10 pips a day? | Forex Factory

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10 pips a day?

  • #1
  • First Post: Mar 3, 2012 11:22pm Mar 3, 2012 11:22pm
Hi

I am trading last few months with the logic of achieving 10 pips move in any pair on a give day which on given day I think will give me.

Lot size: 100k--> 10 pips-->100$
Stop loss--> 30 pips--> 300$

I know some of you will say risk reward ratio is wrong.
To clear this, this SL at the start of trade and if I see trade is not going I close early.

No free lunches as said, to achieve 10 pips in a day, I need to do allot.
Not easy believe me.

1) I follow SPX , US dollar
2) if US dollar is 9810 from 9780 range, It will pull back for sure more often than not and pair if broke level 1.3100 level (1st time), chance is it will go down once, same opposite if pair is 1.2980 chance is it will go UP once to 1.300 to take stops. No trades which are not with flow of SPX futures
3) Follow news,twitter djfxtrader,reuters,bloomberg
4) I don't trade big news
5) I see end of the day SPX down Asian market will open lower and if AUD/USD at key level I short it for quick few pips

I observer ASIA and North America session and some days UK session to earn this 10 pips in a day.
It's hard not easy method since I follow price action. Yes I do see 4 hr chart donchian channel breakout also if I get a chance.

More often than not simple price action seeing all the above help me to get 10 pips on any pair I think

I like to hear from seniors/experts.
Do they see something wrong with this idea, since this is now consistent with me from 2 months

Thanks
Kaps
  • #2
  • Mar 4, 2012 12:52am Mar 4, 2012 12:52am
to be honest instead of targeting 10 pips,trade high chances trades and grab more pips.
Trade responsiblypatience is the key/Swing trader
  • #3
  • Mar 4, 2012 5:09am Mar 4, 2012 5:09am
LOL incredibull, she only blew up 40 accounts before finally figuring out how to make money in forex... start a "training academy" LMAO. What could you possibly have to pass on to anyone? I guess you figure its easier to teach someone what not to do with you sage advice like "trade high chances trades and grab more pips"... gee really? so thats all there is to it? HA
  • #4
  • Mar 4, 2012 7:02am Mar 4, 2012 7:02am
Well, I tried MA,charts,breakouts,woodies,stoics and I do play breakouts on 4 hr charts. You name it and I have tried the indicator.
Price/Action move actions not indicators. RSI at 80 still pair can go UP But I do see those for long term if I see a real pull back in real money i.e. Stock Market SP500

But above is the one which is really working for me on daily trading for 10 pips.

I take very high probability short trades on any pair as I need only 10 pips in a day so I try to take most surest trade.
It doesn't mean I don't get losses, I do 20-30% in a month on these short trades.

I need to research allot to get 10 pips also so hard work is equal or more in this case.
  • #5
  • Mar 4, 2012 8:59am Mar 4, 2012 8:59am
Quoting coolkaps4u
Well, I tried MA,charts,breakouts,woodies,stoics and I do play breakouts on 4 hr charts. You name it and I have tried the indicator.
Price/Action move actions not indicators. RSI at 80 still pair can go UP But I do see those for long term if I see a real pull back in real money i.e. Stock Market SP500

But above is the one which is really working for me on daily trading for 10 pips.

I take very high probability short trades on any pair as I need only 10 pips in a day so I try to take most surest trade.
It doesn't mean I don't get losses, I do 20-30%...
the only thing what counts is if you make money or not. If you make money, then the approach is good. If you are not making money, then go back to the drawing board.
  • #6
  • Mar 4, 2012 11:30am Mar 4, 2012 11:30am
Quoting Custos
the only thing what counts is if you make money or not. If you make money, then the approach is good. If you are not making money, then go back to the drawing board.
so profound
Congratulations ScalaFX for coming out of the closet!
  • #7
  • Edited 12:09pm Mar 4, 2012 11:57am | Edited 12:09pm
Quoting nubcake
so profound
thanks, nubbie! You also have something profound to say? Or still being good old grumpy nubcake? Maybe they let you out of your cage a bit too soon.
  • #8
  • Mar 4, 2012 6:22pm Mar 4, 2012 6:22pm
Got to ask if this is a repeat and rinse, set to blow hard and dry? This is the second thread on the same subject of 10 pips and how good it is..
  • #9
  • Mar 5, 2012 2:49am Mar 5, 2012 2:49am
coolkaps4u, Is this still working for you?
  • #10
  • Mar 5, 2012 8:36am Mar 5, 2012 8:36am
Quoting anthonio
coolkaps4u, Is this still working for you?
Yes, Its still working.
I have yet to made pips for today
I work full time EST so not able to trade london open
  • #11
  • Mar 5, 2012 9:08am Mar 5, 2012 9:08am
Achieved today target AUD/CAD short for 10 pips
It was quick, I will look for another if I get.
  • #12
  • Mar 5, 2012 2:23pm Mar 5, 2012 2:23pm
I dont know how much 300$ if your account is, but you should have a fixed daily loss amount. 2% 5% what ever you are comfortable with.

