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How many pips is reasonable per day for a day trader 25 replies

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Attachments: 5% per day is achievable
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5% per day is achievable

Quoting niceguy777
I do it with Forex. It would be great to have someone like you speaking on my behalf!!!
Do you make over 100k per day like Franz? If so, I'd be happy to recommend you.
Quoting trainr
Do you make over 100k per day like Franz? If so, I'd be happy to recommend you.
No. I have a smaller account that I am building. I do about 60% ROI per month so I think anyone earning at that rate will get there fairly quickly! Are you interested in 60% ROI potential for yourself? In any event, it would be better to try my system out before recommending it....
The framework is there; we just have to work on our frame of mind.
Quoting niceguy777
No. I have a smaller account that I am building. I do about 60% ROI per month so I think anyone earning at that rate will get there fairly quickly! Are you interested in 60% ROI potential for yourself? In any event, it would be better to try my system out before recommending it....
60% a month is possible if you are a good experienced trader. Even a wannabe newbie like me has averaged 10% a month the last 3 months by using totally mechanical system that auto trade.

Niceguy,
Is your system posted anywhere?
If not, I would appreciate if you could explain the system you are trading to acheive this.
Thanks,
Mangala
Quoting mangala
60% a month is possible if you are a good experienced trader. Even a wannabe newbie like me has averaged 10% a month the last 3 months by using totally mechanical system that auto trade.

Niceguy,
Is your system posted anywhere?
If not, I would appreciate if you could explain the system you are trading to acheive this.
Thanks,
Mangala
It's a difficult concept to get over to people, because there seems to be an entrenched collective belief that good results are not possible until you've been doing it for years and you have some complicated or magic formula that only the initiated traders know about.

I was doing 60% after 3 months of live trading. I just discovered something very simple, and when I stick to it, I get about 95% positive trades. I like simple, and if it works, why try to fix it?

I'll PM you wth the details of my website.
The framework is there; we just have to work on our frame of mind.
Quoting niceguy777
I was doing 60% after 3 months of live trading. I just discovered something very simple, and when I stick to it, I get about 95% positive trades. I like simple, and if it works, why try to fix it?

I'll PM you wth the details of my website.
Niceguy,

Sounds like some brilliant results. Certainly the kind of results I'd be happy to call my own. And simple is definitely better. Would you mind PM'ing me with the details of your website too?

J
Quoting niceguy777
It's a difficult concept to get over to people, because there seems to be an entrenched collective belief that good results are not possible until you've been doing it for years and you have some complicated or magic formula that only the initiated traders know about.

I was doing 60% after 3 months of live trading. I just discovered something very simple, and when I stick to it, I get about 95% positive trades. I like simple, and if it works, why try to fix it?

I'll PM you wth the details of my website.

Hey niceguy777, could you PM the details also. I would love to check out your system.

Fidel
I forgot to mention the system I used to acheive 10% a month return.
It is a grid based system that is risky and can make you triple digit returns in a month. I got this from another forum and is the property of it. In order to minimise the chance of risking of blowing up my account, I trade this with a low leverage of 0.3:1 and only during times where there is volatility and directional bias. I trade only one of the largest traded currency pairs at a time.

The system basicaly puts orders for every higher high and lower low, on a tick by tick basis, upto a certain number of orders. It closes all the orders when the profit reaches 1% of your account balance. It is a pretty stupid and simple system but it works for me and makes money. This system has the potential to blow your account unless you use very conservative money management

Cheers,
Mangala
Quoting mangala
I forgot to mention the system I used to acheive 10% a month return.
It is a grid based system that is risky and can make you triple digit returns in a month. I got this from another forum and is the property of it. In order to minimise the chance of risking of blowing up my account, I trade this with a low leverage of 0.3:1 and only during times where there is volatility and directional bias. I trade only one of the largest traded currency pairs at a time.

The system basicaly puts orders for every higher high and lower low, on a tick by tick basis, upto a certain number of orders. It closes all the orders when the profit reaches 1% of your account balance. It is a pretty stupid and simple system but it works for me and makes money. This system has the potential to blow your account unless you use very conservative money management

Cheers,
Mangala

This system of yours, even though you call it stupid, is interesting simply because you say it makes you money. The simpler the system the better.

Could you elaborate on this for us. I'm really interested.

