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7 pips per day? is it possible?

  • #1
  • First Post: Apr 16, 2014 8:56am Apr 16, 2014 8:56am
I find it's very interesting if trade EURUSD or USDJPY with stop loss and trail profit.
Is it possible? if possible... please anyone suggest me some system

Excel file below...

Attached File(s)
File Type: xls 7pip mm.xls   42 KB | 1,322 downloads
I want to be rich.
  • #2
  • Apr 16, 2014 9:46am Apr 16, 2014 9:46am
Quoting eurusdthb
I find it's very interesting if trade EURUSD or USDJPY with stop loss and trail profit. Is it possible? if possible... please anyone suggest me some system Excel file below... {file}
... has nothing to do with pips, but with money you can lose or win.
  • #3
  • Apr 16, 2014 12:24pm Apr 16, 2014 12:24pm
Quoting eurusdthb
I find it's very interesting if trade EURUSD or USDJPY with stop loss and trail profit. Is it possible? if possible... please anyone suggest me some system Excel file below... {file}
Are trying to make 7 pips per day or trying to average 7 pips per day over X number of days?
If you are good at something, never do it for free--Joker
  • #4
  • Edited Apr 17, 2014 11:07am Apr 16, 2014 1:05pm | Edited Apr 17, 2014 11:07am
Quoting eurusdthb
I find it's very interesting if trade EURUSD or USDJPY with stop loss and trail profit. Is it possible? if possible... please anyone suggest me some system Excel file below... {file}
any idiot can get 7pips a day
if your after 70pips or a few hundred a day then its slightly harder, but anything is possible if you look hard enough for a method, especially for only 7pips
if you cant get 7 pips maybe a job stacking shelves at tescos would suit you better
  • #5
  • Apr 16, 2014 1:13pm Apr 16, 2014 1:13pm
Quoting eurusdthb
I find it's very interesting if trade EURUSD or USDJPY with stop loss and trail profit. Is it possible? if possible... please anyone suggest me some system Excel file below... {file}
Heck, any one, and even new traders can score more than seven pips/day. But what's the deal with the magic number posted here? Any reason for the "seven"?
  • #6
  • Apr 16, 2014 4:12pm Apr 16, 2014 4:12pm
More importantly what is your typical trade sizing? If you are trading a micro or small $100 or $1,000 account then most likely 7 pips is nothing Dollar wise. However if you are trading a very large account and trading along the lines of 10-20 standard lots/trade then 7 pips is meaningful from a Dollar standpoint
  • #7
  • Apr 16, 2014 4:39pm Apr 16, 2014 4:39pm
NO
My Best Trade is Next Trade!
  • #8
  • Apr 16, 2014 5:56pm Apr 16, 2014 5:56pm
why be satisfied with 35pips a week when you could have the potential to gain 75-80 a week.
its fine to stay small, but it would be more beneficial to up your ante.(not always possible with $100).
if your positive you can do better id trade for more than 7pips
  • #9
  • Apr 16, 2014 6:11pm Apr 16, 2014 6:11pm
7 pips per day on average is very achievable. What isn't achievable (not even a 1% chance) is what you have in your spreadsheet - turning $100 into over $200 million in 5 years. You are assuming that you will make about 28% returns per month. That is just crazy. Not the return per month but the idea that you will make those returns every month for 60 straight months.

It's better to have a % goal per year. Something not exceeding 120%. If you make more, great! But set realistic expectations.

At 120% pa, you can turn $100 into over $120,000 in 10 years. Start with $10,000 and you will have over $12,000,000. Of course even this assumes that you will be risking a huge chunk of your money when you get to say $10,000 or $50,000. I don't think that's realistic. As your account size grows, your appetite for risk will likely go down.
  • #10
  • Apr 16, 2014 6:50pm Apr 16, 2014 6:50pm
Quoting card
7 pips per day on average is very achievable. What isn't achievable (not even a 1% chance) is what you have in your spreadsheet - turning $100 into over $200 million in 5 years. You are assuming that you will make about 28% returns per month. That is just crazy. Not the return per month but the idea that you will make those returns every month for 60 straight months. It's better to have a % goal per year. Something not exceeding 120%. If you make more, great! But set realistic expectations. At 120% pa, you can turn $100 into over $120,000 in 10...