How long have you been trading for?

Do you trade part time or full time? looking for the ideal set up, must be a lot of work, and if you did it part time, it would be a lot more difficult.
  • #13
  • Mar 5, 2012 2:30pm Mar 5, 2012 2:30pm
Quoting Mr Alum
I dont know how much 300$ if your account is, but you should have a fixed daily loss amount. 2% 5% what ever you are comfortable with.

How long have you been trading for?

Do you trade part time or full time? looking for the ideal set up, must be a lot of work, and if you did it part time, it would be a lot more difficult.
Hi

My Account is 53k+ presently
I am planning to withdraw my profit monthly
I aim for 100$/per trading day i.e. 10-20 pips on lot of 100k (10$/pip) or 50k(5$)
when my target is done, I close trading or look for another setup.
If I find 2 for the day Nothing like that
Presently, I am doing consistent from 2-3 months.
I do have a big negative position opened which I am waiting for close or average out.

Thanks
Kaps
  • #14
  • Mar 5, 2012 2:34pm Mar 5, 2012 2:34pm
Do you trade part time or full time? looking for the ideal set up, must be a lot of work, and if you did it part time, it would be a lot more difficult.

I am part time But inspired to be full time, Only if I am able to do consistent for 3 years and I have 1 year of extra income for my family. I will switch to full time.

Yes, Ideal setups require time But one for a day is not difficult to find.
Requires patience and discipline
I do take losses if trade doesn't go as desired even with lot of scrutiny
The idea is to not make losses on a given day than profit.
The chances with the above is profit rather than loss
I do look on SSI or long to short ratios on OANDA
  • #15
  • Mar 5, 2012 2:44pm Mar 5, 2012 2:44pm
Interesting, you are abviously very dedicated to learn forex. Have you considered a forex education from fsa regulated brokers?

I lost 4k gbp, before i start searching for a course, and now im a trainee forex trader and i am 100 times better than i was. I have been trading for 6 months now, and my drawdown is only 5%. It is easy to get pips, but trading regularly consistently does take hard work and dicipline.
  • #16
  • Mar 5, 2012 2:49pm Mar 5, 2012 2:49pm
Quoting Mr Alum
Interesting, you are abviously very dedicated to learn forex. Have you considered a forex education from fsa regulated brokers?

I lost 4k gbp, before i start searching for a course, and now im a trainee forex trader and i am 100 times better than i was. I have been trading for 6 months now, and my drawdown is only 5%. It is easy to get pips, but trading regularly consistently does take hard work and dicipline.
I am trading for 2 years now, I don't need a course.
I learned by loosing real money 15k and made 25k there after real money
I follow now my own strategy, I read seniors MM
I follow some threads to read.

Yes, Discipline and patience you have to learn no one can teach
It comes with practice
Also, control greed no one get rich in a day or month except gambling in any form OR have to very luck and played interventions big
  • #17
  • Mar 5, 2012 3:00pm Mar 5, 2012 3:00pm
Welldone that is great to hear. I personally think, if your investing your time to trade, then it is worth the professional training and mentoring, the professional traders can always help with your current strategy too.

Plus i never paid a lot, they were Forex traders, regulated by the fsa, and the 4 week course was only £600 quid, and on going mentoring i got for £23.99 a month. Every day from 7am to 9pm monday to friday i login to the remote trading floor, and we share charts and ask questions etc etc.

How many mins or hours do you put aside per day for trading?
  • #18
  • Mar 5, 2012 3:22pm Mar 5, 2012 3:22pm
Quoting Mr Alum
Welldone that is great to hear. I personally think, if your investing your time to trade, then it is worth the professional training and mentoring, the professional traders can always help with your current strategy too.

Plus i never paid a lot, they were Forex traders, regulated by the fsa, and the 4 week course was only £600 quid, and on going mentoring i got for £23.99 a month. Every day from 7am to 9pm monday to friday i login to the remote trading floor, and we share charts and ask questions etc etc.

How many mins or hours do you put...
You should put your advertisement in Broker section.
Take your ASS away from my thread
I read all your posts.. please do promotion on someone else thread....
You are..Blah..and should be banned
  • #19
  • Mar 5, 2012 3:27pm Mar 5, 2012 3:27pm
Im not a broker, and im not advertising, it is not my company, and i am not benefiting, it is simply my experience on the forex markets. Your doing great, good for you, you been trading for 2,3 years, ive only been trading 6 months now.

Anyways good luck, your behaving like, i told you to buy some thing!
  • #20
  • Mar 5, 2012 3:32pm Mar 5, 2012 3:32pm
Quoting Mr Alum
Im not a broker, and im not advertising, it is not my company, and i am not benefiting, it is simply my experience on the forex markets. Your doing great, good for you, you been trading for 2,3 years, ive only been trading 6 months now.

Anyways good luck, your behaving like, i told you to buy some thing!
Its like advertising everywhere on all your posts.
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