Oct 19, 2010 1:20am Oct 19, 2010 1:20am
yeah, please realize that u don't need more than like 100% a year to get insanely rich fairly quickly.
  • #22
  • Oct 19, 2010 1:29am Oct 19, 2010 1:29am
there is just no way you are going to succeed. your going to have a bad trade and just wipe it all out. how long have you been trading?
  • #23
  • Oct 19, 2010 1:40am Oct 19, 2010 1:40am
Quoting Machiavelli7
I would have gone short at 1.3925 with a SL at 1.4005 and a TP at 1.3895 right now
So you go for 30 pips with a SL of 80 pips and a leverage of 30:1?

That means you lose ~24% with one trade.
That means 3 losers in a row and you're done.
  • #24
  • Oct 19, 2010 2:18am Oct 19, 2010 2:18am
Well, I agree with Xaron and others... too risky. You got your 3K - protect them. You got lucky that your first trades were winners. but you can have 3-4 losers in a row... and then you stop posting here.

My thoughts - your project will not last 52 weeks.
  • #25
  • Oct 19, 2010 4:47am Oct 19, 2010 4:47am
Quoting Machiavelli7
I am feeling very bearish right now on the EURUSD. If I hadn't taken my trade earlier, I would have gone short at 1.3925 with a SL at 1.4005 and a TP at 1.3895 right now
WEnt for a nap but boy was I spot on!
  • #26
  • Oct 19, 2010 5:30am Oct 19, 2010 5:30am
I appreciate all the comments that you guys are posting. Its really opening up my eyes. Let me try to address some of your concerns.

Quote
9% a day with a starting account balance of $10,000 USD would turn into an account balance of 34,974,939,736,883.00 after a year (256 trading days, 52 weeks minus 2 days for weekends). Let me spell it out for ya, that's almost 35 billion you're expecting to make in a year. Your daily goal would then be roughly 3 billion dollars a day..

This is a valid mathematical calculation but I do not think it is possible in real life. The aim of setting goals is to have a standard, a bar that you try to live up to. If you don't, then you fall for anything. I don't expect realistically to hit 45% every week. There are circumstances , some beyond my control that wouldn't allow me to. But all in all I think its not too high a bar to aim for. I am hoping to keep on trading and to exhibit this spirit to you.

Quote
yeah, please realize that u don't need more than like 100% a year to get insanely rich fairly quickly.

What if you are starting with a small account, say $500?

[quote]there is just no way you are going to succeed. your going to have a bad trade and just wipe it all out. how long have you been trading?
Quote

I like this comment. It shows that you have already closed your mind to the idea that its even thinkable. I would really like you to be open minded in this forum and see where this goes. I would love to prove you wrong.

About one trade taking me out. It would take a 333 pip move to do that. A move like that on the EURUSD and you'd see it coming from a mile. My stops are between 15 - 70 pips on a trade...

Good point Xaron. However, you seem to have a missed a vital point. What a stop loss is! A stop loss is your (in this case 'my') worst case scenario exit. I will hardly wait to see my SL hit when I know Im wrong. A SL helps when some unexpected things happen. For instance, a run away loss is cut short by the SL. Or there's a black out or my computer dies and such stuff. But being a day trader, I know when my trades are going against me and I get out as soon as I get confirmation that my trade was wrong.

Another point, there are only two types of market movements namely trending and ranging markets. It only takes a loss or two to determine what kind of market you are in. From experience, I know its highly unlikely to have a losing streak of 80 pis of three trades. I am sure your stay here at my thread will open your eyes to identifying these type of market conditions

Quote
Well, I agree with Xaron and others... too risky. You got your 3K - protect them. You got lucky that your first trades were winners. but you can have 3-4 losers in a row... and then you stop posting here.

My thoughts - your project will not last 52 weeks.

I hope to prove you wrong in the next 52 weeks. Please keep an open mind in thiis thread and let's all be open to learning. I am sure what we will do here will help a lot of us.

