My 30 pips Daily and my 45% Weekly Journal | Page 5 | 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

  • #81
  • Edited 11:53pm Oct 28, 2010 11:35pm | Edited 11:53pm
I have already made my 30 pips this friday. It has been a good week and I have made more than 45% (56.82% to be specific)this week. here is todays chart:

http://www.forexfactory.com/attachme...1&d=1288334482

Hey, I hope everyone is making some pips too. I hope you have a good weekend and hope to see you on Monday for some more pipping.
Attached Image (click to enlarge)
Click to Enlarge Name: new10.gif Size: 33 KB
  • #82
  • Edited Oct 29, 2010 12:47am Oct 28, 2010 11:51pm | Edited Oct 29, 2010 12:47am
Quoting Edonya
Hi Machiavelli7
I have never known that, but i will a look at it. I use a bit different method but i will get a look at your strategy. I had the same dream of making 30pips a day but the system/strategy i use can allow me to leave the trade run for some days depending on the TF i use and where the nearest S or R is, coz that is the place i will take a profit.i don't use a TF below 4 hrs.
Regards.
It is a very nice st-up. Just look at all my trades that made a quick profit. They all happen in the Asian session. I used to have a system that I wanted to let profits run but it didn't turn out well so I stopped too. I agree, a larger timeframe is better but for my goals, i think using a 30 min TF has an edge. I would like to know your system.

By the way I have been going through your threads and I hope you are still doing well with your A/C. Why do I feel like I know you? We come from the same place so i doubt we haven't met. I would like to post on your threads but being branded a commercial member and all I cant. I hope to keep contact
  • #83
  • Oct 29, 2010 1:45am Oct 29, 2010 1:45am
Quoting Machiavelli7
It is a very nice st-up. Just look at all my trades that made a quick profit. They all happen in the Asian session. I used to have a system that I wanted to let profits run but it didn't turn out well so I stopped too. I agree, a larger timeframe is better but for my goals, i think using a 30 min TF has an edge. I would like to know your system.

By the way I have been going through your threads and I hope you are still doing well with your A/C. Why do I feel like I know you? We come from the same place so i doubt we haven't met. I would like to...
Perfectly put. So long as you feel comfortable with it and it is making solid gains then do change. In regards to your previous post about feeling like not making anything because of the huge moves, these will happen and I think the mindset is right to just take what you set to achieve, shut down and go about the rest of your day and come back in the morning to do it again.

I have been following your progress and it is fantastic to see someone who despite there being opportunities to break the rules, just stick to them and be happy and humble and go on with there day.

Have a good weekend

RT
  • #84
  • Oct 29, 2010 7:09am Oct 29, 2010 7:09am
Quoting Machiavelli7
It is a very nice st-up. Just look at all my trades that made a quick profit. They all happen in the Asian session. I used to have a system that I wanted to let profits run but it didn't turn out well so I stopped too. I agree, a larger timeframe is better but for my goals, i think using a 30 min TF has an edge. I would like to know your system.

By the way I have been going through your threads and I hope you are still doing well with your A/C. Why do I feel like I know you? We come from the same place so i doubt we haven't met. I would like to...
Hi nafanya Kazi hapo kwa hospitali ya Kiambu. niandikie email kwa edonya777777atgmaildotcom.

I use mostly price action with confluence which has worked for me very well.
I have learned this from James16 Thread, Silent service,Trading with fibbonacci by Bobokus and Phillip Nel's MACD 4 hr strategy.
Regards.
  • #85
  • Edited 12:44am Oct 31, 2010 12:42am | Edited 12:44am
Quoting Machiavelli7
Looking back at yesterday's charts I can't help and feel like I lost. Yes, I made my 30 pips easy but looking at the charts and seeing the huge upward curve it made, I feel like I didn't make anything. I decided that Once I make my 30 pips, I'll close my platform until the next day and thats what I did yesterday.

Rules are rules though and I made my 30 pips as stipulated.

Today i have already gone short at about 0340hrs local time. Im still open on that position. I will update based on developments

http://makaveli.mt4stats.com...
Hi Machi,

I liked your thread from the opening post but this last post won you my vouch.

Discipline to stick to your plan is what makes all the difference IMHO.

I currently trade almost identically to you, I start 5am London time, (I am in the UK). I currently use H4 for direction and H1, m30, m5 for the best entries and stops I can get. Once I make my 1 or 2% I stop and switch to demo or miniscule position sizes live. If I have a loser I stop live trading and wait for tomorrow.

