10 Pips Per Day - Everyday

Quote from forex-forex:

10 pips a day on a $5000 FX mini-account will provide a return of $100 a day or about $26,000 a year. $5000 to $26,000 in 1 year? LOL
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Quote from bugscoe:

What does your capital have to do with catching 10 pips a day?

I'm beginning to see why your so jaded by the fx market...
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bugscoe.....You need and account with funds to trade Forex. The thread title is 10 Pips Per Day - Everyday but no talk on account type and funding. I believe that might be important.

What sort of account do you recommend to capture an average of 10 pips a day? How about the funding?
 
Quote from Lon Eagle:

So why not use these differences to give you an advantage or edge?

Just for the record I only use ECNs like currenex lava and Hotspot.

Sadly both FXall and Marketspace have awful liquidity at present.

I do use futures but to be honest they too are awful for liquidity and so I only use them sporadically.

I trade fx full time and it is my only source of income. Seems an okay game to be in to me.
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If you've got liquidity problems then use a bucketshop marketmaker, they'll fill you 24/5 up to 7mio because they're on the other side of your trade! After a couple of weeks you'll probably get delays and slippage if you're consistently profitable but they will fill your orders eventually.

This is what makes me laugh about this business, everyone's looking for the impossible, give the guys who make trading available to little guys like us a break, they have to make a living as well!
 
My point was I don't use a bucket shop as they don't provide the service I want . However if one bucket shop happens to move a price out of line to take out stops or whatever then that could be used to your advantage. The classic example of this was the guaranteed no slippage stops of a few years ago. That was free money for a couple of years no question.


To claim it is impossible to earn great money trading fx is crazy.
 
Quote from Lon Eagle:

The classic example of this was the guaranteed no slippage stops of a few years ago. That was free money for a couple of years no question.
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lol, they dug their own hole with that one, I'm surprised it lasted so long!

Wasn't it Refco who reversed all those trades one NFP, guys were tripling their accounts in like 30 seconds.

I think the most dangerous thing about trading with a marketmaker is in case they go bust!
 
Quote from Lon Eagle:

To claim it is impossible to earn great money trading fx is crazy.
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I'm not disputing that you can't earn great money trading FX. It's the 10 Pips Per Day - Everyday that I'm disputing, averaging 10 pips a day or 50 pips a week is not possible.
 
FXCM.

Thankfully I had seen the small print where they were no longer guaranteed. August 04 was it, but not sure of the year.

NFP came out very weak and euro dollar was 150 pips higher in seconds.

FXCM took eur dollar down 40 pips for a second or two thus tripping all the downside stops then caught the market up, wiping accounts out in seconds.

I do know of one london broker/market maker that lost around £1m that day as they got caught very short of euro doll on the announcement.
 
Quote from Lon Eagle:

FXCM.

Thankfully I had seen the small print where they were no longer guaranteed. August 04 was it, but not sure of the year.

NFP came out very weak and euro dollar was 150 pips higher in seconds.

FXCM took eur dollar down 40 pips for a second or two thus tripping all the downside stops then caught the market up, wiping accounts out in seconds.

I do know of one london broker/market maker that lost around £1m that day as they got caught very short of euro doll on the announcement.
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Ah yes that's rght, FXCM, lol, triggered all the orders of traders who thought it was smart to straddle NFP, ouch!
 
Quote from forex-forex:

averaging 10 pips a day or 50 pips a week is not possible.
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You say that with such authority, if I didn't know any different I would almost believe you :eek:
 
Quote from forex-forex:
I'm not disputing that you can't earn great money trading FX. It's the 10 Pips Per Day - Everyday that I'm disputing, averaging 10 pips a day or 50 pips a week is not possible.
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Not possible with any size funding?
 
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