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5 PIPS - Only Five

  • #961
  • Edited 3:45pm Nov 21, 2014 3:07pm | Edited 3:45pm
Quoting js5020
{quote} Well, why did I close? No good logical trading explanation for sure, it boiled down to I wanted to clear 50% profit for 2 wks, I needed 8 pip to do that today and I had about limited time to try to find a setup to do it,,, did it in about 10 minutes, posted, answered a PM and headed into town with the wife the rest of the day (happy wife happy life you know), trading isn't everything to me. I trade to live not live to trade now, I've put in my time,, the pips I let go will be there next week and then...
JS, Every word in it is Great.
always draw trendlines
  • #962
  • Nov 21, 2014 4:10pm Nov 21, 2014 4:10pm
Quoting js5020
{quote} Well, why did I close? No good logical trading explanation for sure, it boiled down to I wanted to clear 50% profit for 2 wks, I needed 8 pip to do that today and I had about limited time to try to find a setup to do it,,, did it in about 10 minutes, posted, answered a PM and headed into town with the wife the rest of the day (happy wife happy life you know), trading isn't everything to me. I trade to live not live to trade now, I've put in my time,, the pips I let go will be there next week and then some, no worries here.
Ok, thought there'd be a reasoned, logical decision someplace. Instead you had a rushed trade (10 minutes?) to get a specific few pips, as if it really mattered to get 8 pips. Would you have cancelled the trip into town if it had gone against you for 10?

Completely contradictory "...not live to trade now...the pips I let go will be there next week..."

Quoting tk5
{quote} JS, Every word in it is Great.

No. Just a bit silly, high-fiving taking a rushed chance at a few pips.

It's these sorts of 'almost random' trades that keep slipping into this thread that makes it more of a distraction rather than an organised trading plan.

And why is the thread titled "5 pips" if you're sometimes grabbing more than that? Is 5 not enough? I thought that's what was being pushed as the main idea behind this plan. Trade, take 5, get out, repeat.

Additionally, if you're going to go for more than 5, then why not let the trades ride? Get some legroom in the trade, set a trailing stop at your minimum 5 and then let the trade run and see where it goes. Worst case, you've made your five. Seems to make a hell of a lot more sense than these snippets that are being extracted time and time again.

JS - At the end of the day, yes you made your pips and generally, that's what we're all here for. I wasn't being critical, mostly just curious.
  • #963
  • Nov 21, 2014 5:35pm Nov 21, 2014 5:35pm
I probably would have just closed down the trade and called it a week honestly, I made a personal goal saw an opportunity to meet that goal and took the candle and met the goal, done. There was a lot more to the trade making it a no brainer than just punting for an 8 pip "chance", this was a sure thing in my eyes and all that hanging below proves it. I have no need/desire to swing trade the 15m (to choppy for me), Id rather hit and run this timeframe when and if I feel like it, my normal trading is 4h swings and daily swings and they get boring an can be very uneventful for days/weeks/months waiting to cash in and when they chitter and churn going nowhere I wont give up a good entry for some cash, I'll just employ this, just another tool I can use when necessary and doesn't involve a bunch of strategy/time for sure and if they appear random I guess they are to some. This style isn't for everyone, it certainly has its risks but if one can make it work then its just as useful as any other style. Everyone uses different means to hopefully earn some coin, and that's good.
  • #964
  • Nov 21, 2014 6:17pm Nov 21, 2014 6:17pm
Ok. Fair enough. Taking different trades on different tf's (and possibly different indicators) makes sense. Glad it works for you.

Regardless, nice results for your two week stint. Gives you a good start for next week. ;-)
  • #965
  • Nov 21, 2014 6:27pm Nov 21, 2014 6:27pm
Quoting Nefser
Ok. Fair enough. Taking different trades on different tf's (and possibly different indicators) makes sense. Glad it works for you. Regardless, nice results for your two week stint. Gives you a good start for next week. ;-)
Good trading to you also, may there be many green pips out there for you!
  • #966
  • Nov 22, 2014 12:45am Nov 22, 2014 12:45am
Quoting Nefser
{quote} Ok, thought there'd be a reasoned, logical decision someplace. Instead you had a rushed trade (10 minutes?) to get a specific few pips, as if it really mattered to get 8 pips. Would you have cancelled the trip into town if it had gone against you for 10? Completely contradictory "...not live to trade now...the pips I let go will be there next week..." {quote} No. Just a bit silly, high-fiving taking a rushed chance at a few pips. It's these sorts of 'almost random' trades that keep slipping into this thread that makes it more of a distraction...
listen buddy relax..if you have balls to take more go for it, noone stops you. but show us how will u do this steadily, thats the question.