I am generally finished by 7am but if the setups don't arise I will wait for an opp during Frankfurt or London Opens. I am almost always finished by 9am.

Good luck mate. Subscribed.
  • #86
  • Edited Nov 1, 2010 6:37am Oct 31, 2010 10:23pm | Edited Nov 1, 2010 6:37am
Quoting jag1966
Hi Machi,

I liked your thread from the opening post but this last post won you my vouch.

Discipline to stick to your plan is what makes all the difference IMHO.

I currently trade almost identically to you, I start 5am London time, (I am in the UK). I currently use H4 for direction and H1, m30, m5 for the best entries and stops I can get. Once I make my 1 or 2% I stop and switch to demo or miniscule position sizes live. If I have a loser I stop live trading and wait for tomorrow.

I am generally finished by 7am but if the setups don't...
Sometimes, just a little bit of discipline is all we need to be successful although being that disciplined isnt the easiest thing. Hey, what strategy do you get to use? i like your money management policy. It seems you have been at this for quite some time. You know, the more time you have in the market, the more you learn on your own. For instance, i love the tokyo open because, by experiment and experience, i know the performance of price at that time. The London open is a bit hectic, not really directional all the time and the chances of a SL getting hit is a bit higher.
  • #87
  • Nov 1, 2010 12:36am Nov 1, 2010 12:36am
That is very true. That is the hardest thing in trading.
Regards.
  • #88
  • Edited 6:30am Nov 1, 2010 6:18am | Edited 6:30am
Today is the first day of the new month. I love new months because you get to see your results for the previous month in perspective. Last month I traded three weeks and managed to gunner 183%. Im happy I posted here for at least two of the three. I am happy to say that I am seeing progress moreso after I started posting on this journal. I am not very thrilled with the idea of FF putting this thread in the commercial section. I intended for it to go to the Trading Journals section. I wanted as many people to see this strategy in use and probably help along the way. If you would like to help me, please refer people here. Also, you can rate the thread.

Now, onwards onwards to today's performance. I was not in the house at 0200hrs to trade the Tokyo open. I had to wait for the London open at 1100hrs. (note that my broker time has changed from GMT+2 to GMT+1). I was able to get a clear cut signal earlier in the morning and took it without hesitation. As it turns out, several hours down the line and I took a 36 pip profit. (I have another account I trade and I synched them so that I knew when all TP's were hit thats why i ended up wid 36 pips)

Please refer to the chart below for the trade specifics:

Short Entry Price: 1.39611
SL :1.4014 (52.9)
TP :1.39256(36)
Comments: I am very happy with this trade. I compounded my lots based on my trading strategy to 4.25. I entered the trade according to the strategy signals but it immediately went against me. I felt like I was wrong but didn't get out of the trade. Why? Because I believe in my system. Sometime ago when I used to let my fear control me, that would have been a loss. Now, I do not fear when Im taking a trade provided all rules are followed. I strongly believe that trades are won before they are entered, or better put, you will have a losing account before you have the account. Its in the fear and greed. You might have a very good system but if you don't believe in it when you have a floating loss, you will never make it. However, you need to have clear cut rules on exit when in losses.

As I have stated severally, my SL is a worst case scenario. In this case it was at 1.4014. I would have taken a loss however, if price had closed above my drawn resistance at 1.39956. My TP was based on profit objectives.

I have been emailed a couple of times by some people who believe that profit targets are the wrong way to go. IMHO, I think exits are not carved in stone. Its based on a lot of things. I have been criticized on my exit strategy even on SL. Well, that is a story for another day. I will definitely give my take on this issue soon.

Otherwise, I have managed to make my quota for the day and My platform is off until tomorrow.

http://makaveli.mt4stats.com

Green pips everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: nov01.gif Size: 59 KB
  • #89
  • Edited 10:24pm Nov 1, 2010 10:08pm | Edited 10:24pm
For a second time in as many days, I have missed the Tokyo open. I feel bad but looking at the markets, I feel Im not very late. I have placed a buy limit just below price. The specifics are:

Buy Limit: 1.39162
SL: 1.38600 (56.2)
TP:1.39462(30)

Drawing these levels on your charts will reveal that I am following all the rules when entering on that level. I just missed the entry by less than an hour.

