less pips and most lot

Oh yeah, everything that everybody else said on this thread is absolutely correct.... especially MrMikal. I think this one thread should be replicated to all of the other Forex sites.

Learning your own method is great because in buying signals and other crap, when you lose, you can easily blame others. Now when I lose, I only blame myself. The psychology of trading is not like anything else I have experienced. It also is not like those crappy infomercials. PLEASE DO NOT GET 4X Made Easy!!!

I am just emerging from the swamp that's been described here of snatching a couple of pips here and thre closing positions to protect my tiny account (easily disappears at £1/pip).

A word for Rob Booker, I am sure he won't mind me saying that his first words to me were - You are trading too much!

Trade less often and get an account that allows smaller lot sizes (so I migrated to Oanda for that)

Then I had to get over trading "emotionally" - Who me? Emotional?! I am the most, er, well, I admit it I traded emotionally - and that has cost me most of what I have lost!

From what I have experienced and as I have improved (the improvement is self management more than anything else) Rob Bookers strategies make money. Today's trades, using and understanding his strategy on just the EURUSD and GBPUSD will have harvested hundreds of pips (I missed it as I am in the middle of a house move and chasing solicitors)! A few weeks ago I would have been desolated to have seen that 'miss'. One 'develops'. I am not plugging Rob Booker over anything else just saying that he has helped me and I am looking forward to have moved and to being settled down to my trading as a business. (Returned to after 16 odd years when I traded futures with Williams' book in one hand, the Herald Tribune in the other and drawing momentum. %R charts and trading signals without sight of a candlestick! ($60 in and $60 out of a trade too)! I made enough money that my wife cried when I had to stop when we moved house, new job etc.

You VS The Broker CS The Random Market/Flow of Money

Your advantages:
You have a consistent short term strategy.
Stoploss used properly to breakeven, or swap less loss.

Your broker's advantages:
Can run your stops, happens all the time.
Can feed you late data
Can lie to you about the interest on the leverage
Gives you high leverage. ($1,000/1000:1 leverage = 10 trades, then wipeout.)
Charges interest per trade, spread is about 20 - 30 % of whatever you make.
Can also limit your exposure to the type of orders you are allowed to use.
Margin call after you've lost 80% of your account.


The market's random advantage:
Unpredictable short term trends always looks similar, but NEVER are.
The market doesn't always move in 10 pip consistent range, sometimes 9, then a reversal, then when it does move within 10 pips. It could reverse late.
Whipsaw you happen and continue you before you even profit.
Then, it's a 10 pip loss. Assuming you use stops.
Holidays prevent you from achiecing 10 pips EVERYDAY. You'd have to go for 20 pips just to make up for that extra day that the market missed.

Best case, use signals for 40 pips gains, or more while risking 10 pips.
That way, your 10 pips = 40 a week, all in one trade AND. You save losses if you lose again. No need to let your profits run. Or, trend trade, it's the best indicator in existence, noone will admit that, but. It's the best because the trend indicator it'self DOESNOT move. The market does, so trend trading can help you, alot.

Or, you could turtle and trade in small lots 10k, each worth $1.

I am new and i know, this is a zero sum, meaning. Forex is another casino, just now. It's made public to take our money aswell. This is where cold warfare comes in to play. That's not something ANY mentor, or strategy can teach you. However, certainty in what is the most probable is what you should be looking for. How much can i "lose before" i trade and how can i keep NOT losing this much is better than. "How much can i get each day".

10 pips isn't hard, actually the only thing hard is the spreads, so REALLY. You have to make 13 to 15 pips. To cover the spreads AND your 10 pips, it's not worth it. The odds are too much against you to go for a petty 10 pips, especially at the 1000:1 you're talking about.

you dont need to make 10 pips on one trade you could get do 10 trades for 1pip


i always try for 1.618% equity gain per trade

mrmikal - thank you. you have provided me with something i have been searching for for a long time. Ever since I read the strategy book by phantom of the pits, I've had a hard time really translating what he says about limiting losses and letting profits run.

You just made me realize what he was talking about! You are exatly right. I'm grateful.

Won't the spread interfer with the each trade?

actually i was joking about the 1.618%. everyone seems to love their fibbies.

but i do trade low pip levels
i only trade the 2-3 spreads (my broker has 5 of each) and i use a cci/bb combo to see when it bounces. Usually it bounces between 5 and 30 pips but i just target 5 from my entry. so on a 2pip spread i am only targetting 3 pips and on the 3 only 2pips. I figure out about 1/2% of my equity for the lots as i stop them out at about 5pips. So with a $10,000 account you would try to get $50 a trade. For that you would need $50/3 per pip or $16.66 a pip so trade 16 mini lots. If you get 4 of these free and clear a day (over the losses) you are set, 2% a day is nice .

1,000 pips a day is easy! Why shoot for only 10?

PipGod
When you can make 1,000 pips a day, I want you to contact me and explain how you can do that.

using micro lot? so that would be....... $10 a day

i can barely made $4 with micro grid trading

Either HUGE Funds or huge ego. Not sure which.

I have to say that your comment, PG, surprises me as it seems out of character for you.

Or could you add an explanation please.

hey, you know what, forget that. Why not limit your SL to x $$ per trade and don't set a limit on your profit... just trail your stops at recent highs and lows or use an ATR to calculate the stop loss

most traders know when to get in...they just don't know when to get out.
Believe me, as a technical trader the best lesson i learned is ...trade only the best best trades and leave the "iffy" trades alone. If u are not sure for whatever reason DO NOT TRADE. Not doing this is simply gambling..

how to trade the best best trades?

look for convergences. That is where more than one technical indications say the same thing.

example, trend is up right and price bouncing off trendline and price is at a fibonnacci number also. this is a very good trade as u can use a SMALL stop loss for a very big potential

and oh, dont set SL at places that darkstar expects them or else he will eat them for lunch.

Just take it easy, dont try make a fixed bunch of money. Take the trades u know u can make money off. IF the Week ends and u got no trade. Dont feel bad. U didn't lose any $ either. Send me a PM and i tell u more