10 Pips Per Day - Everyday

Quote from 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.
More...
Oh the sweet Lady Discipline.

She is the mistress, confidant and caregiver of all successful traders.

I
 
Don't know about consistent 10 pips a day, but equivalent of 200 pips a month is pretty doable and even not above average I'd say for a seasoned trader (especially daytrader).

Of course most FX brokers are scam, but there are good ones also (I have positive experience with IB's IDEALPRO). Plus there is always an option of trading FX futures on GLOBEX.
 
Quote from CFerret:

Don't know about consistent 10 pips a day, but equivalent of 200 pips a month is pretty doable and even not above average I'd say for a seasoned trader (especially daytrader).
More...

ditto
 
Quote from Joab:

. . .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.
More...

Above is the most accurate post in the thread.
 
Quote from Chood:

Above is the most accurate post in the thread.
More...

All evidence to the contrary, there seem to be several people in this thread doing quite well trading forex.

I suspect it might not be the choice of market and/or broker which are the problem most of the time.
 
10 pips a day isn't too tough. What's important is your MM.

If you know how to utilize it, you can have days where you finish -30 pips but with a profit of $450.
 
Quote from CFerret:

Don't know about consistent 10 pips a day, but equivalent of 200 pips a month is pretty doable and even not above average I'd say for a seasoned trader (especially daytrader).

Of course most FX brokers are scam, but there are good ones also (I have positive experience with IB's IDEALPRO). Plus there is always an option of trading FX futures on GLOBEX.
More...

  • $5000 account with IB.
  • 1 CAD Future contract.
  • 200 pips a month = $2000.
  • $24,000 per year generated from a $5000 account.
  • Add more contracts as margin allows and the return on that $5000 gets even more outrageous.
This sort of return is not "pretty doable and even not above average", it is extraordinary and is not sustainable.
 
When I opened this thread I didn't expect 21 pages in three days,
but THANK YOU to the posters that offered germane responses.

I would like to ask several of you more specific questions:

==============================================================
BATHROBE:
Your selection above/below pivots & S/R lines looks like a
overbought/oversold strategy with extra breathing room against
the whipsaw problem that can be quite ugly in my experience. How
many pips outside of S/R do you go outside and what is your
percentage hit rate pan out to be for getting filled?

In your statement "let profits run", what time frame do you mean?
Intraday, overnight, days, weeks, months?

================================================================
Icarus5:
Your comment on the gent that only traded forex monthly hits home with
me because I put on Aussie/Loonie forex positions in 2007Q1 and they far
exceeded my short term futures trading (possibly due to my poor short term
trading ability/inexperience).

Possibly the longer term horizon extends beyond the algo/scalper trading
price noise and all that is left are the true underlying drivers from the
currency. What is the shortest trading time frame that you think is still
'longer' than the time frame of interest to the 'noise' traders?
==================================================================
Cabletrader:
I found your post of trades quite impressive.
Can you explain your philosophy of short term trading and what triggers
you to go into and out of the market?
Your scaling process is also impressive. Would you comment on your philosophy?
Your winning percentage is very high. What do you attribute this to?
Are you an individual trader? If not, what kind of operation are you in?
====================================================================
Bobblong:
Your comments ring quite true to my experience. The cheetah vid elegantly
conveys your concept of "stalking the charts".

You mention you "trade short term" and are not a "scalper". Can you tell us
about your trade time frame and what method triggers you moving from 'stalking'
mode to 'attack' mode?
====================================================================
Giles117:
Thanks for the detail on your trade timing. Your approach has the smart stalking
flavor also. What moves you from 'stalking' to 'attack' mode?

When you go overnight, do you have an alarm to jog you out of bed on a reversal
or do you go with hard stops?
======================================================================
RWK:
I loved your statement about how trading can be "exciting and boring, sometimes
both at once, but I am not looking for either." I am near your age bracket,
but far from matching your automated trading experience.

Can you tell us about your automation plan and how you get around the issues of
computer/network/broker failures, trading around news releases, etc?
=======================================================================

Thanks to ALL!

and a Happy and Valuable New Year!

T200K :D
 
i know people who manage to make a lot more than 10 pips a day on forex. Renshi from autralia in particular, this guy is insane.

if you cant make 10 pips a day on forex, might as well get a job

but on the other end i know at least 100 people who failed miserably trading

so its doable, but you gotta be good.
 
You must log in or register to reply here.
Back
Top