Thanks in advance
wondering if "left brain trading" guy could provide proof of the claim of 60% a month????????

thats an awful large amount to make every month without having something to back it up, with all the scams and everything going around the internet....not saying this guy is a scam, but we've seen guys like this making big boasts and in the end they have no substance, and then its to late because a whole bunch of newbies just bought there book or trading program that was suppose to improve there trading so dramatically.....

dont mean to break the fellow canadians balls, but im just tired of the scams aimed at scamming the newbies money, come on left brain guy, even start with a demo account log at the very least if you dont want to show us your real account.......or make live calls here for the week..........tiago, cayman islands paramedic
Quoting tiago
wondering if "left brain trading" guy could provide proof of the claim of 60% a month????????

thats an awful large amount to make every month without having something to back it up, with all the scams and everything going around the internet....not saying this guy is a scam, but we've seen guys like this making big boasts and in the end they have no substance, and then its to late because a whole bunch of newbies just bought there book or trading program that was suppose to improve there trading so dramatically.....

dont mean to break the fellow canadians balls, but im just tired of the scams aimed at scamming the newbies money, come on left brain guy, even start with a demo account log at the very least if you dont want to show us your real account.......or make live calls here for the week..........tiago, cayman islands paramedic
I agree with you Tiago. I would also like to see some logs of past performance. I too have bought into some trading programs exclaiming high returns, but turned out to be my mother's diary readings. Let it be clear that no one is accusing anyone of scamming, but personally for me, i would like to see some "hard facts" before buying your program. No offense to you leftbrain.


Fidel
Quoting fidel2414
I agree with you Tiago. I would also like to see some logs of past performance. I too have bought into some trading programs exclaiming high returns, but turned out to be my mother's diary readings. Let it be clear that no one is accusing anyone of scamming, but personally for me, i would like to see some "hard facts" before buying your program. No offense to you leftbrain.

Fidel
Hi Fidel, no offence taken. There are a lot of scams out there, and a lot of hype too. I just had a nice chat with Tiago, so he may tell you what he thought. As I explained to him, there's little long-term benefit for me if I were to be scamming. The internet would surely make sure of that!

I must have been gullable, I guess, in buying a forex course for a hell of a lot more than the cost of my book, with no 'hard facts' to back it up - just loads of hype and peer pressure. If you think what I am offering could be a scam, I'm going to make a pretty poor scammer at $25 a go!

If you want a chat, PM me.
The framework is there; we just have to work on our frame of mind.
It is easier to say than to make it real, when we want to put a profit target of 5% on daily basis. It is possible, I mean there's a chance to do that, but you have to realize that in order to make it happen, you have to trade with a high gearing. Let's just say, you will have to use 20:1 leverage or higher. That is way too risky man, in fact that is insanity (from my point of view).

There were times when the exchange rates for any pair of currency overshooted. The price moved to fast with a relative normal volume. If you were in the right direction, -well, you were so lucky because you would make a profit of 10% or maybe more in a trade. If you were in the wrong direction of the market, -BOOM- your account is dead.

I prefer setting a weekly or monthly target (with a realistic target and low gearing). It is not fun to lose money, especially when you lose all of the capital in your account. I don't like to lose. I put realistic profit target in my every trade.

I think we still remember when i.e EUR rally against USD about 200 pips on Friday, countinued with about 150 pips rally on Monday. If you used high gearing and your open position is against the price movement, your account was in jeopardy.

Please correct me if I'm wrong... your opinion will be appreciated

Trade wisely, man.... and stay realistic.... trading days are still long. If we can't win today, there's is another day to trade....
  • Post #93
  • Quote
  • Edited at 7:25pm Feb 10, 2006 10:34am | Edited at 7:25pm
Quoting Blast234
It is easier to say than to make it real, when we want to put a profit target of 5% on daily basis. It is possible, I mean there's a chance to do that, but you have to realize that in order to make it happen, you have to trade with a high gearing. Let's just say, you will have to use 20:1 leverage or higher. That is way too risky man, in fact that is insanity (from my point of view).

There were times when the exchange rates for any pair of currency overshooted. The price moved to fast with a relative normal volume. If you were in the right direction, -well, you were so lucky because you would make a profit of 10% or maybe more in a trade. If you were in the wrong direction of the market, -BOOM- your account is dead.

I prefer setting a weekly or monthly target (with a realistic target and low gearing). It is not fun to lose money, especially when you lose all of the capital in your account. I don't like to lose. I put realistic profit target in my every trade.

I think we still remember when i.e EUR rally against USD about 200 pips on Friday, countinued with about 150 pips rally on Monday. If you used high gearing and your open position is against the price movement, your account was in jeopardy.

Please correct me if I'm wrong... your opinion will be appreciated

Trade wisely, man.... and stay realistic.... trading days are still long. If we can't win today, there's is another day to trade....
Blast,
How long have you traded?

If you use a stop loss that represents 5% or less, you cannot have your account blown like you explain, unless your trading system plain sucks.

Using a leverage of 20:1 does not constitute good money management. A leverage of more than 5:1 is considered risky.

Rather than leverage, you should be concerned about how much you should risk in a trade and what the risk to reward ratio should be.
Maximum a newbie must risk in a trade should be 2%. A pro will not risk more than 5% a trade. The risk is determined by the stop loss. Always use a stop loss unless you use Hedging with proper leverage.

Reward is determined by take profit limit.
  • Post #94
  • Quote
  • Edited at 8:34am Feb 11, 2006 7:30am | Edited at 8:34am
d
Quoting mangala
Blast,
How long have you traded?

