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10 pips a day can make you rich quickly

  • #61
  • Jan 20, 2012 11:44pm Jan 20, 2012 11:44pm
Quoting tommbstone
well yes maybe a little common sense like don't trade non farm payroll or other bad news days of course
but
where would you be knocked out if your trying for 10 pips I don't think this is a right way to trade but look at my chart. (I was making a joke about why pick a direction) but all kidding aside if you did an OCO order (usa guys) or just opened at market new day buy and sell both would hit 10 pips profit everyday. Someday the draw down would suck yes but if you had balls of steel it would work. Look at your D1 charts show me a loser,...
...

I hate systems like this. I see people blow up all the time with systems like this.

You must ALWAYS have a stop, and a set amount you feel comfortable in losing when you enter the trade. It isn't about "balls of steel" as you put it.

The only way to be sure you'll be alive trading without a stop is using ultra low leverage, like 1:1 and no higher.

Seriously. Tell me, what would you have done if you bought EUR/USD last October for ~1.4200? leading into that price zone was a lot of bullish movement and upward momentum. Your talk about D1 charts would have had you long with greed since it was moving up strongly after being down so far in the past...

Please, don't make things worse by saying you'd just have doubled up or something.. :/

I'll give you a little hint: With a completely random entry and direction (that's right, darts at a board style,) you can be profitable over a long enough period by simply cutting losers short and riding winners while they run. Now, I'm not suggesting you go do this, having an edge of any kind over randomness is best, but the point is letting your losers run will only work till it blows your account out.

Even if you think you're smarter than the market and you'd never get into a trade that bad, things will happen that no one will expect, and the time you're proven wrong your account vanishes. Don't let the first time you're proven wrong do so much damage.


/rant
FXGears.com
  • #62
  • Jan 20, 2012 11:57pm Jan 20, 2012 11:57pm
Why limit the 10 pips a day, its easy to make 100 pips a day just learn price action.
--------------------
  • #63
  • Jan 21, 2012 12:18am Jan 21, 2012 12:18am
Quoting Jack_Larkin

Even if you think you're smarter than the market and you'd never get into a trade that bad, things will happen that no one will expect, and the time you're proven wrong your account vanishes. Don't let the first time you're proven wrong do so much damage.


/rant
yes, best example was long-term capital management.
  • #64
  • Jan 21, 2012 11:48am Jan 21, 2012 11:48am
Quoting Jack_Larkin
...

I hate systems like this. I see people blow up all the time with systems like this.

You must ALWAYS have a stop, and a set amount you feel comfortable in losing when you enter the trade. It isn't about "balls of steel" as you put it.

The only way to be sure you'll be alive trading without a stop is using ultra low leverage, like 1:1 and no higher.

Seriously. Tell me, what would you have done if you bought EUR/USD last October for ~1.4200? leading into that price zone was a lot of bullish movement and upward momentum. Your talk about...
haha like I said I don't recommend you trade like this. I do not. I even said "well jeeze why bother picking any direction" that was sarcasm
But never the less if you look at daily price bars you will see that the market moves up and down from the open every day. (ok maybe 2 times a month three tops it don't)
There was a system like this and it made pips but the DD was to much for most people.
But getting 10 pips a day is so easy with this if you use a 10 tp and use a pip buffer (usa clients have to) with an oco order.
Again I don't recommend it.
  • #65
  • Jan 21, 2012 11:50am Jan 21, 2012 11:50am
Quoting leandar_
Why limit the 10 pips a day, its easy to make 100 pips a day just learn price action.
Not sure why you've been suspened but yes price action moves alot more than 100 pips a day from the open both ways. So why limit to 10 well I guess if thats a goal then its a goal.
  • #66
  • Mar 3, 2012 9:36pm Mar 3, 2012 9:36pm
10pips a day.. yummy..
lets do the calculation, I am trading eur/usd with marketiva.
assume you have $1000 balance and target just 10pips a day.
because 10 pips it can means scalping so we will use 30% of your balance (you can go with 40% if you want).
how much you will get in one year?

