10 Pips Per Day - Everyday

[loik]

Quote from forex-forex:

Was that the 7 day track record? So you have been trading FX successfully for 7 days. LOL

Do the math you idiots, 10 pips a day will turn $10,000 into millions very quickly.

How?

 

[loik]

Quote from forex-forex:

Well then trade 50 mini-lots in a $5000 account and pull in $500 a day if it's so easy. When you get down to the math and figure out the potential of 10 pips a day you do have to take a closer look at such claims.

Your 7 day trading record is a start, but you have a long road ahead of you. Good luck.

100 000$ account, 10 pips a day, trade one lot?

 

[JSSPMK]

Quote from forex-forex:

10 pips average a day? NOT A CHANCE !!!!!!!!!

Why not? Make an average of 200 pips per month and you have your 10 pips a day average LOL

 

[JSSPMK]

Quote from Icarus5:

I looked it up.

Apparently the answer is variable ... Pip Value

... but we'll go with 1 pip = $10 for the sake the thread exercise, until someone more knowledegable and with experience says different.

So that's about, what, $100 a day?

I'd say that should be doable with any leveraged instrument.

I

Merry Xmas Jim

 

[kiwi_trader]

Quote from Joab:

I wouldn't.

Forex is a racket and scam and it's nonsense like this that feeds the brokers (the only winners in the game) their next meal.

Play in a regulated market and forget shit like this.

It isn't necessarily a racket Joab.

I've been trading IB forex for a couple of months now and watching the futures on the main pairs at the same time. I also use Sierra Chart to derive cross rates from the futures for comparison.

They track pretty closely with lower spreads on the forex (down to 1/2 a tick with IB). There are some edges to gain by watching both but by no means do the edges make it a racket.

This is during asian hours and early european hours so if anything is screwy it would take place in these thin markets.


Note: I am not implying that some of the bucket shops don't run rackets however.

And a Merry Xmas

 

[giles117]

IB is an ECN. IF you track them, you'll notice they clear through Citibank, Barclays Bank, Bank of America, HSBC, Lehmans and Royal Bank of Scotland. Depending upon currency and liquidity.

Quote from mister_x:

Some really useful insights in this thread esp. from cabletrader and Lon Eagle. I've just started trading Fx and realize there is so much more to learn. I was never aware of the 'bucketshop' nature of the Fx brokers. Is IB doing something similar to this?

 

[Joab]

Quote from kiwi_trader:



And a Merry Xmas

And a very Merry Christmas to you too

 

[babs2000]

A quick calculation for all those who can easily make 10 pips/day, every day. The variables are:

crossrate of the currency pair (the example is EUR/USD): 1.45
daily profit (the easily achievable 10 pips) 10 * 0.0001 = 0.001
trading days (1 year, we don't work on weekends): 250
leverage (high leverage since we are constantly profitable): 100

Let's work out the profit numbers in %:
daily unleveraged profit in %: 0.001 / 1.45 * 100% = 0.069%
daily leveraged profit in %: 0.069% * 100 = 6.9%

Now lets compound our daily leveraged profits for one year:
yearly compounded leveraged profit MULTIPLIER (NOT in %): (1 + 0.069)^250 = 17,556,029

From 1$ to 17 Million$ - just from making 10 pips on every day for one year AND using a leverage of 100 ...

 

[giles117]

Your missing some numbers. By any chance have you ever worked for the GAO. LOL.

Quote from babs2000:

A quick calculation for all those who can easily make 10 pips/day, every day. The variables are:

crossrate of the currency pair (the example is EUR/USD): 1.45
daily profit (the easily achievable 10 pips) 10 * 0.0001 = 0.001
trading days (1 year, we don't work on weekends): 250
leverage (high leverage since we are constantly profitable): 100

Let's work out the profit numbers in %:
daily unleveraged profit in %: 0.001 / 1.45 * 100% = 0.069%
daily leveraged profit in %: 0.069% * 100 = 6.9%

Now lets compound our daily leveraged profits for one year:
yearly compounded leveraged profit MULTIPLIER (NOT in %): (1 + 0.069)^250 = 17,556,029

From 1$ to 17 Million$ - just from making 10 pips on every day for one year AND using a leverage of 100 ...

 

[loik]

Quote from babs2000:

A quick calculation for all those who can easily make 10 pips/day, every day. The variables are:

crossrate of the currency pair (the example is EUR/USD): 1.45
daily profit (the easily achievable 10 pips) 10 * 0.0001 = 0.001
trading days (1 year, we don't work on weekends): 250
leverage (high leverage since we are constantly profitable): 100

Let's work out the profit numbers in %:
daily unleveraged profit in %: 0.001 / 1.45 * 100% = 0.069%
daily leveraged profit in %: 0.069% * 100 = 6.9%

Now lets compound our daily leveraged profits for one year:
yearly compounded leveraged profit MULTIPLIER (NOT in %): (1 + 0.069)^250 = 17,556,029

From 1$ to 17 Million$ - just from making 10 pips on every day for one year AND using a leverage of 100 ...

$100 000, no leverage