5% - 10% profit per day trading

Status
Not open for further replies.
I trade EUR/USD, GBP/USD and USD/JPY but with mixed success.

I don't think trading forex gives any special edge over other instruments though. The bottom line comes to betting on the right direction. A trader that goes long 1 jelly donut and was right on the direction makes more money than a trader that went long 10B euros and was wrong.
 
didnt quite get you
whts a jelly donut? and 10B euro?

and to makes things simple

a simple 5 min trade in oil can yield 200-300 USD. What does a similar time frame trade gives you in forex? and what are the most active timings for forex? 9am-1:20pm EST?
 
lol, the jelly donut thing was a metaphor. Thats like saying, it doesnt matter what you trade, as long as you win.

Forex is most active and wild during London session. (3:00 AM - 9:00 AM EST)

I use the same time frame for everything I trade. 1 hour bar for detecting long term trends and 5 min bar for picking entries.

EUR/USD and USD/JPY move slow (20-40 pips per hour)

GBP/USD moves fast (100 pips per hour)
 
Quote from lemeeeplay:


Forex is most active and wild during London session. (3:00 AM - 9:00 AM EST)
More...

this translates into 1:00PM-7:00PM PST. It could be fun earning money while trading on cellphone in office. Any recommended mini/micro reliable brokers?
 
I trade through IB. They are pretty good.

FYI, the NY session (8:00 AM - 4:00 PM EST) is active as well, though not as wild as the London session. Usually by the time the NY session starts, all the currencies are over-extended and they tend to go into a tight range.

During the crazy days of last oct/nov, currencies were swinging 400-800 pips per day.


I have played around with a demo account from cmsfx.com but never traded real money with them so I can't say if they are good. Their platform is real nice.

But IB is the best, because they'll let you trade everything from a single account.
 
Quote from usman88:

and what does 1 pip=?
More...


EUR/USD 1 pip = .0001
USD/JPY 1 pip = .01
GBP/USD 1 pip = .0001

example, if you buy 100,000 EUR.USD then 1 pip = $10

There is no set contract size like futures, you set the size at trade time.

I trade between 50,000 to 300,000 EUR size depending on how wide stop i use.
 
Status
Not open for further replies.
Back
Top