Day Trading - Can I Make 10% a Month

I currently am doing this, but it was a struggle. I have to stay on my plan. I try to use a 20 PIP stop loss. I use the H4 bars to try to detemine direction, but use the H1 or 15min bars to enter. I use an entry order. I do not use a market order. I move my SL as the price moves into the positive for me. A few minutes ago my entry order to buy the E/U was triggered. When the price moved to a 8 PIP gain, I moved my SL just above my entry. The price came down and hit my SL for a 1.3 PIP gain. I did that because the market is rather undecided this morning. Some mornings I do not place an order.

Keep going with these results, PipRider... going to read your journal often.

Not to bad a day today. I got some opportunities early on in the UK session but nothing in the US session due to the fact that all of the pairs were trading in a really quite tight range. If I were range trading I could have made a killing today. In fact maybe I should be proud of the fact that I was able to identify this and remained disciplined enough not to invent a trade that didn't exist.

My first trade stopped me out, although I only took a half position on it as I was expecting entries on other pairs at the same time which didn't materialize. I wanted to make sure if all entries triggered I would be able to enter them and not be to exposed hence not entering a full position. This went against me almost immediately. I did take this trade 20 mins before London open and a big spike during the opening minutes of the open took me out only to continue on its prior move. So a lesson to be learned here is to either not trade before the open or at least get out a few minutes prior to ensure no unnecessary losses due to random spikes.

The second trade was a full position and made money. I took the same trade as I had just got stopped out on, and it made me my profit within a few minutes. I was quite proud of the fact that I was able to take the trade again in-spite of the previous loss I sustained taking near enough the same trade 30 mins earlier. It shows that I am growing as a trader and demonstrated the importance of being consistent.

If I Stuck to The Rules Trading Summary

Total Trades to Date: 17
Wins: 12
Partial Win: 0
Break-even: 1
Partial Loss: 2
Loss: 2

Trading Summary

Total Trades to Date: 18
Wins: 6
Partial Win: 3
Break-even: 7
Partial Loss: 2
Loss: 0

Hey PipRider.. Congratulations on your success so far. I've always been interested in this method, but I don't have the time during the day to watch for a pullback on the 5m. Can I ask what your screen watching time is? Do you just check for a trend and then watch more closely?

That is pretty much exactly what I do. I look to see if the chart is trending and then I pay more attention.

If it is not I check back every 10-15 minutes.

Maybe you could test this on a higher time frame? Like 4 hour or something?

I didn't get to update yesterday. So I'll do it now.

Yesterday was ok I didn't make any money but then I didn't lose anything either.

All in all it was the same story, I moved my stop to BE to quickly, the markets came back and took me out only to then ride off towards my profit target. One day I will learn to just put the trade on and walk away.

I had two other trades one loss and one profitable. I have to say that the hardest thing for me is putting on the next trade after taking a loss. I took a loss early on in the morning then found myself second guessing the rest of the setups throughout the day.

However I did take the trades and by the end of the day got my profitable one which made me back my losses and I finished on break-even for the day.

If I Stuck to The Rules Trading Summary

Total Trades to Date: 22
Wins: 16
Partial Win: 0
Break-even: 1
Partial Loss: 2
Loss: 3

Trading Summary

Total Trades to Date: 23
Wins: 7
Partial Win: 3
Break-even: 10
Partial Loss: 2
Loss: 1

OK so no update yesterday as I didn't manage to see any valid opportunities. The markets seemed to be moving very slowly so I decided to step aside.

Today was a little repeat of Tuesday and Wednesday. I took an early loss and then made it back a little later with a winning trade.

The frustrating part is that the loss didn't need to happen! Again I got a little anxious and jumped in on what I thought was going to be a move before the London open. This subsequently took me out for a loss.

I don't know why I do it... I should have learnt my lesson the other day! Well this time I will. I have written it into my plan that I am not to take another trade before the London open!

I also bottled out of what would have been profitable trades in the EU and GU about 15 minutes before the US news! I thought it would be too risky so stepped aside. This is the second time this has happened to me this week. But I guess the rules prevent you from getting in so close to the news to prevent you from taking losses as this is a pretty volatile time.

It is frustrating seeing the winners, but then they could just as easily be losers.

I later didn't take a GU short trade because I thought the better opportunity was going to occur in the EU, that one didn't quite trigger and I watched the GU roar into profit.

I am think the biggest thing for me at the moment is that I am trying to think these trades through to much! When I am testing I am just taking the setups as I see them, at the moment I am trying to consider external factors which are keeping me out of the trades. I am to scared of taking a loss at the moment!!

Anyone have any ideas on how to overcome this?

If I Stuck to The Rules Trading Summary

Total Trades to Date: 24
Wins: 17
Partial Win: 0
Break-even: 1
Partial Loss: 2
Loss: 4

Trading Summary

Total Trades to Date: 25
Wins: 8
Partial Win: 3
Break-even: 10
Partial Loss: 2
Loss: 2

This 7 years old log lasted a little bit more than 15 days as you faded away after several lost and roller coaster rides. My take is that your emotion finally got the best of you at the end. the loss is a part of this business, afraid of taking loss will eventually catch up w/ you in form of larger and larger losses. You have much to learn when it comes to dealing w/ lost, and winner, too.

10% a month is doable indeed.


Sorry I weren't there for you when you needed help.