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10 pips a day?

  • #21
  • Mar 5, 2012 3:46pm Mar 5, 2012 3:46pm
i talk about risk management, trading on the m1 charts, ive shown my system via speadsheet. eg on the spreadsheet it says cad jpy buy aud nzd buy, if you look at today charts, they were good currency pairs to buy.

I talk about professional training, because as a trader i feel it is better to invest than blow your account, how is that bad to anyone???

95% of people blow their account with in 1 year, so have i, and when taking some training, its been 6 months and i have not blown my account, what ever is the truth is the truth, do you see me, posting links and telling you to go buy a course from a specific company, infact i have never posted a link and never mentioned any company.

So please do not accuse me of advertising.

Good Day!
  • #22
  • Mar 6, 2012 6:09am Mar 6, 2012 6:09am
Today target completed EUR/CHF high leverage
  • #23
  • Mar 6, 2012 8:06pm Mar 6, 2012 8:06pm
Quoting coolkaps4u
Today target completed EUR/CHF high leverage
Waiting for 1.2060.. come soon so I can book today scalping
  • #24
  • Mar 6, 2012 9:05pm Mar 6, 2012 9:05pm
Quoting coolkaps4u
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...
I think you're going to find that the negative profit expectation of the system is going to eat the account up. At the end of the day you have to experience it yourself but it's difficult to beat those odds.

Every time you're wrong you'll have to be right four more times to be in a profit. That means you've got to be correct 75% or more of the time to grind out a very small profit. There are always people around who claim to have systems that produce 80% profitable trades, but they don't stay around long. You'll be very hard pressed to find anyone who has been trading for ten years who can produce an account statement with 80% profitable trades. And if you're really trying to trade for the long term you have to think about those long term statistics and work those expectations into your approach.

You might try and work backwards from a worse case scenario rather than hope for the best of luck.

- John
Trade Small. Be Patient. Learn to Survive.
  • #25
  • Mar 7, 2012 12:52am Mar 7, 2012 12:52am
Hai all, the first time I trade I set my volume 50usd per pip....now this works for the objective of this thread....10 pips per day huh...so i guess i could get 500USD every day huh...

but after my big loss...which burnt my account...i started to play small... and u know what...small is slower but guaranteed profits...big are quick/large profits as well as death!!

So the conclusion here is that, only trade 1% or 0.5% of your starting deposit.


Ubu

Peace
I trade to live
  • #26
  • Mar 7, 2012 7:26am Mar 7, 2012 7:26am
Actually, I wouldn't say that 10 pips vs 30 pips is too bad a risk reward.

If you're trading something silly like, 1 pip gains vs 100 pip stop loss, then obviously you're wasting you're time. But at 10 vs 30, if you're making regular pips, then who can argue with that?
  • #27
  • Mar 7, 2012 8:19am Mar 7, 2012 8:19am
Quoting FXAnalytics
I think you're going to find that the negative profit expectation of the system is going to eat the account up. At the end of the day you have to experience it yourself but it's difficult to beat those odds.

Every time you're wrong you'll have to be right four more times to be in a profit. That means you've got to be correct 75% or more of the time to grind out a very small profit. There are always people around who claim to have systems that produce 80% profitable trades, but they don't stay around long. You'll be very hard pressed to...
I agree 30 pip stop loss for 10-20 pips is too much But intial stop I put so in case any big movement, I don't want to have big loss.
As I said, I see USD dollar,SPX and other co-relation and try to take surest trade possible in a day with any one pair for 10 pips.
I also close trade for loss of 5-7 pips if I see its not working my way.
So far this is working how long can't say But believe me, it took me 7-8 hrs sometimes to find one trade. it's not easy to find 10 pips consistently.
There are days if I don't find, I don't trade.
sometimes movement in my direction is good, I gather 20 pips like from 1.2080 to 1.2100

Regarding leverage--> my account size is 53k and I trade one lot for 10pips-->100$

Thanks
Kaps
  • #28
  • Mar 7, 2012 3:09pm Mar 7, 2012 3:09pm
Quoting coolkaps4u
I agree 30 pip stop loss for 10-20 pips is too much But intial stop I put so in case any big movement, I don't want to have big loss.
As I said, I see USD dollar,SPX and other co-relation and try to take surest trade possible in a day with any one pair for 10 pips.
I also close trade for loss of 5-7 pips if I see its not working my way.
So far this is working how long can't say But believe me, it took me 7-8 hrs sometimes to find one trade. it's not easy to find 10 pips consistently.
There are days if I don't find, I don't trade.
sometimes...
Hey Kaps,

There is nothing wrong with trying to prevent big losses - I understand the psychology of that, been there. But you have to look at frequency too. I think the more you dig into the modeling of volatility and stop loss hit rate you'll realize 30 pips is very, very tight and that in and of itself will generate MORE loss because of the frequency you get hit at vs the frequency of a stop that is larger.