1. we know that 1 pip eur cost = $0.0001 (if I am wrong, correct me)
2. 1000(credit balance) * 30 = 30,000 quantity
3. 1 pip you will get 30,000 * $0.0001 = $3
4. 10pips you will get $3 * 10 = $30.
5. so, in a day you earn 30% or your balance *1.03/day
6. next day use your total balance again $1030 * 30 = 30,900 quantity
7. assume 1 year have 240 days (5(day)*4(week)*12(month))
8. 1 year you will get 1.03^240 * $1000 = $1,204,852.62 Awesome right!!

base on my research 10pips movement can appear in every single bar in one hour timeline which mean the winning rate is 90%, 50pips winning rate is 60% and 100pips winning rate is 30$. so for you guys who aim 100pips/day it's just toooooooo risky.. lol, be happy with 10 pips =P, I am making 7-13 pips a day and I go to have fun haha.
  • #67
  • Mar 4, 2012 6:14am Mar 4, 2012 6:14am
Quoting vikenoshi
10pips a day.. yummy..
lets do the calculation, I am trading eur/usd with marketiva.
assume you have $1000 balance and target just 10pips a day.
because 10 pips it can means scalping so we will use 30% of your balance (you can go with 40% if you want).
how much you will get in one year?

1. we know that 1 pip eur cost = $0.0001 (if I am wrong, correct me)
2. 1000(credit balance) * 30 = 30,000 quantity
3. 1 pip you will get 30,000 * $0.0001 = $3
4. 10pips you will get $3 * 10 = $30.
5. so, in a day you earn 30% or your balance *1.03/day
6....
Well, I am doing same 10 pips a day from 2-3 months consistent.
Only thing is I don't raise bet,I am doing consistent with my lots even if I am making profit
Suppose you start making losses at higher lot,one stop loss will be enough to take your 3 day losses, if you are not emotional you can take losses good some will try to double to achieve 10 pips target with more lot and saga continues

I am OK with 10 pips, don't multiply lots.. stay consistent with lots for at least 1 year and if you grew money. you can take risk with more lots or I will say increase lot consistently not every day even if you are in profit
  • #68
  • Mar 4, 2012 8:57am Mar 4, 2012 8:57am
Quoting vikenoshi
10pips a day.. yummy..
lets do the calculation, I am trading eur/usd with marketiva.
assume you have $1000 balance and target just 10pips a day.
because 10 pips it can means scalping so we will use 30% of your balance (you can go with 40% if you want).
how much you will get in one year?

1. we know that 1 pip eur cost = $0.0001 (if I am wrong, correct me)
2. 1000(credit balance) * 30 = 30,000 quantity
3. 1 pip you will get 30,000 * $0.0001 = $3
4. 10pips you will get $3 * 10 = $30.
5. so, in a day you earn 30% or your balance *1.03/day
6. next...
Come up with the system and share.
  • #69
  • Mar 4, 2012 9:03am Mar 4, 2012 9:03am
Quoting coolkaps4u
Well, I am doing same 10 pips a day from 2-3 months consistent.
Only thing is I don't raise bet,I am doing consistent with my lots even if I am making profit
Suppose you start making losses at higher lot,one stop loss will be enough to take your 3 day losses, if you are not emotional you can take losses good some will try to double to achieve 10 pips target with more lot and saga continues

I am OK with 10 pips, don't multiply lots.. stay consistent with lots for at least 1 year and if you grew money. you can take risk with more lots or I will...
He's betting on the 90% win ration he sees on his charts. But when you don't know whats coming on the right side of the chart its very hard.
And when you do make 10 pips and the market keeps going hahah we've all been there. So maybe a jump stop to lock in x% of his 10 pip win and let y amount keep going. Ie he's trading a 1.50 lot he locks down the 1 and lets the .50 run.

I've looked at this and its hit or miss. If it was 90% I think we would all do it but if he finds a system hopefully he will share it. I won't say it cant be done because I'm sure the scalpers here do it now.
  • #70
  • Mar 4, 2012 9:05am Mar 4, 2012 9:05am
Quoting vikenoshi
10pips a day.. yummy..
lets do the calculation, I am trading eur/usd with marketiva.
assume you have $1000 balance and target just 10pips a day.
because 10 pips it can means scalping so we will use 30% of your balance (you can go with 40% if you want).
how much you will get in one year?

1. we know that 1 pip eur cost = $0.0001 (if I am wrong, correct me)
2. 1000(credit balance) * 30 = 30,000 quantity
3. 1 pip you will get 30,000 * $0.0001 = $3
4. 10pips you will get $3 * 10 = $30.
5. so, in a day you earn 30% or your balance *1.03/day
6. next...
that post is extremely newbish. Making up some pipe-dreams is not gonna help you.
  • #71
  • Mar 4, 2012 9:17am Mar 4, 2012 9:17am
Quoting Custos
that post is extremely newbish. Making up some pipe-dreams is not gonna help you.
True, we all learn in some ways.
Even if you make money in one trade like this, its not going to stay forever as trading style may eat.
Also, like someone said scare money never wins so going by logic so much high leverage may not be right

If someone make money like that good luck.