in theory, i can be the President of USA, and many other things.

dont show attitude without fully understanding philosophy of a trading style
always draw trendlines
  • #967
  • Nov 22, 2014 2:05am Nov 22, 2014 2:05am
Quoting tk5
{quote} listen buddy relax..if you have balls to take more go for it, noone stops you. but show us how will u do this steadily, thats the question. in theory, i can be the President of USA, and many other things. dont show attitude without fully understanding philosophy of a trading style
Well, this doesn't take a lot of 'balls', as you've stated yourself. Trade with a reasonable size, attitude and expectation and you can stay rather relaxed about the whole thing. In fact, isn't the premise of this thread that you can just do 'simple trades' to take pips out of the market? That suggests you also believe that trading can be fairly straightforward and you don't have to over-think it.

I'd already suggested one way of 'how to do it'. Keep your trades on, period. Let them run (once they've hit 5 pips + whatever pip margin of breathing room you think it needs) with an SL or TSL and see what happens. If you only get your 5, you are still up, according to your system. I don't think "just 5 pips" is worthwhile, but I tried to suggest a way to do it that fits with your system.

Lastly, yeah I might have attitude at times...but what's different is having a nasty attitude. I don't think I fit the latter. From how JS phrased it...(being up 'nearly' 50% and only having a little time available) he admitted he rushed the trade and closed it quickly to get a few pips before heading out the door. Well, I still don't think that fits with the mindset of "easy going, no rush to trade, pip's will always be there next week,etc." Do you?

I'm not here trashing your system or saying that your trading plan is a joke or anything. Far from it. So please don't infer that I am doing anything like that. But I do think people are coming here to look to see how you trade the system you're talking about. Therefore, the trades you (and others discussing this plan) take should probably try to ensure they fit the criteria for this system.
  • #968
  • Nov 22, 2014 3:51am Nov 22, 2014 3:51am
Quoting Nefser
{quote} Well, this doesn't take a lot of 'balls', as you've stated yourself. Trade with a reasonable size, attitude and expectation and you can stay rather relaxed about the whole thing. In fact, isn't the premise of this thread that you can just do 'simple trades' to take pips out of the market? That suggests you also believe that trading can be fairly straightforward and you don't have to over-think it. I'd already suggested one way of 'how to do it'. Keep your trades on, period. Let them run (once they've hit 5 pips + whatever pip margin of breathing...
you are forgettins sth important..it's 20 net pips a day not 5 pips.
regarding trailing stop, which is hard to do on m15, is as per individual taste. But I dont suggest it, not worth it.
always draw trendlines
  • #969
  • Nov 22, 2014 4:33am Nov 22, 2014 4:33am
The 5 Method. Bottom Indicator is from another thread just for comparison.
Each one gets 5.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 Method.png Size: 58 KB
Cut your Losers short and let your Winners run.
  • #970
  • Nov 22, 2014 4:44am Nov 22, 2014 4:44am
From your opening statement:
Quoting tk5
Forex is about making five pips in an hour...
...earn 5 pips and move out immediately!
...open a position of 50K (0.5 lot), take those 5 pips and close the position.
I respectfully disagree. I don't care if you're talking about trading 24/5, you are talking about 5 pips PER TRADE.

In my opinion, the TF where you see a signal has nothing to do with the length that you hold a trade. Will the TF police come and close your trade if they know you opened it looking at the 15m chart, but you've held it for 2 hours? No.

Let the trades breathe...let them run. See where it goes and for how long. THAT's how you make money in the market. One big benefit of your plan is that you are you seem to be suggesting eliminating the greed/big win idea. I agree with that. But don't limit those opportunities if they present themselves in a rather clear-cut fashion.

I'm suggesting that yes, go ahead and set your plan to at least collect your 5 pips, but you might be able to have a single trade close for 30 instead, as the market could head up 65 pips, then retract back to your trailing SL, that's been pulled up from from 5 pips to 30. Done for the day (or put on another trade to get tomorrows out of the way).

Obviously, you and others will just trade any way you prefer. That's fine. But what I'd noticed, and was asking about, was whether there was some valid plan/signal as to why trades had been closed. I didn't get response that made sense and so I replied again. That's all.

