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My 30 pips Daily and my 45% Weekly Journal

  • #281
  • Dec 10, 2010 4:51am Dec 10, 2010 4:51am
Quoting Shanexx
This is painful. The trade was up 45 pips but the market turned before I reached my 50 pip BE point. So the trade got stopped for -40 pips. Going long again. PISSastance.

Attachment
Money management is a very important part of trading as you have realized, however, my concern is your exits. I would love to know how you plan to exit trades when you are entering them. I was surprised to see both a long and a short on the same pair at the same time. What was the reasoning behind those trades?
  • #282
  • Dec 10, 2010 5:28am Dec 10, 2010 5:28am
I have been slow this week because:

http://iangitiha.com/2010/12/10/december-2010/
  • #283
  • Dec 10, 2010 7:40am Dec 10, 2010 7:40am
I have just gone short the EURUSD @1.323 and I'm thinking the week is probably over; looking at 1.3 now.

Happy weekend everyone
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  • #284
  • Dec 14, 2010 10:22am Dec 14, 2010 10:22am
Project 2011 has been unveiled. Join in the quest:

http://iangitiha.com/2010/12/12/the-...ct-6-unveiled/
  • #285
  • Dec 14, 2010 6:40pm Dec 14, 2010 6:40pm
Quoting Machiavelli7
Project 2011 has been unveiled. Join in the quest:

http://iangitiha.com/2010/12/12/the-...ct-6-unveiled/
Best of luck with it. It was a truly bumpy ride this year with some serious whipsaw action but you still maintained a good composure to continue doing what you believe it. I will be honest with you. Over the past month I have been battling with a urge to do something similiar on the sides. I have been looking at simple breakouts on 15 min line charts with very tight stops of between 5-10 pips with a hard SL of 15 pips which represents 8% in total. I have had some very good numbers come out with 1 trade running 130 pips before I took profit ( 65% increase) which took just 4 hours to complete and most trades hitting my 15 pip level that I move to BE and trail. I removed a small amount of my main trading fund and have started with that and I am doing well. The only problem I am finding is the screen time. Watching for patterns to breakout out of and then taking the breakout is the first step and it is easy. Watching the pip count go up and down and the time is consuming but neccesary because the first sign that the breakout is going to fail I am out (which is usually between 5-10 pips most times I will give it 7 before baling for a 4% loss) which is why I have a 15 pip Hard SL, incase I need to go get a coffee and relax my eyes and brain.

If it works out successful and I can adapt and trust myself with it more then I may move some more into it however that is a big IF because it is still very un-natural for me on both risk and time scales. I would love to show live results but I find that when I do this I end up trading for the crowd and not for myself which is why I have left my journal on here for a personal one on my desktop.

I wish you all the best with 2011.

Take care

RT
  • #286
  • Dec 16, 2010 4:24am Dec 16, 2010 4:24am
Quoting Razor_trader
Best of luck with it. It was a truly bumpy ride this year with some serious whipsaw action but you still maintained a good composure to continue doing what you believe it. I will be honest with you. Over the past month I have been battling with a urge to do something similiar on the sides. I have been looking at simple breakouts on 15 min line charts with very tight stops of between 5-10 pips with a hard SL of 15 pips which represents 8% in total. I have had some very good numbers come out with 1 trade running 130 pips before I took profit ( 65%...
It has been bumpy alright but I have at least made some money. In effect I believe that in the long run I will be able to gain consistency. I will be looking forward to your trading next year.
  • #287
  • Dec 16, 2010 4:26am Dec 16, 2010 4:26am
I hope you guys have had the time to go over my plans for next year. I will be attempting to hit 20 pips daily with a leverage of 30:1 meaning Ill be targeting 6% daily and 30% weekly on the lower side.

Looking forward to your views.
  • #288
  • Dec 17, 2010 1:43pm Dec 17, 2010 1:43pm
Mach,

I'm still checking in with you from time to time. I think your goals are 10x too high, but maybe you can do it. I think you run the risk of hitting a number of losses in a row and really draining your account down, but time will tell. Like Razor, I find the idea of trading tight ranges on short time frames compelling, but it doesn't fit my lifestyle. I know my work and personal life have suffered from my forex obsession in the past, so my current system meets my trading goals and lets me have a life! I don't think I could do what you are doing.

Best of luck,

zeus
  • #289
  • Dec 17, 2010 1:49pm Dec 17, 2010 1:49pm
Quoting Machiavelli7
I hope you guys have had the time to go over my plans for next year. I will be attempting to hit 20 pips daily with a leverage of 30:1 meaning Ill be targeting 6% daily and 30% weekly on the lower side.

Looking forward to your views.
I vouched for you because I think you have what it takes to make it, however you should not be trading other peoples money. Give it another year or two and I think you will crack it. Good Luck.
  • #290
  • Dec 20, 2010 12:06am Dec 20, 2010 12:06am
Achieving 20 pips per day is achievable and realistic and Im sure most of you agree to that. The issue here has always been my leverage and I have always believed that I can handle it. Today, i made 25 pips early in the morning by being short the EURUSD and Im done till morrow. Nice trading everyone.