Agree...7 pips is easy to achieve in a day but not consistently everyday.Whoever said its easy to make 7 pips everyday consistently they don't know the stats.If you can make 7 pips everyday consistently you can risk more per trade.Ofcourse you can average more than 7 pips on a trade for sure.which lot of traders are doing.But cant guarantee that you will make 7 pips everyday.since you are starting out with 100 dollars you will take 20% risk but not when that money increases to 10k.You are risking 2k dollars per trade which is the hardest part to handle.you will not be able to handle the mental pressure.

Whatever is there is the excel will stay in the excel sheet only.Following that in the real trading world is almost impossible.
  • #11
  • Apr 17, 2014 3:04am Apr 17, 2014 3:04am
Quoting yazzie
More importantly what is your typical trade sizing? If you are trading a micro or small $100 or $1,000 account then most likely 7 pips is nothing Dollar wise. However if you are trading a very large account and trading along the lines of 10-20 standard lots/trade then 7 pips is meaningful from a Dollar standpoint
I agree with Yazzie. It's important to know your lot size, in order for 7 pips to be meaningful. I trade with 3 lots on every trade, for 3 pips profit with each. that gives me an average of $90 per trade. Doing 3-4 trades a day, this gives me an average of $300 per day, which works great for me. I prefer short term trading and a trade size of 3 lots is suitable for my technique and account value.

It's all up to what works best for you. Some like to trade on the long term striking 100 pips per week with a small lot size. I do 9 pips per day with an average lot size.
It does not matter the amount of pips, but your risk/reward ratio for your account value and trade size.


Good luck!
  • #12
  • Apr 17, 2014 9:26am Apr 17, 2014 9:26am
Quoting Luci
{quote} I agree with Yazzie. It's important to know your lot size, in order for 7 pips to be meaningful. I trade with 3 lots on every trade, for 3 pips profit with each. that gives me an average of $90 per trade. Doing 3-4 trades a day, this gives me an average of $300 per day, which works great for me. I prefer short term trading and a trade size of 3 lots is suitable for my technique and account value. It's all up to what works best for you. Some like to trade on the long term striking 100 pips per week with a small lot size. I do 9 pips per day...
Luci, what made you come up with a 3 pip target vs other amounts (2,4,5,10) ?
  • #13
  • Apr 17, 2014 10:30am Apr 17, 2014 10:30am
Nice forum, interesting thread. I want to help you to get your 7 pips)))
Try this TS. If you're afraid about your money don't forget about demo!!!

______________
Thanks for thanks
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File Type: zip Red Tram.zip   126 KB | 781 downloads
  • #14
  • Apr 17, 2014 2:52pm Apr 17, 2014 2:52pm
Quoting freundr
{quote} Luci, what made you come up with a 3 pip target vs other amounts (2,4,5,10) ?
Hi freundr,I chose 3 pips because that was the best amount of movement to guarantee that my trades would close on the TP in an average of 15 to 20 minutes max. Sometimes it can take longer, but its a safer amount to guarantee profits, before the trend is gone.I tried 7 pips, 5 pips, but i wasn't comfortable with the range it took to close the trades. I prefer safety than greed. I trade reversals, using Bollinger bands with 12 periods instead of the usual 20, on 5 minutes charts. The combination of BB with RSI works very well for me. What range of pips do you use for take profit?
  • #15
  • Apr 17, 2014 11:11pm Apr 17, 2014 11:11pm
I think that all OP is trying to show is the effect of compounding hahha
  • #16
  • Apr 18, 2014 2:55am Apr 18, 2014 2:55am
Lots of big talker here talking about how easy it is to achieve 7 pips. Someone even said any idiot can achieve it. Problem is, before 1 can achieve 7 pips, how much risk that he or she gonna take for that 7 pips.

14 pips for 7 pips ? One would fail at times and take loss, it not easy to be consistent, its more of understand your chart and be more precise in your entry.

I would not aim for 7 pips a day, I do play more than 3 lots per trade pair and aim for like >20 pips profit. Being playing bigger size lot, it tend to create more fear and close in lesser pip profit compare to those playing 0.1 lot aiming for 100 pips.