Regards to all of you and happy pipping
  • #27
  • Oct 19, 2010 9:50am Oct 19, 2010 9:50am
You're right about that broker's profitability report. On average it means that 25% of accounts are in profits. Not 5% as we hear everywhere. Interesting.
forget about tomorrow, just steal away into the night
  • #28
  • Oct 19, 2010 3:42pm Oct 19, 2010 3:42pm
Quoting Machiavelli7
This is a valid mathematical calculation but I do not think it is possible in real life. The aim of setting goals is to have a standard, a bar that you try to live up to. If you don't, then you fall for anything. I don't expect realistically to hit 45% every week. There are circumstances , some beyond my control that wouldn't allow me to. But all in all I think its not too high a bar to aim for. I am hoping to keep on trading and to exhibit this spirit to you.
Lolz, you're trolling hardcore with your thread dude. You don't think that a goal of $35 billion from an account balance of $10k in a year is too high to aim for? And you said you've been trading for three years... but you mentioned your account balance is only $500... okay... let's just cut the crap because I am honestly 100% trying to genuinely help you and save your money! Get a practice account or go try out Forex Tester before you go live. Your definition of a stop loss was also extremely flawed. You have much to learn my young grasshopper... I just hope you don't have to learn it the hard way.
  • #29
  • Oct 19, 2010 4:10pm Oct 19, 2010 4:10pm
tchhhh its not hard to scrap up more than 500 buck!!


if it is too hard to do that, u probably have bigger problems to worry about than forex.
  • #30
  • Oct 19, 2010 5:40pm Oct 19, 2010 5:40pm
Hello traders. Its a new day and I am back to make my 30 pis for today. I have been going through the posts and it seems 100% of all the people posting seem to think its impossible to gain 45% per week. However, it seems that gaining 30 pips daily isnt such a huge deal! Quite a controversy I'd say. If gaining 30 pips is easy, why not the 45%.

Simple, human emotions and beliefs. All traders who have so far posted in this thread are convinced that 45% per week is unlikely. Thats their belief. And belief is everything in this market. Actually belief is everything in this world.

I do not, in all honesty believe that my definition of SL is flawed at all, maybe we just have different definitions. I honestly believe that a SL is the worst case scenario. A trader should not in any case rely on the SL to get out of losing trades. If a trader does so, then in my opinion and experience, that trader in the long run might end up a loser or could take forever to make money out of the markets. (This applies to day trading of course, which is what I do).

I have traded for 3 years. I understand all what you are saying. I have lost over 10,000 USD in the markets. Its only in the last couple of months that I have started makig money. I have started this thread because I am making money.

I would like to continue doing so and would like open minded people in this forum to give objective views with calculations as to why its not possible to make 45% per week with a 150 pip objective.

Onwards onwards, a review of tuesday 18th October 2010. I posted on FF that I had a firm bearish sentiment on the EURUSD basd on my trading system. Price moved down 200 pips yesterday.

Its now wednesday and at 0140hrs EAt (GMT +3), there is no sisnal to do anything. So I am staying out of the markets until I have a reason to get in. The sentiment is still bearish.

I do not predict price movements. i only follow the markets. So, for the time being, Im going to stay out until I have a reason to write about.

I like the Tokyo session and I am hoping to have a reason by then (in less than 2 hrs time).

Green pipping everyone.
  • #31
  • Oct 19, 2010 6:13pm Oct 19, 2010 6:13pm
I have just posted my early morning analysis in the link below. I've named it "45% Per Week. A Paradigm Shift":


http://iangitiha.com/2010/10/20/45-p...aradigm-shift/
  • #32
  • Oct 19, 2010 7:20pm Oct 19, 2010 7:20pm
Quoting Machiavelli7
Hello traders. Its a new day and I am back to make my 30 pis for today. I have been going through the posts and it seems 100% of all the people posting seem to think its impossible to gain 45% per week. However, it seems that gaining 30 pips daily isnt such a huge deal! Quite a controversy I'd say. If gaining 30 pips is easy, why not the 45%.

Simple, human emotions and beliefs. All traders who have so far posted in this thread are convinced that 45% per week is unlikely. Thats their belief. And belief is everything in this market. Actually belief...
Good day, Machiavelli7

I believe you can achieve it.

A question about money management.
If you have 100% or 200% profit, will you withdraw some money out of your account? Or you trade more lots when you have profit?

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #33
  • Oct 19, 2010 7:57pm Oct 19, 2010 7:57pm
I will be withdrawing on a regular basis. Every three weeks I will be making a withdrawal. Thank you for your inspiring comment. Trading is a very personal affair but the inspiration of others goes a long way to give a fighting spirit.

