cable and euro to follow
iscipline & patience Trader
Cable Update (GBPUSD)
- #327,281
- Oct 18, 2012 8:33am Oct 18, 2012 8:33am
- | Membership Revoked | Joined Jul 2011 | 3,291 Posts
- #327,283
- Oct 18, 2012 8:48am Oct 18, 2012 8:48am
- | Joined May 2010 | Status: Non Member | 2,751 Posts
20 pips a day is all you need
start with 1 k and make 56 k by the end of one year
Am I able ? Honestly, NO.
Why? It"s mainly a question of psycho.
Don't be smart. Be rich.
- #327,284
- Oct 18, 2012 8:52am Oct 18, 2012 8:52am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #327,287
- Oct 18, 2012 9:41am Oct 18, 2012 9:41am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
you prove yourself to yourself, no need to prove to me i smell shit from a mile away, any way good luck and toot your horn mister guru
- #327,289
- Oct 18, 2012 9:54am Oct 18, 2012 9:54am
- | Joined May 2010 | Status: Non Member | 2,751 Posts
Don't be smart. Be rich.
- #327,290
- Oct 18, 2012 9:55am Oct 18, 2012 9:55am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
the point is that one trader was 50 pips plus on one trade and 20 on another but closed both on BE when market retraced.
instead of locking 20 pips he got none.
now take only 20 pips a day and add 20 each day.write it down on a piece of paper.
20 pips is 20 usd for the first month.second month it will be 28 usd and so on...by the time you reach the 12th month you'll have 56k.
Thank You
- #327,291
- Oct 18, 2012 9:58am Oct 18, 2012 9:58am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
Brother, I never said it was not possible. I just said that I'm not able to do it. It's personal problem. That does not mean that another one with a more strong personnality than mine will not be able to do it. I'm convinced there are traders like, but will never survive more than 10 posts in FF.
You are right Math is never wrong and when you trade big numbers the brain go crazy. I second that also.
GL.
the only problem when working this way is that it takes you 1 year to achieve it and you cannot touch the money in your account
so..you just need to be really strong about the trades.
anyway the way you work now will get you there easily.just set a daily amount to gain and once achieved just close the platform
- #327,292
- Oct 18, 2012 10:02am Oct 18, 2012 10:02am
What if the trade goes 100 pips the wrong way before you're even able to lock anything? And it doesn't come back?
When USD/CHF went slightly up, I moved my stop loss to BE, at the highest point I was up I think approx £10. I guess I was greedy hoping for a minimum of £20 before moving my stop loss higher? Price retraced and I got no loss and no profit.
I am trying to say that sometimes it is hard. It is easy when the price moves quickly and advances more than just few pips. In such case it is easy to move stop loss 20 pips higher and hope for another upward movement. With USD/CHF it wasn't the case last night.
I was not arguing just trying to explain that you do not need maaaany pips but just small pips with a decent lotsize(not big but common sense one)
the only problem when working this way is that it takes you 1 year to achieve it and you cannot touch the money in your account
so..you just need to be really strong about the trades.
anyway the way you work now will get you there easily.just set a daily amount to gain and once achieved just close the platform
Its called capital preservation and its the most effective way of makingmoney via trading FX and stocks
Dream Big and Dare to Fail
- #327,295
- Oct 18, 2012 10:04am Oct 18, 2012 10:04am
- | Joined May 2010 | Status: Non Member | 2,751 Posts
so..you just need to be really strong about the trades.
anyway the way you work now will get you there easily.just set a daily amount to gain and once achieved just close the platform
I post less and will post less and less with the time.
Thanks.
Don't be smart. Be rich.
- #327,296
- Oct 18, 2012 10:05am Oct 18, 2012 10:05am
What if the trade goes 100 pips the wrong way before you're even able to lock anything? And it doesn't come back?
One thing I noticed, I get twice as many profitable trades when I am away from the computer in comparision to when I monitor market all the time.
- #327,297
- Oct 18, 2012 10:06am Oct 18, 2012 10:06am
- | Joined May 2010 | Status: Non Member | 2,751 Posts
Don't be smart. Be rich.
- #327,298
- Oct 18, 2012 10:09am Oct 18, 2012 10:09am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You
- #327,299
- Oct 18, 2012 10:15am Oct 18, 2012 10:15am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
What if the trade goes 100 pips the wrong way before you're even able to lock anything? And it doesn't come back?
all this would have been easier if it were a free market but it is not so traders need to minimise the risks.
once you enter with TP and SL in place you just hope your entry was correct.if not..SL will be hit but that's why it is called SL...and a 100 pips SL is pretty big.
recently I had a SL hit on GU on a sell from 6142 as my SL was @6160 but with the new entry I covered the loss and profit.
100 pips DD sure it is possible,on one trade I have open now I have a SL of 120 pips but the TP is 220 so it's a decent RR.but on such high risks(I only took it due to charts)you need to adjust the lot size.
day by day traders evolve and soon they will have more weight on the winning side of the 50%
but you know this already
the post was for the newbies
- #327,300
- Oct 18, 2012 10:19am Oct 18, 2012 10:19am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
day by day traders evolve and soon they will have more weight on the winning side of the 50%
but you know this already
No malice intended, just thought it was a bit misleading when you do not account for the stop losses being hit irrespective of the size. When stops are hit getting that 20 pips/day or 56k by the end of the year does not become so straight forward anymore.
Good luck on your trades my friend.
Thank You