Part of the solution is knowing where you're at in terms of daily volatility and what risk you're taking on at any given level inside or outside that range. That's the fruit of the tree not the root though. If you said to most people, you need to set you stop outside the daily ATR if you're going to hold a trade for 2 to five days they would have an anxiety attack. A stop at those levels would wipe them out or put a serious dent in their account. What they are really saying then is, they are using too much leverage or are under-funded.

If you work backwards from that idea and say, okay I hold trades for a few days and that puts me at exposure for a draw-down that obviously exceeds the volatility of a single day so I need to set my stop out side of that one day range, but I only want to risk 2% of my account... what does that mean.

In a standard account it would mean something like this.
- A pip is worth $10
- If the Average True Range is 100 pips a 100 pip move times $10 is $1000
- If I set my stop outside of that range say at 125 pips my potential down side risk is $1250.
- If I only want to loose 2% of my account on a single loss... $1250/.02 = $62500. That's the funding I need to survive. That doesn't take into account leverage, which ramps up both losses and gains and requires tighter stops, which requires greater funding and so on.

The same holds true in tighter time frames. Maybe you don't want to hold a trade for days, maybe you want to hold it for hours. You will still be faced with a volatility factor for that period and where you put your stop will determine not only the loss you take but also the frequency it gets hit at. I used to say to people do you want to be hit once at 100 pips or five times at 25? All these things matter and will get clearer as you grind forward. The trick - the REAL trick - is to survive your learning curve. Trade really, really small for the first several years and learn the nuances of the market. If you decide after several years you can't do it you've only lost a little. If you get it nailed down and are very successful you can ramp your funding up and start grinding in larger monetary returns for your risk exposure.

At the end of the day though I think you're going to find, If you want to risk 30 pips, you'll need to be getting something larger than ten pips on the winner especially if the win loss ratio levels out over time.

So, consider trading small until you've had time to really test your theory.

- John
Trade Small. Be Patient. Learn to Survive.
  • #29
  • Mar 7, 2012 4:05pm Mar 7, 2012 4:05pm
Quoting FXAnalytics
Hey Kaps,

There is nothing wrong with trying to prevent big losses - I understand the psychology of that, been there. But you have to look at frequency too. I think the more you dig into the modeling of volatility and stop loss hit rate you'll realize 30 pips is very, very tight and that in and of itself will generate MORE loss because of the frequency you get hit at vs the frequency of a stop that is larger.

Part of the solution is knowing where you're at in terms of daily volatility and what risk you're taking on at any given level inside...
Thanks John,

Sometimes, I try to run my profits longer and able to make good also.
Also trailing losses if profit target achieved.
I got the crux what you are saying.
  • #30
  • Mar 8, 2012 4:44am Mar 8, 2012 4:44am
If you are looking to score specific pips per day or per week or whatever your are setting yourself up for disappointment.

What you should do is look for trends and trade with them accordingly. Use this website to identify news about certain currencies and their countries economies and try to identify, after aggregating all the info for a certain week, what will likely happen to the currency. For example this week, March 4 - 9, I identified the US and GBP economies as being particularly "strong" according to predictions made about certain macro economic indicators like PMI. Similarly I identified Australia and Euro to be the weakest, of the major currencies. Most economic indicators for Aus indicated an overall economic contraction yet the central bank chooses to keep the interest rate at 4.5. Generally this is good for the a currency because it reduces the money supply thus driving up the price. But Australia has a trade deficit so the nominal demand for its dollar is low to begin with. A high interest rate is unlikely to do much.

An analysis like this will help you to determine certain trends in the market. Then you trade the strongest against the weakest to get maximum pips. I had predicted that US/AUS would be good, and it was but not as good as USD/EU and USD/GBP. Try to master general economic indicators and how they affect currency valuation, I believe you will gain great benefit out of this.
  • #31
  • Mar 8, 2012 6:04am Mar 8, 2012 6:04am
Quoting coolkaps4u
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

10 pips on day easily achievable with good money management...
  • #32
  • Mar 8, 2012 7:45am Mar 8, 2012 7:45am
Quoting fali
If you are looking to score specific pips per day or per week or whatever your are setting yourself up for disappointment.
Sorry, I'd have to disagree with this.

There are traders who, after achieving a certain number of pips in a day, will take it easy for the rest of the day. They do this without the constant disappointment you're implying.

Whilst I agree that it's obviously an arduous task to get to this kind of level, it doesn't necessitate that all such endeavours will end up in inevitable failure.

