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Attachments: i want only 1 pip everyday
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i want only 1 pip everyday

  • #21
  • Jan 27, 2012 10:19am Jan 27, 2012 10:19am
Now, that's what I call "the post for the day" and btw, nice replies!
  • #22
  • Jan 27, 2012 1:57pm Jan 27, 2012 1:57pm
Quoting AlastorFate
1. My typical loss amount ranges from a few pips to 15 pips usually.
ok. i see that 1 pip take profit is nonsense.

But what stop loss is optimal if i shoot for example for 70 pips?
i tried demotrading. 15 pips stoploss hits too often. I couldn't reach enough takeprofits to cover stop losses. I made 50 trades and my account balance was negative.
  • #23
  • Jan 27, 2012 3:10pm Jan 27, 2012 3:10pm
Quoting Ged
ok. i see that 1 pip take profit is nonsense.

But what stop loss is optimal if i shoot for example for 70 pips?
i tried demotrading. 15 pips stoploss hits too often. I couldn't reach enough takeprofits to cover stop losses. I made 50 trades and my account balance was negative.
you need to understand how the market works first. Then you can make systems exploiting recurring behavior. Don't avoid the first step. It is the fundament of profitable trading.
  • #24
  • Jan 28, 2012 1:46am Jan 28, 2012 1:46am
I have to agree with the others on this. It seems so easy to make 10 20 50 pips a day and yet on paper it is. But the reality is you have spread or commish which throw a huge wrench in the math.
When trading for such a small number of pips you have to use a stop that lets the trade breath.
This is my problem as well. I've grown my live account and I've doubled several 2k demo accounts over the summer. But I've had to use a large stop to do it.
So here is the crust of it. You want x pips a day per pair your trading
but your big stop will wipe out a weeks worth of profit. Then your back to starting capital.
I can't find a solution to this problem. (mine is compounded by my time zone)

Back in 07 someone made a spreadsheet that said 50 pips a day makes X but since its creation Don/Frank changed the leverage so the spreadsheet is no longer realistic. I made some changes to it, again on paper and in theory its a perfect world. But its not... I'm trying it and its a slow up and down equity grind.
Attached File(s)
File Type: xls 50PIPS A DAYtomiway12.xls   132 KB | 619 downloads
  • #25
  • Jan 29, 2012 7:27am Jan 29, 2012 7:27am
Quoting Ged
ok. i see that 1 pip take profit is nonsense.

But what stop loss is optimal if i shoot for example for 70 pips?
i tried demotrading. 15 pips stoploss hits too often. I couldn't reach enough takeprofits to cover stop losses. I made 50 trades and my account balance was negative.
There is no optimal sl level. Cutting loss efficiently is a skill. I mentioned I have a typical max of 15 pips loss, but it doesn't mean I use 15 pips sl in the actual trade.

If you don't have a good system, and you can't trade with healthy psychology and discipline, most likely your account size will decrease over time. It doesn't matter how many times you trade.
'For the market to work, it needs people who think that they can beat it.'
  • #26
  • Jan 29, 2012 8:07am Jan 29, 2012 8:07am
I am new to this forum (witch is great one!) but I have been trading since 2006 and I am going to tell you something I WISH someone would have told me when I first started trading. DO NOT buy into the hype of all those 99.99 or 399.99 systems that are everywhere! Most of them are marketers not traders and that is why their products are everywhere. Learn Price Action first because it is king. Learn trendlines and how to identify candlesticks because Price action is your best indicator of what the market is doing, there is no crystal ball out there. The market can and will beat you up.. But once you learn it and become profitable it can be very rewarding, it took me 4 years before I became a full time trader. Another thing is use proper money management especially when first starting or you WILL blow your account. I margin out a few times when I first went live..
  • #27
  • Jan 29, 2012 12:32pm Jan 29, 2012 12:32pm
your idea is good but without learning all about the trading you cant make even 1 pip constantly in daily base

2 years learning and 20k loss = make daily 1 pip or 100 pips constantly
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  • #28
  • Jan 29, 2012 1:18pm Jan 29, 2012 1:18pm
Quote
you need to understand how the market works first. Then you can make systems exploiting recurring behavior. Don't avoid the first step. It is the fundament of profitable trading.

If you don't have a good system, and you can't trade with healthy psychology and discipline, most likely your account size will decrease over time. It doesn't matter how many times you trade.

2 years learning and 20k loss = make daily 1 pip or 100 pips constantly

well. you're pros i suppose. So, how big stop loss do you use? Do you move your stoploss to breakeven as soon as possible or wait until trade will develop deeper into positive zone? What ratio of risk and reward do you use?
  • #29
  • Jan 29, 2012 1:53pm Jan 29, 2012 1:53pm
Quoting pipmutt
I see, well that's not a lot to ask for, I mean how difficult can it be right?

