10 Pips Per Day - Everyday

[JSSPMK]

Quote from rwk:

Maybe we should have a thread on who has taken the biggest, nastiest hit and survived.

Rocky

 

[cabletrader]

Quote from rwk:

I don't like to talk about my performance because it sounds like I am bragging, which isn't my style. But I think it helps the newer traders to develop perspective.

It's all about lifestyle! I never lasted long in a regular job. I always got bored after a couple months, or I tangled with some ego driven knave of lesser ability. Being able to work in my PJs is a dream come true, and I hope to do this the rest of my life. Capital preservation is essential, as I don't want to have to start over (been there, done that).

Trading in your pj's is very overrated, sitting on the sundeck sounds a lot more glamourous

I agree about it helping newer traders to develop perspective and perhaps even give them inspiration. There's so much doom and gloom around forums about how 90% lose their shirt, that must be frightening to someone just entering this business, to read a few success stories can't hurt and may just give them the drive and enthusiasm to succeed.

 

[cabletrader]

Quote from giles117:

Substantial returns are feasible. However, like most story tellers (true stories that is), you omit certain details to make the story more.... Interesting

Oh come on, how interesting can trading be, I've had more fun watching grass grow on occasions. Trading has got to be about the most boring mundane job going.

Interesting, no, I can't honestly think of one war story worth recounting, apart from losing $186k in my first 2 years but I try to forget that!

 

[giles117]

I'm working on that writing thing. LOL. I am not a writer, so read the sentence as


"The storyteller embellishes to make his story more (pause for effect) interesting."

I didnt say it was interesting. LOL.

Quote from cabletrader:

Oh come on, how interesting can trading be, I've had more fun watching grass grow on occasions. Trading has got to be about the most boring mundane job going.

Interesting, no, I can't honestly think of one war story worth recounting, apart from losing $186k in my first 2 years but I try to forget that!

 

[cabletrader]

Quote from giles117:

I'm working on that writing thing. LOL. I am not a writer, so read the sentence as


"The storyteller embellishes to make his story more (pause for effect) interesting."

I didnt say it was interesting. LOL.

lol, oh right, so no gold star for me and a 'must try harder'!

Ok well there was this one time in Barbados when I was relaxing with my laptop in a hammock under the shade of a palm tree, the gentle sound of the warm Caribbean breeze rustling through the leaves when all of a sudden the trading platform price alert signalled that a trade was imminent, a Buy on Gbp/Jpy.............

 

[giles117]

Quote from cabletrader:

lol, oh right, so no gold star for me and a 'must try harder'!

Ok well there was this one time in Barbados when I was relaxing with my laptop in a hammock under the shade of a palm tree, the gentle sound of the warm Caribbean breeze rustling through the leaves when all of a sudden the trading platform price alert signalled that a trade was imminent, a Buy on Gbp/Jpy.............

Good one..... LOL.....

 

[cabletrader]

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 ...

Now look at it sensibly using leverage of 25 to allow room for a run of say 10 losing trades and broker margin and excess margin requirements. 2.5% per day compounded for 250 days takes $1 to $480, or $1 to $1m in roughly 2.5 years (although you may run into problems getting filled around day 500!).

Sounds excessive? Not at all, it's perfectly achievable, anyone who invests in a high risk venture like forex expects an equally high return otherwise what's the point, you may as well take a risk-free regular job and get all the fringe benefits that go with it.

 

[giles117]

Quote from cabletrader:

Now look at it sensibly using leverage of 25

Now we are into sense and sensibility.....

 

[cabletrader]

Quote from giles117:

Now we are into sense and sensibility.....

Very apt, the necessity of finding a workable middle ground between passion and reason!

 

[giles117]

Yessir!! Anyone can sit down with excel and bang out a pie in the sky plan, but if we fail to plan for the potholes, we'll be dead on the road idling away in the cold till help arrives...

I never will forget my 1st "realistic" plan. LOL. I had it made. LOL... But that 1st dip... OOPS!!!!! I wasn't ready.