Its very easy to dream and compound money, like I keep win this week but I might lose another week, its happy to withdraw money than deposit money

Its not easy, especially for a rookie to be consistent winning.
Learn to Trade is Important. Keep your bias & ego aside.
  • #17
  • Apr 18, 2014 8:57am Apr 18, 2014 8:57am
Quoting Luci
{quote} Hi freundr,I chose 3 pips because that was the best amount of movement to guarantee that my trades would close on the TP in an average of 15 to 20 minutes max. Sometimes it can take longer, but its a safer amount to guarantee profits, before the trend is gone.I tried 7 pips, 5 pips, but i wasn't comfortable with the range it took to close the trades. I prefer safety than greed. I trade reversals, using Bollinger bands with 12 periods instead of the usual 20, on 5 minutes charts. The combination of BB with RSI works very well for me. What...
Luci, currently 4 points in a congested sideways market, 6-10 in a strongly trending market . Sounds like we trade in a similar style for time frames and targets. Still playing with the numbers as I hate to see a 3 or 3.8 point position reverse before the magic number of 4. Then try to repeat it 4-5x a day on different pairs.
  • #18
  • Apr 18, 2014 9:36am Apr 18, 2014 9:36am
For all those who said making 7 pips a day is easy or anyone can do it, try to do it everyday for a year then. Look at the trade explorers, there are people who can easily make few hundred pips in a few days or a thousand pips in a month. But look at the whole year and average it out among all their wins and losses you will realize they barely even breakeven a month on average in terms of account building

If you could just make 7 pips a day on a almost certain rate everyday, you would already be a millionaire in no time provided u also have some guts with your lots.
  • #19
  • Apr 19, 2014 7:27am Apr 19, 2014 7:27am
"All of the professional traders I know, whether they trade forex or futures markets, do not make "so much per day". That is a phrase used by marketers, because they know what beginners are looking for, and that is a steady income so they can get rid of their jobs. Money from the market that you can count on does not come steady or nicely "so much per day". Real traders make profits, budget their expenses, save some profits, add some profits to their accounts for further building of the account, etc. Just like any business, which is what real trading is.
....
I will tell the only way a trader is able to make $1,000,000 from trading.

Here's an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for small losses, win on 3800 of them for moderate profits, and win fairly big on 200 of them. You make your million from this series of trades by losing only $9 million on your total of losing trades while making $10 million dollars on your total of profitable trades. This means averaging $50 a trade per lot or contract (in the case of futures), which is really good after expenses. Very doable with robust methods. And, you have to stay on your game or you won't do this well.

But this is nothing like you've been promised by the "gurus" and promoters of the "money per day" foolishness."

The above quote is from Joel Rensink, a veteran trader with more than 30 years experience. You can read the whole post here. Admittedly he is talking predominantly about his own approach to trading, but read into it whatever you choose.
  • #20
  • Edited 6:31pm Apr 19, 2014 5:18pm | Edited 6:31pm
Quoting card
7 pips per day on average is very achievable. ....... You are assuming that you will make about 28% returns per month. That is just crazy. ...... It's better to have a % goal per year. Something not exceeding 120%. If you make more, great! But set realistic expectations.
Perhaps I've misunderstood you, but I respectfully disagree with the parts I've quoted.

In my experience, the most difficult part is finding a robust edge that will deliver any kind of consistent profit over several years of changing markets, i.e. your entire trading career.

If (and I stress IF) it's possible to find such an edge, and trade it at a high enough frequency, then provided that you have the nerve needed to trade large amounts of capital, there's no reason why you can't compound your way up to whatever limits are permitted by your br0ker.

If (for example) 1% return is possible, then 2%, 3%, 4% etc is equally possible, by simply (1) taking on more risk per position, (2) trading more frequently, (3) finding similar opportunities in uncorrelated instruments, (4) compounding more frequently, etc etc. Of course more risk means bigger drawdowns, hence you must test to find what is optimally both mathematically recoverable and emotionally tolerable, and stay well within those boundaries. Some number crunching here.

But simply assuming that (say) 5% per month is achievable, because it seems like a "realistic" figure, but 28% isn't, because it seems too good to be true, ultimately makes no sense.

If a trader could net 7 pips per day, every day, using a 1:1 method, then with suitable MM and emotional control, he would attain a life changing amount in very quick time. Regardless of whether he sets goals, or not.

But to make that 7 pips per day, he would first need to find a methodology that provides such an edge. That is the real challenge.

___________________

@chaosbun: good post.
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