This is the first time I am using a pending order like this using this system and I hope to get some green pips here. I will update as necessary.

UPDATE

At 0809hrs local time, a few seconds after posting above, I have deleted the orders and entered the market at market price. Here is my reason, I missed entry on the 30 minutes TF, so i have zoomed out to the 1 HR chart. Here are the graphs.

Entry: 1.39295
SL: 1.386 (69.5)
TP:1.39595 (30)

I would love to hear from you all. Please leave a comment. Let's share!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nov0202.gif Size: 55 KB
Click to Enlarge Name: nov0201.gif Size: 55 KB
  • #90
  • Nov 1, 2010 11:04pm Nov 1, 2010 11:04pm
I said id go into details about my take on Stops, Money Management, Risk:reward ratio and the like. I have and you will be able to find that article on my blog :

http://iangitiha.com

What is your take?
  • #91
  • Nov 2, 2010 2:04am Nov 2, 2010 2:04am
Quoting Machiavelli7
I said id go into details about my take on Stops, Money Management, Risk:reward ratio and the like. I have and you will be able to find that article on my blog :

http://iangitiha.com

What is your take?
Your last trade was beautiful... very little heat and fairly quick profit.

So, now that I understand your SL placement a little better, my question is really about TP. How do you determine where you are going to take profit?

Also, do you aways work off the 1 hr chart?

Thanks.
  • #92
  • Nov 2, 2010 3:44am Nov 2, 2010 3:44am
Well well well, seems like my TP was hit. No pressure as slack calls it. After exactly 3hrs and 19 minutes, my 30 pip take profit was hit. Now that means that I have made my quota for the day and I have the rest of the day to do the things that really matter to me.

http://makaveli.mt4stats.com

@Slack, My take-profit is based on my objectives. My objective is to make 30 pips everyday so thats where I put it. However, i like to watch what happens to price at the nearest S&R level and maybe close my trades with less pips if price reacts to S&R levels.

I do not trade on the 1hr charts. I traded today on that TF because I missed an entry on my preferred 30 Min TF.

For a much better insight into my trading strategy, visit the page where I posted it here:

http://www.forexfactory.com/showthread.php?t=261466

http://www.mt4stats.com/chart/balanc...e/makaveli.png
  • #93
  • Edited 8:23am Nov 2, 2010 4:38am | Edited 8:23am
If you have read my system, then today's trade is a no-brainer:

By the way, all the best in those American elections!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: nov0203.gif Size: 54 KB
  • #94
  • Nov 2, 2010 7:22am Nov 2, 2010 7:22am
Quoting Machiavelli7
If you have read my system, then today's trade is a no-brainer:

By the way, all the best in those American elections!!!!!
I read the blog and just to be clear, my intentions are not negative or positive just neutral advice not to get ahead of yourself.

Your results have been great as of late and no one can argue with the gains, however I was a little worried about the nature of your edge as you describe it in your blog.

18% risk for 9% gain is already skewed in the negative department and your 80% win rate will not always hold favoursome. To really be able to hold an edge you need to have a way of trading that returns positive outcomes over a span of time. 1 year is not nearly enough and I am sure that if you put your calculations into a basic Monte Carlo generator you would find that your end result will be zero. The basis of a 80% win rate is that for every 100 trades taken you will have 20 losses. Now that is all well and good but in the future you cannot guarentee that you will have no more than 2 losses in a row.

If you were to take full SL losses over the course of 4 losses (unprecedented in your mind I am sure) you would loose 55% of your current equity. While you will still have made significant gains (30%+) you would only need to recognise a few more losses without enough gain to find yourself back to square 1.

This should not distract you as I am writting this knowing that you are well aware of it, it is more just a shove in the direction of thinking that you could encounter this at anytime and I hope that you are ready psychologically to stick with the game plan at all times and not try to seek gain by self implosion.

Take care and once again well done so far on the results

RT
  • #95
  • Nov 2, 2010 8:14am Nov 2, 2010 8:14am
Quoting Razor_trader
.......

18% risk for 9% gain is already skewed in the negative department and your 80% win rate will not always hold favoursome. To really be able to hold an edge you need to have a way of trading that returns positive outcomes over a span of time. 1 year is not nearly enough and I am sure that if you put your calculations into a basic Monte Carlo generator you would find that your end result will be zero. The basis of a 80% win rate is that for every 100 trades taken you will have 20 losses. Now that is all well and good but in the future...
I see your point. I understand fully well your concerns and at some point it has occured to me that that's a possibility. In an earlier post, I explained why the chances of two huge losses is unlikely, if you havent read it, check it out here.