P.S: I have been unable to post regularly but Ill be back to that as soon as January 4th.
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  • #291
  • Dec 22, 2010 1:48am Dec 22, 2010 1:48am
I have gone long the EURUSD based on the signal trigger on my system. I am looking to make 30 pips on this trade.

Trading is easy but not so easy or simple. What my system attempts to do is to give the trader an opportunity on a daily basis to make a few pips to grow their account. If the trader is wise and uses sound money management, at the end of a year they should have reaped the fruits of the daily dose.

here is today's entry set-up:
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  • #292
  • Dec 22, 2010 6:00am Dec 22, 2010 6:00am
I was able to make 30 pips today as planned and now I am for the rest of the day.

It is much easier to just hit your targets for the day and thn quit. Im going swimming.

See y'all tomorrow.
  • #293
  • Dec 24, 2010 5:48am Dec 24, 2010 5:48am
This will be my last post this year as I am officially closing my trading business today but before I file my books let me share a few pointers of how I intend to make my trading more professional:

 

  1. I will look to manage my greed by targeting 25 pips only per day for 4 days a week earning a total of 100 pips per week.
  2. I will look to reduce my leverage to 1:20 (5% margin) in order to reduce my risk.
  3. Look to maintain trding discipline. One of biggest mistakes we traders make is to allow our emotions to control our trading. Next year I will be looking to keep my emotions in check at all times. Conquering emotion is achieved by trading within a well-constructed trading plan that assists in maintaining trading discipline.
  4. Have a well laid out plan that I will follow at all times. The successful trader works within a documented plan that includes risk management rules and specifies the expected return on investment (ROI). Adhering to a strategic trading plan can help investors evade some of the most common trading pitfalls; if you don't have a plan, you're selling yourself short in terms of what you can accomplish in the forex market.
  5. Successful traders plan for low probability events and are rarely surprised if they occur. Through a process of education and adaptation, they stay ahead of the pack and are continuously finding new and creative ways to profit from the evolving market. This is something I am always looking to do and I will increase my adaptivity levels.
  6. In forex, one of the best ways to learn is through trial and error. I will not be afraid to try out new valid ideas in an attempt to better my trading.
  7. Realistic expectations and this is something that is an area of contention. I will be looking to make 25 pips daily and I should believe that that is a realistic expectation.

I hope y'all have fabulous christmas holidays. See you in 2011.

  • #294
  • Jan 1, 2011 4:55am Jan 1, 2011 4:55am
Its now 2011 and i hope all of you had a nice festive season. I had a blast myself. Let me take this opportunity to wish all traders a successful 2011 in their trading careers.



This is the year we will be looking to make 25 pips per day for the whole year. It will be a test of professionalism and discipline.

I am putting $4000 on the line for this project. I will broadcast that account on myfxbook so lookout for the link on 3rd Jan.

Happy new year everyone!
  • #295
  • Jan 3, 2011 2:35am Jan 3, 2011 2:35am
Its the first trading day of the year and I am implementing my new trading plan as I have been saying. Its time to put my money where my mouth is. This project looks to make 25 pips everyday using a leverage of 20:1 meaning we will be looking to make 5% per day and 107% per month.

When I started this thread, i called it "my 30 pips daily....." but as time has gone by, i have looked to improve my trading attitude and system in a way that benefits me. Well, that is exactly what I am doing and I hope it works for me.

Today, I have already made my 25 pips (5%) as shown on the attached chart.

As I promised earlier, here is the link to the account on myfxbook:
http://www.myfxbook.com/members/Macavely/macavely/72985
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  • #296
  • Jan 3, 2011 7:56am Jan 3, 2011 7:56am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting Machiavelli7
Its the first trading day of the year and I am implementing my new trading plan as I have been saying. Its time to put my money where my mouth is. This project looks to make 25 pips everyday using a leverage of 20:1 meaning we will be looking to make 5% per day and 107% per month.

When I started this thread, i called it "my 30 pips daily....." but as time has gone by, i have looked to improve my trading attitude and...
Ian,
Happy New Year to you as well and all the best I wish to you.
Good start of the trading-year for you as it looks. Well done!

I will be following your progress and hope you will succeed.
Happy pipping to you

-Tuner-
"Blue Horseshoe loves Anacott Steel!"
  • #297
  • Jan 4, 2011 2:21am Jan 4, 2011 2:21am
http://www.myfxbook.com/widgets/72985/medium.jpg
  • #298
  • Jan 4, 2011 3:57am Jan 4, 2011 3:57am
Quoting Tuner
Ian,
Happy New Year to you as well and all the best I wish to you.
Good start of the trading-year for you as it looks. Well done!

I will be following your progress and hope you will succeed.
Happy pipping to you

-Tuner-
Happy New Year to you too. I wish you a successful year ahead too.
  • #299
  • Edited 4:20am Jan 4, 2011 3:59am | Edited 4:20am
Trade 1

The first trade today was a short that resulted in a loss of -36 pips.

Trade 2

Long and looking for +61 pips.

2011 Resolutions

http://iangitiha.com/2011/01/04/my-2011-resolutions/
  • #300
  • Jan 4, 2011 7:22am Jan 4, 2011 7:22am
I have made my 5% for today and Im going swimming now. See ya all tomorrow.
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