Please post trades even in demo will be interesting
  • #72
  • Mar 5, 2012 8:00am Mar 5, 2012 8:00am
10 a day is a good target for a new trader I would have thought - the problem is keeping the discipline to stick to it (or MM )
  • #73
  • Mar 5, 2012 8:17am Mar 5, 2012 8:17am
Quoting Notts_Matt
10 a day is a good target for a new trader I would have thought - the problem is keeping the discipline to stick to it (or MM )
I also do 10 pips a day
But I don't go by this logic, This mean you keep on increasing lots
I strict to my lots for atleast 6 months, if I made consisitent, I can increase the consistent lot size But i don't wanna be rich like 30% of balance each day
One day of loss will take 3 days of profit

So may be below is working for some

1. we know that 1 pip eur cost = $0.0001 (if I am wrong, correct me)
2. 1000(credit balance) * 30 = 30,000 quantity
3. 1 pip you will get 30,000 * $0.0001 = $3
4. 10pips you will get $3 * 10 = $30.
5. so, in a day you earn 30% or your balance *1.03/day
6. next..
  • #74
  • Mar 5, 2012 2:20pm Mar 5, 2012 2:20pm
10-15 pips a day or 60-80 pip a week is fine

if it is consistent on a week in out basis, at 1-1.5 standard lot will keep you out of a day job. i wont look at per day because some days are range bound whilst others trend. in range bound it is harder to make 10 pips as the range is usually only 25-30. see yest on eur/usd , aud/usd for agood example.

i would be sure to maintain this target for at least 6-9 months consistently before considering upping to over 1 lot.
  • #75
  • Mar 10, 2012 8:49pm Mar 10, 2012 8:49pm
Even 1 pips per day can make you rich, if you never lose. It's not easy to win, even 1 pip.

Today you make 10 pips and tomorrow you lose 30 pips, this is -20pips.

If 10 pips a day can make rich quickly, just place a short or long position withou stoploss, wait price to reach 10 pips and get out, you will rich.
Keep Simple...!
  • #76
  • Mar 10, 2012 9:54pm Mar 10, 2012 9:54pm
I read somewhere that Forex is more suited for swing trades. Is this true? Most people say don't waste your time day trading Forex. Is there any successful day traders on here that like to share their experience?

I'm looking realistically to make 5%-10% a month. On a big account that is enough to feed the family. On a small account, if you're young, time & compound interest is on your side, and if you're old plan for retirement.

And for those who use Oanda, do you guys use the Box Option? It sounds like a barrier options which is interesting.
  • #77
  • Mar 11, 2012 4:00pm Mar 11, 2012 4:00pm
Quoting kotlt
Even 1 pips per day can make you rich, if you never lose. It's not easy to win, even 1 pip.

Today you make 10 pips and tomorrow you lose 30 pips, this is -20pips.

If 10 pips a day can make rich quickly, just place a short or long position withou stoploss, wait price to reach 10 pips and get out, you will rich.
You have to over come the spread first second trade standard lots and third pick the right direction everytime or you will blow up account. Try it on demo which is different than live and get back to us.
  • #78
  • Apr 6, 2012 12:08am Apr 6, 2012 12:08am
Quoting Custos
that post is extremely newbish. Making up some pipe-dreams is not gonna help you.
It's your freedom to say whatever you want, I've been trade for 6 years, maybe still newbie. I said 10 pips occurent is 90% chance, didn't mean we can always see it happen. and I rise my bet every win 5 times continuously, ofcourse I didn't use 30% of my money where I'm risking only 10%~20% but still can make a money from it, and what's wrong to have a dream. Dream have to be hard so we can keep cashing it, and live for it existance.
  • #79
  • Apr 6, 2012 12:13am Apr 6, 2012 12:13am
Quoting tommbstone
Come up with the system and share.
what I can say I have 1 system and 1 strategy to trade, the system you can learn in from amazing cross over system and another strategy I called it "riding on horse" I don't know if other people ever use this strategy but there have a big risk on this strategy, if you interested you can send me a message.
  • #80
  • Apr 6, 2012 12:40am Apr 6, 2012 12:40am
At this level of 10 pips, which is not very difficult, however, you need the correct strategy.
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