The entire success of this system is based on the assumption in the above post. Its based on S&R levels. If for some reason the market decides to ignore them, then maybe I would be in some problem.

If the system holds for 52 weeks, I might not need to trade huge lots after that. I could even go for a 1:1 leverage and still make a decent living!

Also, you seem to overlook the fact that after a loss, I add that loss to the 30 pips target which means that the next trade after a loss is a lot more than 30 pips. If you look at my statement, you will see that after a loss, I am able to recover the lost pips as well as the target of 30 pips.

Also, in an earlier post, I talked of a paradigm shift. A shift from what we have always believed to be true! I have read tens of books on Forex, stocks and finance. I have taken online courses. In a way, they all seem to teach the same thing. I would like to try to prove that the market is not random. That based on previous price movements, it is possible to make calculated assumptions about what price might do.

We believe that in the market, history repeats itself, but do we trade it? My system is based on this assumption and by testing I have found out that it is possible to get in flow with the market.

As you rightly put it, 5 losses are unthinkable to me at the moment. It is such a far fetched possibility. In fact, 5 - 60 pip losses? I just don't see that happening.

I will in the course of time prove that this theory is not just a theory, it is something practical. When I say believing in your system, this is what I mean. Knowing from experience what the advantages and disadvantages of the system are.

My system does not try to forecast tops and bottoms. My system likes to get in flow with the market. By using S&R levels on a smaller timeframe, I am able to pick a direction where the market has already started trending and just get my 30 pips. In a ranging market, I am able to get 30 pips by trading at S&R levels.

The reason I have gone into so much pain to explain the system's principles is because it is these principles that give me the confidence to use a large leverage, believe in the system and know that 2 or 3 full blown losses are hard to come by.
  • #96
  • Edited 6:55pm Nov 2, 2010 6:25pm | Edited 6:55pm
I have been going through FF dor the last couple of days. I have read very many interesting threads here and I must say that there is a lot of skill when it comes to trading the markets here. I think FF is the largest Forex Forum on the internet. In my opinion, i f anewbie comes here seeking knowledge and skill, they will get it. They will have access to some of the greatest trading minds, strategies and resources.

I have not been able to post on most threads because of commercial restrictions but I have to say, I am really impressed. If traders are really serious about making some bucks from the market, let them come to FF and get a mentor.

The question now remains, why aren't we making all that money if the skill is here. In my opinion, we lack the discipline. Discipline is the backbone of every successful trader. For instance, I think i have one of the simplest trading methods in the world but this morning i broke the rules and entered a trade before the trigger signal.

I think we need to device a way to help traders be disciplined. if we can do that, maybe we can push that figure to 75%; traders who would be making money. I for instance liked this advice from razors thread
Quoting Razor Trader
As I have mentioned before, this is a business and it could be the best business in the world if you are prepared for it. You can, when you are ready, when you have enough trust and conviction in your trading make a decent income for the time you put in.


Back to my journal, I have entered into a position on the Tokyo open. I will be upadating this post with time and developments.

Green pips everyone!
  • #97
  • Nov 2, 2010 8:46pm Nov 2, 2010 8:46pm
Quoting Machiavelli7
I see your point. I understand fully well your concerns and at some point it has occured to me that that's a possibility. In an earlier post, I explained why the chances of two huge losses is unlikely, if you havent read it, check it out here.

The entire success of this system is based on the assumption in the above post. Its based on S&R levels. If for some reason the market decides to ignore them, then maybe I would be in some problem.

If the system holds for 52 weeks, I might...
I knew you would take it in stride which is why I enjoy this thread, you have the strength and conviction of the time you have put in and with it the trust that it will continue. I wish you all the best and will continue to pop by to see how things are going. I love the improbable which is why when I tackle things like this I love to see the results prove right. Off track I will tell you a story.

When I was younger I was quite small in frame but I loved playing Baseball. I was part of a small backwater community which had a small baseball league. The grades this club played at where lower C and D grade clubs because of the numbers. I remember watching the Perth Heat which was our state baseball unit, part of the Australian Baseball League until it folded, dreaming to play. My first task was State selections. When I registered for tryouts I didnt know a soul, in fact 95% of the players and the coaches had never heard of the area I played for. I put in the effort and against all the local players and friends who said I would not make it I went and busted my arse off. I got selected that year and tasted the joy of having defied some odds.