All the best in your trading.
  • #34
  • Oct 19, 2010 7:58pm Oct 19, 2010 7:58pm
Quoting Machiavelli7
Quite a controversy I'd say. If gaining 30 pips is easy, why not the 45%.
Like I stated earlier, theoretically you could hit every pip of profit on a chart with a (now) max 50:1 margin trading 16 hours a day and be the first trillionaire in a year. The pips are there, the profit potential is there, but the actual act of predicting every possible move correctly in the market continuously for a year when human intuition is involved begins to kick in the unreason.

Quoting Machiavelli7
Simple, human emotions and beliefs. All traders who have so far posted in this thread are convinced that 45% per week is unlikely. Thats their belief. And belief is everything in this market. Actually belief is everything in this world.
I'm an atheist so belief is not really in my vocabulary, but that's a whole separate topic. While I do agree with you that it isn't what the market actually is... it's what people believe it is... which makes them choose their decisions, FOREX markets run on a much stricter parallel to the laws of economics. Having an understanding of it along with the "why" and "are other people seeing what I'm seeing?" is what makes successful trades.

Quoting Machiavelli7
I do not, in all honesty believe that my definition of SL is flawed at all, maybe we just have different definitions. I honestly believe that a SL is the worst case scenario. A trader should not in any case rely on the SL to get out of losing trades. If a trader does so, then in my opinion and experience, that trader in the long run might end up a loser or could take forever to make money out of the markets. (This applies to day trading of course, which is what I do).
If that is what you're using the stop loss for, such as freak market moves or as a maximum loss while you are away then you are using it correctly. Typically for most traders, SL's and TP's are used to determine risk/reward ratio's to decide if the trade is worth taking or not. While a trader may close out losing trade before it hits the SL or a winning position they see not hitting it's target, or even cancelling the TP because a new horizon of profit potential seems reasonable, the set SL and TP used correctly with a known and tested win percent or win ratio for a trading strategy can allow a trader to manage their losses better. If the stop loss is 1/4th what the expected profit is (the TP), and the win ratio is only 50% (1/2 of the trades end up getting stopped out), the trader is still up 4 and down 1 with a total gain of 3. Blind trading with no loss management set in place or lack of designated entry and exit points with statistical affirmation is where many inexperienced or new traders fault.

Quoting Machiavelli7
I would like to continue doing so and would like open minded people in this forum to give objective views with calculations as to why its not possible to make 45% per week with a 150 pip objective.
So to sum up my post... It's not impossible to make 45%, but with proper money management and a strongly tested trading strategy, an expectation of 9% from 30 pips daily on an account is irresponsible. To have a risk/reward ratio of 1:2 getting stopped out at 15 pips (which isn't much at all) would mean you would lose 4.5% of your account value. People who usually wish to inherit that much risk per incremental move trade penny stocks. Proper money management would wish to displace the loss (and the gain) over more pips than less.



BUT, I will say that this is you're thread and your journal, so if you disagree or choose to continue with my warning, then I should respectively allow you to and quit nailin' on your thread.=)
  • #35
  • Oct 19, 2010 9:33pm Oct 19, 2010 9:33pm
Quoting dr_zeus
I use 1:1 leverage per trade, and add to my winners in a grid catching trends that last for weeks..
Perhaps you mis-wrote, because that would mean to trade 5 lots of EUR/USD, you actually need something over $500,000 in your account to do that...and to make 15% of $500K, that's roughly 1500 pips (300 pips per lot).

Quoting dr_zeus
Here's the deal. You can get 30 pips per day easy, but you can't do it at 30:1 leverage.
Actually, the leverage has nothing to do with the trade itself...if you make 30 pips at 1;1, you make it at 400:1...leverage just allows you more buying power. But if you have a profitable strategy and are confident with it, high leverage is just another tool at your disposal. Lots of people talk about the low leverage they use, and that is fine, but high leverage can certainly help you add to your account quickly. Unfortunately, as you mentioned, the government has taken that option away from the US traders...
  • #36
  • Oct 20, 2010 1:07am Oct 20, 2010 1:07am
Quoting DKallDAY
Like I stated earlier, theoretically you could hit every pip of profit on a chart with a (now) max 50:1 margin trading 16 hours a day and be the first trillionaire in a year. The pips are there, the profit potential is there, but the actual act of predicting every possible move correctly in the market continuously for a year when human intuition is involved begins to kick in the unreason.
My trading, and any trading for that matter should not rely on prediction. It should rely on a tested trading system. A good tested system will have a defined edge, for instance, wins 70% of the time. Trying to predict prices is like sitting by the roadside and predicting the next vehicle to pass by. Occasionally you'll be lucky, buts its not a skill. My trading system is something that I have tested and has a defined edge.