I'm not advocating any type of trading philosophy, merely pointing out that any perceived ubiquity of failure in this respect isn't entirely accurate.
  • #33
  • Mar 8, 2012 2:30pm Mar 8, 2012 2:30pm
I have learned it's not the size of your lots but the setting of your stop-loss orders that keep you from losing too much percentage of your account. I establish the trend, check the news for high-impact releases (to avoid them) then check my money-management and find a entry when I see the market moving with that overall trend. Then I strike for the 10 pips you like... Prefferably this happens about 1 hour after New York open session.
I sometimes will set a stop-loss above break-even if the market is moving fast in my favour and let it ride to more profit, I do not use trailing-stops but do not see them as bad to use.
I set about 10 pips TP and 20pips SL to get started either way.
I have found planning long-term trades in forex to be account draining.
  • #34
  • Mar 8, 2012 2:46pm Mar 8, 2012 2:46pm
Well it depend on style.
today my stop loss hit and i made a loss
I havenot taken another trade as my week end is in still in profit

Idea is always not to loose money and rest fall in between
  • #35
  • Mar 12, 2012 3:01pm Mar 12, 2012 3:01pm
Quoting UbuFamily
Hai all, the first time I trade I set my volume 50usd per pip....now this works for the objective of this thread....10 pips per day huh...so i guess i could get 500USD every day huh...

but after my big loss...which burnt my account...i started to play small... and u know what...small is slower but guaranteed profits...big are quick/large profits as well as death!!

So the conclusion here is that, only trade 1% or 0.5% of your starting deposit.


Ubu



Peace

I agree mate, how do you calculate your position size?
  • #36
  • Mar 12, 2012 3:03pm Mar 12, 2012 3:03pm
Quoting coolkaps4u
I agree 30 pip stop loss for 10-20 pips is too much But intial stop I put so in case any big movement, I don't want to have big loss.
As I said, I see USD dollar,SPX and other co-relation and try to take surest trade possible in a day with any one pair for 10 pips.
I also close trade for loss of 5-7 pips if I see its not working my way.
So far this is working how long can't say But believe me, it took me 7-8 hrs sometimes to find one trade. it's not easy to find 10 pips consistently.
There are days if I don't find, I don't trade.
sometimes movement...

How many times have you closed trade for 5-7 pips? and then the trade went your way?

You should make a log of that too.
  • #37
  • Mar 15, 2012 10:36pm Mar 15, 2012 10:36pm
Quoting Mr Alum
How many times have you closed trade for 5-7 pips? and then the trade went your way?

You should make a log of that too.
I agree this has happen many times.
I am reducing my lot size and now ration 2:3 20 pips gain with 30 pips loss
Last week after a long time was break even after a long time.
This week again in profit 5 days=500$ target as 10 pips per day
I am lagging 150$ but I am not running if I see the trade, I will put it.

Thanks
  • #38
  • Mar 17, 2012 2:41pm Mar 17, 2012 2:41pm
I agree testingFX.

Quoting testingFX
Sorry, I'd have to disagree with this.

There are traders who, after achieving a certain number of pips in a day, will take it easy for the rest of the day. They do this without the constant disappointment you're implying.

Whilst I agree that it's obviously an arduous task to get to this kind of level, it doesn't necessitate that all such endeavours will end up in inevitable failure.

I'm not advocating any type of trading philosophy, merely pointing out that any perceived ubiquity of failure in this respect isn't entirely accurate.
  • #39
  • Mar 17, 2012 10:59pm Mar 17, 2012 10:59pm
Well, I need to be consistent for 1-2 year with my this trading style to say to anyone.
This really work
So far I am consistent week-week and 2 months in a row

My A/C grew from 50k to 55k in 2 months, I don't mind posting my statements as I did earlier

target is 10 pips 100$ per day for trading days

Last week in 2 weeks, I was break even for that week But EUR/CHF position made it so no regrets

Yes, I trade for 5 pips for 250$(50$ a pip) for EUR/CHF if it reaches 1.2050 for 50 pips stop as if it break the floor who knows

With the grace of god,I hope this trading strategy goes on for atleast 1 year
I know profit is not that much it will be 2000$/month that is 24000$ a year But still its OK as i don't want to double in a year as some of the guys like to do.
If I reach 20K end of year, I will be happy

I will keep posting

Thanks
  • #40
  • Mar 17, 2012 11:31pm Mar 17, 2012 11:31pm
After haveing such success, do not fall into the trap of thinking this is a game to win. That much money in your account makes this no game. Set your stop loss orders when you open a trade. Set your take profit orders when you open a trade. Be VERY convinced when you open your trade, even for 5 pips profit. If the market is not moving(consolidation), shut off your computer. I also would not let many around you know how you are making your money. Food for thought, be blessed coolkaps4u.
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