Then something strange happened and a world that I didnt know came forward. I was opened up to the Institute of Sport where I recieved a scholarship to train. I had a number of people who were in disbelief but then it started again when I went for National Selection for the Australian team. Once again, backwater club boy up against thousands of prospective players going for a spot in the National team. I once again tasted success with being named part of the National team.

Unfortunatly by this stage the ABL had folded and there was no paid baseball league in Australia meaning the only options were overseas on either scouting contracts (usually from a Major League correspondant) or interleagues through Japan and Euro. I coudlnt get the funding to chase that dream but I am glad to say that I achieved many great life experiences through believing in myself. I was the first person in my community to play at a National level and recieved a nice sport grant and award from my local council at an awards ceremony, was name sports fairest and best in my senior year at high school and have won over the years some of the most prestigious state awards in Baseball and it all started with a few people who told me I couldnt do it, that I wasnt good enough, big enough, strong enough. Well 'he who laughs last, laughs loudest'.

Go get your dreams. There will be hurdles along the way as there are in all lifes aspects but push on. All the best

RT
  • #98
  • Nov 2, 2010 10:23pm Nov 2, 2010 10:23pm
Quoting Razor_trader
I knew you would take it in stride which is why I enjoy this thread, you have the strength and conviction of the time you have put in and with it the trust that it will continue. I wish you all the best and will continuplayers and friends who said I would not make it I went and busted my arse off. I got selected that year and tasted the joy of having defied some odds. .........
Go get your dreams. There will be hurdles along the way as there are in all lifes aspects but push on. All the best

RT
I am very aware of the issues you raised in your earlier post. In fact, I am working on my strategy based on your advice. I will be posting the final package here later on when Im done testing it.

Your story is very inspiring. To think that you had the COURAGE to step up. To give yourself the chance, To go for nothing less, to work yourself until you perfected your trade in baseball.

Its not really that easy to get the good things, but then I wouldn't say its impossible and your story is evident to that.

If others did it, why cant we? (make history that is)

Thanx for your inspiration.
  • #99
  • Nov 2, 2010 10:32pm Nov 2, 2010 10:32pm
I am short the EURUSD since 0300hrs, the Tokyo open. In all honesty, I need a hammer to hit my finger (read this punishment in one of the threads here on FF. I think it could work). I did not wait for a close of price below the BB MA. Although the trade seems to be turning out alright, I know it could have been worse. I have to learn to follow the system.

Entry Short: 1.40306
SL:1.406 (29.4)
TP:1.39965 (34.1)

The market is now hovering around the 1.401 support level. A break below that level will definitely see the hit of my TP.

Green pips everyone.
  • #100
  • Edited 2:05am Nov 3, 2010 1:23am | Edited 2:05am
I managed, just managed to make 30 pips on my morning trade, in fact I made 34 (for sync purposes).Today I broke the rules and it turns out I won because of that. If I had entered according to my plan, Id still be having an open position only this time in losses.

However, I think I was wrong and like I read in a certain post here on FF, a trade should not be judged by its product but by how well the rules were followed.

In order to prove to myself that I would have still made money if I had followed the rules, Im going to take the trade hypothetically and see what happens:

HYPOTHETICAL TRADE (TO PROVE A POINT)

Entry short: 1.40165
SL: 1.406 (43.5)
TP: 1.39865 (30)

The market is now at 1.40377 (floating -21.2 pips). My analysis is as follows, if price closes above my drawn resistance at 1.40523, i will exit short and reverse. If my SL is hit, I will wait for the close above my drawn resistance before going long unless enough momentum is shown (refer to previous trades).

As we all know, unless a new high is made, we are either in a down trend or in consolidation. In fact, if price reacts to the resistance, it will provide an opportunity to sell higher.

Lets see how my hypothetical trade turns out.

This week we have already made 100 pips, representing $4,233.00, a 30% increase from the $14,160.25 we started with at the start of the week to the current $18,393.23. Otherwise, here's a chart of how I made my 30 pips this morning:

http://makaveli.mt4stats.com
Attached Image (click to enlarge)
Click to Enlarge Name: nov03.gif Size: 34 KB
0 traders viewing now