Quoting DKallDAY
Typically for most traders, SL's and TP's are used to determine risk/reward ratio's to decide if the trade is worth taking or not.
Correction taken, that is also another very correct way of using the SL. My trading strategy does not have a set risk per trade because the markets are undefined. Risking 15 pips in a very volatile market is actually adding to risk. Yes, my losses will be huge, sometimes bigger than my profits but they are all risks defined by my system and my system has an edge.

Your contribution is highly appreciated and you are welcome to share your views here at any time.
  • #37
  • Oct 20, 2010 2:46am Oct 20, 2010 2:46am
i made a morning trade short on the EURUSD. It was all wrong. I did not follow any of my rules and it's a big lesson. I lost 36 pips on thet trade.

Entry Short: 1.37143
Sl - 1.375
TP-1.36843

The SL was hit and I had a long pending order at the same level. I entered long at the same price and Im up around 40 pips so far. I have also closed another trade with +7 pips.

Open Trade Entry Long - 1.37673
SL- 1.36940
TP -1.38273

Today so far:

Gained pips - (-29) pips
Floating pips so far: 40 pips
  • #38
  • Oct 20, 2010 3:00am Oct 20, 2010 3:00am
I wish you well in your adventure Machiavelli7..... ''All things are possible to him that believes''..and since you believe, then its possible....afterall you know very well the risk involved in fx trading and moreso you've decided to make it more risky by taking highly risky money managemnt approach....

The world would av remained the same or worse if not for those that stepped out of the conventional unbeliving systems of their days, took their belief by courage and worked on it/them...today, such out of the box thinking has produced the automobiles, electricity, telecommunications, etc. of today....

So dont get discouraged..George Soros was not, and today, we all celebrate him....

Bill Gate was not...and today, we all celebrate him....

Abraham Lincon was not..today, he's a celebrated legend.....

The list is endless....So go on, try your belief out and if it works, i say congrats in advance....
God's Love For You Is Sure Never You Doubt It
  • #39
  • Oct 20, 2010 3:34am Oct 20, 2010 3:34am
Quoting D liberators
I wish you well in your adventure Machiavelli7.....
Thank you for your inspiring words. I not only have the belief, I believe I also have the skill and thats a good combination. Our greatest fear is not that we are not able but that we are capable beyond our wildest imagination. All the best to you too
  • #40
  • Oct 20, 2010 4:05am Oct 20, 2010 4:05am
Its a public holiday here in Kenya called 'Heroes Day' but i was not taking no nap. i was busy early in the morning trading and today I have managed to bag 31 pips in total with three trades.

Trade 1

Short at 1.37143 SL 1.37500 Tp 1.36843. I was stopped out at SL and Trade 2 was triggered automatically.

My basis for entry on this trade was not based on my trading strategy. It was based on the break below the 1.372 support. Price then came back and closed above that level. I should have exited and entered long at that point. That set-up has a 80% success level. I have tested that set-up for the last one year and I can confirm those are the figures I found. I had set a SL at 1.375 because that was just outside the immidiate resistance of 1.3745.

Trade 2

It was a pending order at the SL of trade 1 to go long.

Long at 1.375 SL 1.36945 TP 1.38200.

I took profits at 1.3757 based on fear after a 30 pip retracement. Entry was based on break of the resistance with the stochastics and BB about to cross their respective trigger signals.

Trade 3

I re-entered long at 1.37673 SL 1.3694 TP 1.38273. This was a valid trade based on my system. Price was above the MA of the BB. Infact, price had retraced to bounce of the MA. A very low risk high reward set-up. Stochastics was above 50.

SL based on previous swing low less 2 pips. Tp based on total loss for the day 6 + 30 pips.

My Tp has been hit and I have made my share for today.

My $5000 account now stands at $9031, a 80.6% gain in 8 trading days.

Comments

I broke all the rules today. i am not saying the set-ups I used were wrong, they just didnt belong to the trading system that I have posted on FF. I will need better discipline.

If i had followed the system to the letter, my trade would have been:

Long Order at: 1.3757
Sl:1.3695 (below previous support)(62pips)
TP:1.3787(30 pips)

My TP would have been hit in less than 120 minutes.

I hope you all have a green pips day too.
Attached Image (click to enlarge)
Click to Enlarge Name: new4.gif Size: 32 KB
0 traders viewing now