DislikedHow does someone keep track of all pips earned/lost? Do you write down every trade that you enter? When you say"pips"? is that assuming one lot per trade or are you multiplying by the number of lots? Would it be easier to keep track of money earned as all you would have to do is starting balance at start of week, and end balance at end of week (maybe everyoen can trade just one lot per trade) ... I don't really have the answer to this one, just tryign to see if there is a consistent way to report this number. Cheers.Ignored
Trade What You See - Almost Naked Trading
- #4,086
- Nov 12, 2010 11:06am Nov 12, 2010 11:06am
Hi gspe...good to see you here! Thanks for all the work you have done for all of us!
thanks to you for a nice thread
Mine was just a little work but i'm happy to see that many of you like and use the little RSI indy
- #4,088
- Nov 12, 2010 11:20am Nov 12, 2010 11:20am
- Joined Aug 2010 | Status: Trader | 2,584 Posts
Just a little inspiration ... think about it
If you have a $10,000 starting balance in your Forex trading account.
Assuming very minimal risk trading (much like is done in this thread), you would risk about 1% per trade, on a 3-tap 4HR trade this would be about a 50 pip SL. On a BO it is about 25 pip SL.
If 1% = 50 pips SL would equal about $100 loss. That would mean your lot size is 0.2 lots ($2 per lot) which is minimum risk.
Assuming you take about 10 x 3-tap trades per week on average and you have a 60% winning percetage with R:R of 1:1 that means you will win 6 trades and lose 4 out of 10. This should give you 300 pips (6 winners) - 200 pips (4 losers) for a total of +100 pips.
Assuming 10 x BO trades per week as well, with 25 pip SL and TP. The same winning %age and R:R , you would have 150 pips (6 winners) - 100 pips (4 losers) for a total of +50 pips.
If you do a grand total, you would have +150 per week.
If each of your pips was equal to $2, you would have a grand total of $300 per week. which amount to 3% a week. If you risked 2 % per trade, you would be loking at 6% profit per week.
NOW here is where compounding can really make a difference in your account balance.
Now if you continue to increase your lot size so that you are making 6% per week on your balance, your account balance would double every 12 weeks ... Also note that after 52 weeks (which is a complete year), you account balance would have grown to 20 times its size. With that in mind, you would have $200,000. Now imagine if you can stay consitent for a couple years .. yes you guessed it, you would be a millionaire
Do you agree that you are seeing 60% or better winning percentage?
Do you agree that you average 10 3-tap trades per week?
Do you agree that you average 10 BO trades per week?
Just imagine the possibiliteis and keep this goal in mind.
If you have a $10,000 starting balance in your Forex trading account.
Assuming very minimal risk trading (much like is done in this thread), you would risk about 1% per trade, on a 3-tap 4HR trade this would be about a 50 pip SL. On a BO it is about 25 pip SL.
If 1% = 50 pips SL would equal about $100 loss. That would mean your lot size is 0.2 lots ($2 per lot) which is minimum risk.
Assuming you take about 10 x 3-tap trades per week on average and you have a 60% winning percetage with R:R of 1:1 that means you will win 6 trades and lose 4 out of 10. This should give you 300 pips (6 winners) - 200 pips (4 losers) for a total of +100 pips.
Assuming 10 x BO trades per week as well, with 25 pip SL and TP. The same winning %age and R:R , you would have 150 pips (6 winners) - 100 pips (4 losers) for a total of +50 pips.
If you do a grand total, you would have +150 per week.
If each of your pips was equal to $2, you would have a grand total of $300 per week. which amount to 3% a week. If you risked 2 % per trade, you would be loking at 6% profit per week.
NOW here is where compounding can really make a difference in your account balance.
Now if you continue to increase your lot size so that you are making 6% per week on your balance, your account balance would double every 12 weeks ... Also note that after 52 weeks (which is a complete year), you account balance would have grown to 20 times its size. With that in mind, you would have $200,000. Now imagine if you can stay consitent for a couple years .. yes you guessed it, you would be a millionaire
Do you agree that you are seeing 60% or better winning percentage?
Do you agree that you average 10 3-tap trades per week?
Do you agree that you average 10 BO trades per week?
Just imagine the possibiliteis and keep this goal in mind.
- #4,089
- Nov 12, 2010 11:20am Nov 12, 2010 11:20am
Pure Price, I keep a note book where I trade and keep track of every Trade win or loss( like keeping score in cards) because I have a strict daily draw down limit also, and try not to exceed it. I am only keeping track of Pips per trade (Ex. 30 pip trade with 3 Lots is 30 Pips not 90) and at the end of the day I put all of this on a spread sheet to help keep track of weekly , monthly ect... I had to do this out of necessity to keep track of what was working and what was failing because I trade a few different things. As far as reporting Money,I personally will not do that on a forum. Hope this helps
How does someone keep track of all pips earned/lost? Do you write down every trade that you enter? When you say"pips"? is that assuming one lot per trade or are you multiplying by the number of lots? Would it be easier to keep track of money earned as all you would have to do is starting balance at start of week, and end balance at end of week (maybe everyoen can trade just one lot per trade) ... I don't really have the answer to this one, just tryign to see if there is a consistent way to report this number. Cheers.
Always Learning
- #4,094
- Nov 12, 2010 11:46am Nov 12, 2010 11:46am
Sweet 
50% off at +20 UC
Holding the rest to see if it can clear resistance.
This is normal for my mm setup.
50% off at +20 UC
Holding the rest to see if it can clear resistance.
This is normal for my mm setup.
Just made a quick 20 pips on each of these pairs.
Listen to the whispers....
You may learn something
- #4,095
- Nov 12, 2010 11:46am Nov 12, 2010 11:46am
Hi,
thanks to you for a nice thread
Mine was just a little work but i'm happy to see that many of you like and use the little RSI indy
- #4,096
- Nov 12, 2010 12:01pm Nov 12, 2010 12:01pm
Hi LG. hope u enjoyed your day out y'day
I just closed my last trade of the week and have banked 118pips overall - not outstanding, but enough for me and importantly much improved on last weeks debacle!
Thanks again for your thread, time and patience. Thanks too to all the other great contributors!
I just closed my last trade of the week and have banked 118pips overall - not outstanding, but enough for me and importantly much improved on last weeks debacle!
Thanks again for your thread, time and patience. Thanks too to all the other great contributors!
- #4,097
- Nov 12, 2010 12:33pm Nov 12, 2010 12:33pm
Well, what a contrast. Two weeks with this system, week 1 +383 pips.
Week 2 +11 pips. I still managed to finish this week up and after reviewing all my trades (and there did seem to be a lot!) I realise I was chasing trades. Lesson learned, I'll do next week what I did the first week wait till all the correct conditions are met, watch PA and go for it only if everything is in agreement. Can't wait for Monday now .
Week 2 +11 pips. I still managed to finish this week up and after reviewing all my trades (and there did seem to be a lot!) I realise I was chasing trades. Lesson learned, I'll do next week what I did the first week wait till all the correct conditions are met, watch PA and go for it only if everything is in agreement. Can't wait for Monday now .
