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  • #321,121
  • Nov 8, 2010 8:25am Nov 8, 2010 8:25am
Quoting wannaberich
Hi H,

been doing that too.

a couple of things tend to happen to me and not follow that plan. for instance, if i do the 20 early in the morning i don't see why i should keep trading sometimes reverting those +20 to -something.

also when the day starts bad i keep trading to get to the +20 and if the day doesn't go well i can increase my losses trying (too) hard to get to the objective.

still i think objectives are good as in any other business. and yes, we would be on forbes list in a couple of years if we just did 20 pips a day with 2 or 3%...
I've done the maths, based on 10% a month average, taking a modest salary, and after a few years it's incredible how it compounds...
  • #321,122
  • Nov 8, 2010 8:26am Nov 8, 2010 8:26am
IMHO, and dont get me wrong, the day you stop thinking in pips per day and systematically trading every single trade you must trade according to your trading plan (assuming you know what you are doing) you will realize that counting pips is a losing game that serve to hide the lack of an edge or your lack of confidence in your trading plan.

In any case, let see what the bell brings to the table.

sisse

Quoting Mr Hatch
i have just marked today on the calendar. i set the following 2 rules for the next 1000 trading-days for me, with a reminder in 4 years.
1. 20 pips is 20 pips, so if a day gives me 100 pips, target achieved. but the other 80 pips mustn't be counted for the next 4 days.
2. if i loose the first trade, i will have to make 40 pips to achieve the goal and so on. in the end of the day, my account has to be 20 pips richer than it was before i started the day.

let's see what happens. i'm not talking position size or anything else, just trading as usual....
Pending conversations? PM for a chat...I am mainly in OTM now
  • #321,123
  • Nov 8, 2010 8:27am Nov 8, 2010 8:27am
Quoting wannaberich
Hi H,

been doing that too.

a couple of things tend to happen to me and not follow that plan. for instance, if i do the 20 early in the morning i don't see why i should keep trading sometimes reverting those +20 to -something.

also when the day starts bad i keep trading to get to the +20 and if the day doesn't go well i can increase my losses trying (too) hard to get to the objective.

still i think objectives are good as in any other business. and yes, we would be on forbes list in a couple of years if we just did 20 pips a day with 2...
i don't put myself under that pressure. i usually stop trading intraday, when 5 trades go wrong. this challenge would mean that if 5 went wrong, the day had to provide 120 pips after that to be closed successfully. otherwise the experiment would come to end immediately. no pressure, just an experiment.
  • #321,124
  • Nov 8, 2010 8:27am Nov 8, 2010 8:27am
dreamers
  • #321,125
  • Nov 8, 2010 8:28am Nov 8, 2010 8:28am
futures and sp 500 should bring some direction...
  • #321,126
  • Nov 8, 2010 8:29am Nov 8, 2010 8:29am
Quoting sisse
IMHO, and dont get me wrong, the day you stop thinking in pips per day and systematically trading every single trade you must trade according to your trading plan (assuming you know what you are doing) you will realize that counting pips is a losing game that serve to hide the lack of an edge or your lack of confidence in your trading plan.

In any case, let see what the bell brings to the table.

sisse
i perfectly know that you are right, sisse.
  • #321,127
  • Nov 8, 2010 8:30am Nov 8, 2010 8:30am
Quoting redsword11
Attachment
yes but it could be first leg to the downside so we look for a bullback to go short but now its a good buy to get 1.4 area
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 21 KB
  • #321,128
  • Nov 8, 2010 8:30am Nov 8, 2010 8:30am
Quoting Mr Hatch
i don't put myself under that pressure. i usually stop trading intraday, when 5 trades go wrong. this challenge would mean that if 5 went wrong, the day had to provide 120 pips after that to be closed successfully. otherwise the experiment would come to end immediately. no pressure, just an experiment.

over time one finds more strategies to add to the system...new fundies and technicals to find confluence etc. it is a matter of time....someone took 6 years to get familiar and profitable..
  • #321,129
  • Nov 8, 2010 8:31am Nov 8, 2010 8:31am
What do you think of people like larry williams who turned 10000 into 1 million 3 times in one year, or that 24 year old that turned 5000 into over a million, or the japanese housewife who made over 9 million pounds in forex from little?