Carry on posting, as i and others do appreciate you taking the time to post your trades. Take care.
  • #971
  • Nov 22, 2014 7:19am Nov 22, 2014 7:19am
Quoting Nefser
From your opening statement: {quote} I respectfully disagree. I don't care if you're talking about trading 24/5, you are talking about 5 pips PER TRADE. In my opinion, the TF where you see a signal has nothing to do with the length that you hold a trade. Will the TF police come and close your trade if they know you opened it looking at the 15m chart, but you've held it for 2 hours? No. Let the trades breathe...let them run. See where it goes and for how long. THAT's how you make money in the market. One big benefit of your plan is that you are you...
life sucks, mate, have a pint.
always draw trendlines
  • #972
  • Nov 22, 2014 7:58am Nov 22, 2014 7:58am
hello nesfer, obviously you are looking for 5 + right? who would not, how ever this strategy is about 5-7 pips because most candles on 5 and 15 min charts are 5-10 pips, so you you are capturing pips from that one or two candles...and get ...don't you see the point behind that?
  • #973
  • Edited 12:17pm Nov 22, 2014 9:20am | Edited 12:17pm
TK.....5 I have been trading fx for about 10 years and enjoy it. I have become OLD and not able to play golf every day like I used to;;so this is my joy;;;I have seen many thread starters leave even with a great system like this one because so many dumb ASSES ask such DUMB ? things PLEASE DONT GET TO0 DISCOURGED. BY THIS as they are 100s of them on ff ever day. I enjoy your posts. I am a grinder AND MAKE PIPS ALMOST DAYs I have NEVER lost EXCEPT with stop loss is hit. so don't use sl only watch the trade and if the inducators change I get out. I never leave a trade open if I don't have my hand on the close key ..............I am.. I am not weathly so I still need 5 PIPS........ Partime dog..
  • #974
  • Nov 22, 2014 10:05am Nov 22, 2014 10:05am
Quoting Nefser
From your opening statement: {quote} I respectfully disagree. I don't care if you're talking about trading 24/5, you are talking about 5 pips PER TRADE. In my opinion, the TF where you see a signal has nothing to do with the length that you hold a trade. Will the TF police come and close your trade if they know you opened it looking at the 15m chart, but you've held it for 2 hours? No. Let the trades breathe...let them run. See where it goes and for how long. THAT's how you make money in the market. One big benefit of your plan is that you are you...
The majority says to cut your losers short and let your winners run. Or make sure your tp is larger than your sl.

"In economics, the majority is always wrong." John Kenneth Galbraith
  • #975
  • Nov 22, 2014 10:57am Nov 22, 2014 10:57am
Quoting Anusragger
{quote} The majority says to cut your losers short and let your winners run. Or make sure your tp is larger than your sl. "In economics, the majority is always wrong." John Kenneth Galbraith
He was referring to Economics.
The only function of economic forecasting is to make astrology look respectable.
John Kenneth Galbraith

It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
John Kenneth Galbraith

“Faced with the choice between changing one’s mind and proving there is no need to do so, most people get busy on the proof.”
― John Kenneth Galbraith

There is one to fit most occasions.
Cut your Losers short and let your Winners run.
  • #976
  • Nov 23, 2014 2:42am Nov 23, 2014 2:42am
"Trailing on m15 is suicidal, re-entering is ok"
TK5, 2014
always draw trendlines
  • #977
  • Nov 23, 2014 6:13am Nov 23, 2014 6:13am
Are you getting your 5 every day?
  • #978
  • Nov 23, 2014 7:01am Nov 23, 2014 7:01am
Thanks to Tk5 for sharing a good trading method. Very few people share profitable ideas.
Most part of the time we can read stupid comments on the forums.
There is no rocket science there but TK5 reminds us to go back to trading basics.
Your strategy is simple , efficient .
  • #979
  • Nov 23, 2014 7:36am Nov 23, 2014 7:36am
In order to ease making daily pips of 20-25 by concentrating on one pair I suggest locating a short term trend.

Trade entering and exiting trade 3 times on M15 (following short pullbacks). Milking a trend in this way is safer.
Locating of the trend: shown on chart.


http://img.ie/images/az5mk.jpg
always draw trendlines
  • #980
  • Nov 23, 2014 7:44am Nov 23, 2014 7:44am
Quoting tk5
In order to ease making daily pips of 20-25 by concentrating on one pair I suggest locating a short term trend. Trade entering and exiting trade 3 times on M15 (following short pullbacks). Milking a trend in this way is safer. Locating of the trend: shown on chart. {image}
Like this strategy. But this strategy needs a lot of observation and experience. Sometimes won't work when market is going sideways.
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