If you use a stop loss that represents 5% or less, you cannot have your account blown like you explain, unless your trading system plain sucks.

Using a leverage of 20:1 does not constitute good money management. A leverage of more than 5:1 is considered risky.

Rather than leverage, you should be concerned about how much you should risk in a trade and what the risk to reward ratio should be.
Maximum a newbie must risk in a trade should be 2%. A pro will not risk more than 5% a trade. The risk is determined by the stop loss. Always use a stop loss unless you use Hedging with proper leverage.

Reward is determined by take profit limit.
Thank you for your comments Mangala. I appreciate that.
I have been trading for 3 years.
You are right, trading with 20:1 is too risky, and I have said that in my posting. I never trade more than 5:1 leverage. Anybody trading with leverage more than 5:1 is crazy (from my point of view). I never use stop loss too, it sucks... but I use take profit limit and tailling stops to protect my profit. I do hedging. In my posting, I just want to say that it is possible to achieve 5% a day (there is a possibility to do that - in theory), but I won't recomend anybody nor myself to do that, because that will involve a crazy money management. But it is your own money, all the risk and reward will be pointed back at you.

Usualy I use leverage of 1:1 on my single trade.


Thank's again for your comment, Mangala.

PS: even if we use stop loss, when our possition is against the price movement (especially when it is move overshoot) your possitions quaranteed to be stoped out, and even if your account is not blown out, it still sucks.
  • Post #95
  • Quote
  • Edited at 12:08pm Feb 11, 2006 11:58am | Edited at 12:08pm
Blast,
I have a feeling you are using a system that is similar to mine. I could be completely wrong.

The system I use also involves hedging and no stop losses. I too started with using 1:1 leverage. The system is extremely aggressive and has the potential to get out of control and blow the account.

What it does is wait for a technical trigger to place an order. If the market goes in the same direction it will continue to add orders. If the market goes in the opposite direction and below the original starting point, it will add offsetting positions. It does not use a stop loss. When the profit reaches 1% of the account balance all the orders will be closed.

Some times the grids can get larger and larger before reaching the profit target. This happens when the market is ranging or when in the middle of a symmetrical ascending triangle formation. This is when the account can go belly up.

The safest way to trade is using 0.1 to 1 leverage and when there is a strong directional movement and good volatility. I Auto trade this. This type of systems are called Grid Trading Systems.

There are many variations of this.

I have also tested longer term hedging techniques using a fixed ratio of currency pairs. The ratio of the currency pairs and the currency pairs selected allows for effective hegding against loss while earning interest every day while waiting for a profit to be realized. I use volatility, relative strength analysis, currency pair corellation to enter the market. This strategy can give you 10% a month too, but is much safer than Grid Trading Systems.

Cheers,
Mangala
have we answered this question yet? Is 5% per day achievable?
Relax and be happy.
Quoting merlin
have we answered this question yet? Is 5% per day achievable?
Well, it took 7 pages, but I think so! Well, I for one know it is! I guess it's just for everyone to discover for themselves in the end.....
The framework is there; we just have to work on our frame of mind.
have you been able to string ten 5% days in a row yet?

im not being coy, i really am interested if anyone out there can do this x% per day thing. id love to see some evidence that it can be done because ive always thought it couldnt.
Relax and be happy.
Quoting merlin
have you been able to string ten 5% days in a row yet?

im not being coy, i really am interested if anyone out there can do this x% per day thing. id love to see some evidence that it can be done because ive always thought it couldnt.
Well, my longest run of positive trades was 70, before I did something stupid. I don't think it's a good idea to specify an amount per day that you plan to achieve, because that takes you away from tuning in to the trading, but I think that would cover it. On my best months, I I didn't trade more than 20 days and they weren't consecutive because I have other commitments. I'd have to check the figures to give you an accurate answer, but I'm a bit busy with the new people on the system at the moment, so forgive me if I don't.
The framework is there; we just have to work on our frame of mind.
Quoting lonespruce
Hey Guys,

Before I go making any crazy claims - these results are DEMO ACCOUNT. I'm a university student with all kinds of debt, no money and no time for trading. But maybe I should make the time if I can trade like this. I will also tell you that this is the best run I have ever had - I have lost many thousands of demo-dollars over the years. This particular account started with $1000 in it so I selectively chose a block of time that made my results look better than they actually are. Also the account is in Canadian Dollars not USD in case you are wondering about the pip values.

You may notice the dates on these trades - it was during my exam period and christmas break last semester so I had nothing to do [studying would have been a good idea... but trading was more fun ] but trade.

Anyhow - just thought I'd throw this into this thread to see what kind of reaction it got. Of course my real name etc has been removed from the client report.

lonespruce.
well its a demo account, but at least you posted at broker report! nice work man.

i am waiting to see a live broker account that shows even 20 days in a row of X% per day. ive been waiting for serveral years for some reason no one can ever produce this, so i havent been able to shift my paridigm to believe it can be done.
Relax and be happy.
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