Lucky?

There are a handful of people who beat the odds, but they will never do it consistantly.

Good luck man
  • #321,130
  • Nov 8, 2010 8:31am Nov 8, 2010 8:31am
Quoting nebuman213
What's so important about it? Wait until the hour closes...
maybe you see the importance of it now? its an area where a battle is taking place...
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 15 KB
Look Sharp/Trade Tight
  • #321,131
  • Nov 8, 2010 8:31am Nov 8, 2010 8:31am
What a shitty day... fk that!

People say not to trade on Mondays and I have been following religiously, and when I decided to take just one got stopped out by not even half a pip!

Are all Mondays really dreadful like today?
  • #321,132
  • Nov 8, 2010 8:32am Nov 8, 2010 8:32am
Quoting nawafasad1
yes but it could be first leg to the downside so we look for a bullback to go short but now its a good buy to get 1.4 area
i'm not sure whether we will see 1.4 lvl again this days.... hmmh
Hero calls followed by margin calls...
  • #321,133
  • Nov 8, 2010 8:32am Nov 8, 2010 8:32am
Redsword and malcolm highly respected analysis on the forum .
I hate this individual who is best .
you both great try to focus on helping newby traders and if possible accept each others view .
lets keep this a friendly community and wish all +pips everyday.
I only want to steal big dog pips.
making green pips large and red pips small this is my goal.
  • #321,134
  • Nov 8, 2010 8:32am Nov 8, 2010 8:32am
Quoting Arona
Are all Mondays really dreadful like today?
FRIDAYS TOO
ROBOT FOREX
  • #321,135
  • Nov 8, 2010 8:33am Nov 8, 2010 8:33am
Quoting onemind
What do you think of people like larry williams who turned 10000 into 1 million 3 times in one year, or that 24 year old that turned 5000 into over a million, or the japanese housewife who made over 9 million pounds in forex from little?

Lucky?

There are a handful of people who beat the odds, but they will never do it consistantly.

Good luck man
those are the same outstanding examples as the person, who won 200 million in the lottery... i don't claim, those people were not talented though, but it's surely not as easily reproduceable as one might think.

edit: btw, juncker just stated that the usd is not at the expected level against the euro... what level might he be implying?
  • #321,136
  • Nov 8, 2010 8:33am Nov 8, 2010 8:33am
Quoting Forbes55
FRIDAYS TOO
Fridays... the day you give back all the money you made from Monday to Thursday.

stan
  • #321,137
  • Nov 8, 2010 8:35am Nov 8, 2010 8:35am
i know a pro trader (not someone that someone told me of) that makes a good living on high lots 10 pips a day. he is an example of discipline and positive thinking.

sometimes 20 pips seems to easy. but then there are the bad days to make the average go lower.

although i aim at 20 doesn't mean my tp are set at 20 pips. tp are where i see the market going. but in the end of the day or week i am happy with those 20 pips.

Quoting FibbinArchie
I've done the maths, based on 10% a month average, taking a modest salary, and after a few years it's incredible how it compounds...
dreams do come true.
  • #321,138
  • Nov 8, 2010 8:36am Nov 8, 2010 8:36am
well, not all i made but almost

Quoting druckenmillr
Fridays... the day you give back all the money you made from Monday to Thursday.

stan
dreams do come true.
  • #321,139
  • Nov 8, 2010 8:36am Nov 8, 2010 8:36am
Quoting druckenmillr
Fridays... the day you give back all the money you made from Monday to Thursday.

stan
in my case Tuesday to Thursday.....
Look Sharp/Trade Tight
  • #321,140
  • Nov 8, 2010 8:38am Nov 8, 2010 8:38am
3 bad trades and i SHOULD call it a day. unfortunatly i am not that disciplined. yet.

pressure is not big as i don't do this for a living but i have a problem with loosing money



Quoting Mr Hatch
i don't put myself under that pressure. i usually stop trading intraday, when 5 trades go wrong. this challenge would mean that if 5 went wrong, the day had to provide 120 pips after that to be closed successfully. otherwise the experiment would come to end immediately. no pressure, just an experiment.
dreams do come true.
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