Ok so that's reward taken care of, how about risk, what would you want to do about that?
  • #30
  • Jan 29, 2012 2:46pm Jan 29, 2012 2:46pm
to make 1 pips watch Frankfurt to London open time in 1 min chart, price action works well.
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  • #31
  • Jan 29, 2012 3:43pm Jan 29, 2012 3:43pm
experiment with death cross and golden cross on 1 minute chart for scalping. 10-15 pips easily. But you need to configure money management i.e.sL and tP to be consistently profitable.
  • #32
  • Jan 29, 2012 4:21pm Jan 29, 2012 4:21pm
1 pip a day , seriously ? Haven't heard so dumb idea in a while ...
  • #33
  • Jan 29, 2012 6:50pm Jan 29, 2012 6:50pm
Try trading off nearby support or resistance when new york is closed and before Asia open. Market is consolidating and normally yo-yo's between the range. Need to be aggressive but relatively low risk, other than rare surprise news.
  • #34
  • Jan 30, 2012 4:56am Jan 30, 2012 4:56am
Quoting Ged

So, how big stop loss do you use?
It's not a case of 'how big'. Your stop should be placed at a price which, if reached, means your analysis was wrong and the trade is no longer valid. All these details need to be worked out in advance of entering a trade, it's part of your analysis and obviously needed to calculate trade size according to risk.

You want to be a successful trader? Start at the beginning and learn the business and the market you're trying to exploit, it doesn't suffer fools gladly....but it does welcome them and their money!


Quoting ibpo

price action works well.
lol, today's trading buzzword, 'price action'
  • #35
  • Feb 1, 2012 9:23am Feb 1, 2012 9:23am
If you're going to start thinking like this, take in everything you can on risk, but yes there is a place for this.

For example, you go long AUDJPY at ¥81.00 on a $10k account where you are sitting on 2 minis ($20k, aka 2:1 debt-to-equity [or close enough, it is just over 2 in this example]). Now you can take a move to ¥40.5 for your account to be blown up, check your monthly charts, look at ranges, look at recessions for how likely this is.

But if you're risking 4000 pips to make 1 as per my example, why not go long AUDJPY on a downtick, whether M15, H4 or Weekly, and have 0.5%, 1%, 1.5%, 2%, 2.5%, 3% TP's depending on the juxtaposition of the market.

Then when you think you're going into recession and the Fed begins cutting obviously the strategy switches to going long the U.S. dollar, say, against the not so volatile Franc.

But do you see how dangerous this is and how much you have to rationalize?

Trade a bit of momentum, trend following, S&R, event, etc, before you even take a look at statistical arbitrage, because I gotta tell ya, for awhile you can turn the lights on and at 2:1 a 1% TP equals a 2% gain, and say you churn that, 100 trades later, or 12 months later, you could be up 100%, yet when it comes to trading capital you can always lose 100%.

So.. in other words, I can do this but if there's an 87 crash I can turn around and take the loss and go from +30% that year to +10% and be happy. Have an "extreme situation" loss realization contingency plan, and get the psychology in check. You need to take losses, to know how it feels, to know it doesn't hurt. Subconscious.

#in other words, you're not going to make as much as you think (once taking into account risk, given risk-return, and leverage/overtrading is what blows most traders, so you have to tone down any wild cowboy ideas happening upstairs)

A 1 pip TP is a recipe for overtrading.

#edit2: if you get "stuck" with an unrealized loss on AUDJPY, you earn interest, hooray; also there's greater upward propensity, usually . .

. . usually.
  • #36
  • Feb 2, 2012 1:55am Feb 2, 2012 1:55am
There is a fella on here that more or less does this,graps couple of pips for a winner but loses about 50 when he loses ,

Personally I think its mad but he does it ,although he doesnt seem to overtrade ,he only does a couple of trades here and there .Here is the link to his stats
http://www.mt4i.com/users/morrison
  • #37
  • Feb 4, 2012 1:42pm Feb 4, 2012 1:42pm
Quoting Middleton
I think it is not a bad idea to go for a 1 pip. I know traders who only want a 0.1 pip. Of course they play with millions but it does show that there is something in this strategy.

Where would they put the stop loss though. There is actually about a 50% chance that it could easily go against them 30 pips or so in a short amount of time.. That would be an incredible loss.
  • #38
  • Feb 4, 2012 1:47pm Feb 4, 2012 1:47pm
Quoting markmc27
There is a fella on here that more or less does this,graps couple of pips for a winner but loses about 50 when he loses ,

Personally I think its mad but he does it ,although he doesnt seem to overtrade ,he only does a couple of trades here and there .Here is the link to his stats
http://www.mt4i.com/users/morrison

Interesting. Looks like he had a stop loss at 53 most of the time.

He did double his money in a little over a year though.
  • #39
  • Feb 4, 2012 4:04pm Feb 4, 2012 4:04pm
I was thinking in the same way when i started- "20 pips per day, thats all i need". It looks like you are always going to win, 1 pip is so small, how hard could it be to take it? I have been scalping for a while with TP 2~5p and i can say, that there are many many situations when you open the trade and the price immediately starts to move against you and it doesn't come back.. These kind of trading styles can only be used with money management based on multiplying your trading accounts. I mean, you need to double more accounts than you loose.. If you have, lets say, 1000usd, you have to decide how much to risk. I recommend no more than 5%, that means, you can only use 50$ in a trading account and hopping to make +100% first before you got MC. You need to double more accounts, than you loose, thats the secret, but thats not the holly grail so far.. But if you double 6 accounts out of 5 you are the winner. Not many people like this kind of MM.. It is quite stressful.
  • #40
  • Feb 5, 2012 11:51pm Feb 5, 2012 11:51pm
Quoting markmc27
There is a fella on here that more or less does this,graps couple of pips for a winner but loses about 50 when he loses ,

Personally I think its mad but he does it ,although he doesnt seem to overtrade ,he only does a couple of trades here and there .Here is the link to his stats
http://www.mt4i.com/users/morrison
Isn't it a bot? It says at the top stats for an EA.
Don't get mad, get even!
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