The 1000 pip trade?

partly agreed
okay, let's go with that. Then we still have the traders needing to clear their books within a day (if they hedge for clients) => you still get human behavior which you can exploit. Just because the fx market is more dependent on books of the banks, doesn't mean that it is not based on common sense.

no need for bonuses if you know what you are doing.

The most success I found in the market was striving for 500+ pips. 1,000 pip ranges happen quarterly on the eur/usd if you go back to 2005 (there are variances to the distribution but it is pretty stable).

Personally I was never good at the day trading thing and I could never get 50 to 100 pips consistently (also cause I don't have time to watch the market that often). There are only so many opportunities in the market and I think it's best to hit the really big reward to risk trades.

If I can enter on a double top on a daily and refine my entry into a 5 min chart around the daily matching highs, I could set a 15 pip stop for a 1000 pip move (which is what I do). That's a 66.67:1 reward to risk. The break even success rate is only 1.5%. Therefore as long as I'm right more than 1.5% of the time, I make money.

On the way to 1,000 pips the market has to go through 900, 800, 700, 600, 500..... etc pips. If you successfully add positions into the trend then you're stacking the success rate in your favour with high reward to risk trades.

Personally I think it's easier to trade looking for high reward to risk opportunities because it allows for more bad trades if your entry abilities need refinement. As long as you keep a disciplined approach to cutting the stop loss and limit the amount of entries, you should make money.

By doing some basic range analysis among multiple time frames, you'll figure out the average ranges you can expect. After that you can figure out how often you should trade and what reward to risk you're looking for.

It doesn't make sense to trade 1,000 trades in a quarter to hit 1 trade with 1,000 pips profit. If you do some basic math and apply some basic logic, you'll be able to figure out the boundaries you should play within.

The only problem i see with Home runs (1000+pips) is the expectation there is to do it again. Your ego could sit there saying we'll look bad if we can't repeat.
Well done with the trade.

I personally haven't done so. The max I had was 200 pips.

Congrats, for every one time you do it, I have to do it 5 times!

Some really interesting points, I think have successfully blown numerous demo accounts 'ego' trading for 5 - 100 pips, hoping praying that i can double triple/ quadruple my account.

So I decoded my 'ego' and used it against itself.. so i challenged it to see if it can achieve 1000 pips with minimal stop loss, not trading more than 2-3 times per week or month.

Ok not quite there yet but i have had other trades that have run into circa 700/800 pips. The result for me has been profound in that i no longer 'need' to be scalping I can let the market come to me when its ready. My expectation is now that i either expect a small loss 35 pips or it may go on to a 1000 pips or more... simple. no ifs no buts

although i agree to build into positions is great thing to do when its possible i.e. trending... and i do still have occasional scalps intra day positions when executed well feel like i just got the sweetest hit of a golf swing or something..

But in the grand scheme of things building an account, gunning for 1000 or more is essential, imho

best
RS

what you could do is for every trade u make, put an extra position. let the one of them go to the next support or resistance (depending on the direction) and close it (30 - 100 pips) then set your stop loss to break even for the second one and you could leave it and let it do what it wants . It wouldnt matter to you cause you already cashed out on the other trade.
i have seen 1000+ pips in my trades before, and it is good feeling knowing that you made this decision when you did, and you can move your stop loss closer to the last swing so that if the market was to turn around , you will still come out with a decent profit

Very true jeremyyn, my question is this the next one???????

best
RS