10 Pips Per Day - Everyday

[cabletrader]

Quote from Acs:

Isnt this whole thread about aiming to make at least 10 pips a day?

Hurray!!, so at last we agree on something, it's 10 pips a day and not 10 pips a trade, super we're getting somewhere.

10 pips a day could be one trade for -35 and one trade for +45, that's 10 pips a day, or it could be 2 trades for -35 each and one for +80, I'm sure you get my drift!

Having a stop of 35 and a target of 45 is fine, nothing wrong with that provided win:lose supports it.

10 pips a day, just as the thread title says.

 

[Icarus5]

Quote from cabletrader:

Having a fixed stop for every trade is meaningless, so is having a fixed target, it's foolish and means nothing as far as the market goes.
...

You see a stop is only relevant when set at a level that means the trade and your analysis is no longer 'correct'. There's no point in having a mandatory stop of say 40 pips if the trade needs room to move 50, 60, or more. The stop should be worked out before taking the trade by saying where would price have to go to prove my analysis wrong. Once you've established where that is and how wide your stop needs to be you can work out your target, again based on analysis. Now you can see whether the trade is viable from a risk:reward perspective. If it is then you can work out trade size based on money management. You're making a typical novice mistake by having a set trade size for every trade and setting a stop to a dollar figure, it simply doesn't work that way.
...

Having a strategy to follow consistently doesn't automatically mean stops and limits have to be at consistent pre-set values, different stops and limits for different trades depending on the market and not on some preset number or dollar figure.

Yes, I want you guys to continue posting and giving away your hard won knowledge to ACS/forex-forex whoever this guy is.

All the lurkers here at ET appreciate it.

Good trading in '08 guys,

I

 

[giles117]

HE said it. At LEAST 10 pips per day.. Hmm. He is coming over to the Dark Side. Luke... LOL....

 

[giles117]

Quote from Icarus5:

Yes, I want you guys to continue posting and giving away your hard won knowledge to ACS/forex-forex whoever this guy is.

All the lurkers here at ET appreciate it.

Good trading in '08 guys,

I

Someone can give you there entire system, but when you press that button, they cant give you their emotional stability. LOL.

 

[cabletrader]

Quote from Icarus5:



Good trading in '08 guys,

I

Oh no!! My hard-earned secrets are public, everyone's going to make money so where will my profits come from :eek:

Same to you Icarus5, good trading and good health for 2008.

 

[cabletrader]

Quote from giles117:

HE said it. At LEAST 10 pips per day.. Hmm. He is coming over to the Dark Side. Luke... LOL....

LOL

Talking of dark sides it's New Years, time to party!.

Have a good one all, see you next year......when I've sobered up!

(Hells Bells, see what I mean, that Cable trade is +260 pips and I got 20 )

 

[Acs]

Quote from cabletrader:

Hurray!!, so at last we agree on something, it's 10 pips a day and not 10 pips a trade, super we're getting somewhere.

10 pips a day could be one trade for -35 and one trade for +45, that's 10 pips a day, or it could be 2 trades for -35 each and one for +80, I'm sure you get my drift!

Having a stop of 35 and a target of 45 is fine, nothing wrong with that provided win:lose supports it.

10 pips a day, just as the thread title says.

you have a lot to learn.

if you are losing -35 and your aiming to make 10 pips a day YOU HAVE A FLAWED trading model.

You really dont get it, you make +45 great you have 10 pips today.

But you started the day losing -35?? so now you are telling me you will chase the market attempting to make those pips back with a 10 pip profit?

at the end of the day your profit is 10 pips, and you are risking HUGE amounts ot make 10 pips profit?

its ridiculous, complet load of rubbish.

 

[giles117]

I would love to see your trading journal. LOL.

Peace, Happy New Year....

 

[cabletrader]

Quote from Acs:

complet load of rubbish.

You got that right!

Nice chatting with you Acs, enjoy the New Year and for goodness sake cheer up, it's only money

 

[Acs]

Quote from cabletrader:

You just don't get it do you? Ok, I don't mind explaining it for you but for heavens sake knock off the trolling!

Having a fixed stop for every trade is meaningless, so is having a fixed target, it's foolish and means nothing as far as the market goes.

You assume too much Acs, no-one said "certain losing trades to wipe out multiple winning trades", that may be your experience of trading but not mine.

You see a stop is only relevant when set at a level that means the trade and your analysis is no longer 'correct'. There's no point in having a mandatory stop of say 40 pips if the trade needs room to move 50, 60, or more. The stop should be worked out before taking the trade by saying where would price have to go to prove my analysis wrong. Once you've established where that is and how wide your stop needs to be you can work out your target, again based on analysis. Now you can see whether the trade is viable from a risk:reward perspective. If it is then you can work out trade size based on money management. You're making a typical novice mistake by having a set trade size for every trade and setting a stop to a dollar figure, it simply doesn't work that way.

Having a strategy to follow consistently doesn't automatically mean stops and limits have to be at consistent pre-set values, different stops and limits for different trades depending on the market and not on some preset number or dollar figure.

You need to stop and read what i say and take some time to try and understand. At the moment i get the feeling you refuse to even read what i say and take it on board.

Its not difficult to understand and i am getting very bored trying to make you realize it.

"You assume too much Acs, no-one said "certain losing trades to wipe out multiple winning trades", that may be your experience of trading but not mine."

This comment is exactly how you trade by the sounds of it.

No set stop? so on monday you may make your 10 pips?

on tueday you lose 50 pips?

On wednesday you make 30 pips?

do you not understand that tuesdays loss of 50 pips is greather then the combined profit of wedneday and monday?

therefore you must have more winning trades then losing trades, therefore you cant not SUSTAIN a profit in the forex market.

I get 15% of my trades correct, 85% of every trade i take loses me money. Yet i still can make a profit. That is a strategy that is SUSTAINABLE.

The way you choose to trade it seems that 85% of your trades need to be correct and 15% wrong in order for you to make money. Good luck to you with a strategy like this.