How many pips/week is "Killing it" in FX?

How many pips of profit PER WEEK would you consider to be "killing it"?

  • Anything over breakeven.

    Votes: 22 15.3%

  • 50

    Votes: 16 11.1%

  • 100

    Votes: 21 14.6%

  • 150

    Votes: 5 3.5%

  • 200

    Votes: 19 13.2%

  • 300

    Votes: 6 4.2%

  • 400

    Votes: 5 3.5%

  • 500 pips +

    Votes: 50 34.7%
  • Total voters
    144
Quote from OddTrader:

imo, selling any trading software claiming to capture movement of more than (say) 20 pips a day would be simply a joke in forex trading.

With small initial capital, earning 20 pips a day everday will make many millions dollars within a very short time, that could be only a portion of development and marketing time of any software with similar complexity/ scale.
More...

There are 13 signals using the squat bars and trend reversal studies. 12 of them worked. If you took 5 pips profit with 10 pip stop you have 12 x 5 = 60 - the one loser of 10 pips. That's 50 pips today and that doesn't even include selling statistical highs and buying statistical lows. Also taking 5 pips is conservative as he often takes 10 to 15. Most of the trades in just today's chart gave 10+ pips potential. The 7am trade with yellow dot under went up about 25 pips by itself. How can you say 30 pips is a lot? I've seen the kind of charting that comes with most forex platforms, if thats what you're using than I guess I can imagine why 30 pips seems like a lot to you since from my testing stochastics and MACD crosses don't typically make money consistently. Most other indicators are lagging tools where the tools we use are leading. They are based on statistics, volume and volatility. Most trading indicators available to the avg trader use previous price data which isn't too predictive.

Let's look at the previous day, Dec 20th.

forexdec20.gif


Here there are 22 signals and 18 winners

Winners 18 x 5 = 90 pips
Losers 4 x 10 = 40 pips
Net 50 pips

Most of these trades went 10+ pips so lets assume you take 10 pips on half the trades

Winners 9 x 10 = 90
Winners 9 x 5 = 40
Losers 4 x 10 = 40

Net = 90 Pips on Dec 20th

This is just for the Euro, he trades all the major currency pairs. We actually have scanning for currencies and he trades mostly long pair above their 20 and 50 day moving avg and above yesterday high and short those below 20/50 day MA and below yesterday low. We also use Crabel's NR4 inside day and NR7 as setups for longer term trends. Using the volume profile chart on the weekly chart you can see major support/resistance levels that often lead to high probability 30 to 50 pip trades. I can post some charts of these if anybody would like to see.

Pick any day you would like to see and I'll put up chart. 30 pips is not unreasonable if you have access to tools that work. Most forex charting packages have BS canned indicators that obviously don't work. Again, most of the trades in this chart also moved more than 10 pips so 5 is pretty conservative. He often takes 10+ but I just wanted to show how this isn't just possible but not extremely difficult using our software. Don't take my word for it, download our trial and see for yourself. If you need any help setting up your charts I'll be happy to help.
 
Quote from topgunsoftware:

.


. I can post some charts of these if anybody would like to see.

Pick any day you would like to see and I'll put up chart. 30 pips is not unreasonable if you have access to tools that work. Most forex charting packages have BS canned indicators that obviously don't work. Again, most of the trades in this chart also moved more than 10 pips so 5 is pretty conservative. He often takes 10+ but I just wanted to show how this isn't just possible but not extremely difficult using our software. Don't take my word for it, download our trial and see for yourself. If you need any help setting up your charts I'll be happy to help.
More...
I wonder why the CTFC etc require a disclaimer saying that
""HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. "" etc etc and so on and so forth?
:D :D
 
Quote from roberk:

I wonder why the CTFC etc require a disclaimer ...
:D :D
More...

Perhaps one of the underlying reasons would be: After stating the disclaimer, vendors could say anything they would like to promote. That could be probably good for the industry as a whole. :D
 
Quote from roberk:

I wonder why the CTFC etc require a disclaimer saying that
""HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. "" etc etc and so on and so forth?
:D :D
More...

Again, do NOT take my word that these tools work. Try them yourself. The squat bar and trend reversal tools are unique to our application but coding the 60 min statistical high/low isn't too hard in Trade Station or other programs. The statistical high/low shows up at the beginning of every new hourly time. As you can see from the chart if the instrument goes down we lower the avg high by the amount it goes down and vice versa when it goes up. Without this you'd miss a lot of very good trades. I only posted this to refute that its not possible or likely to make 30 pips each day. We are not getting in and hitting 30 pip winners but taking multiple small pieces out of the trend and even the chop. I would say with certainty that we have the absolute best tools for trading CHOP, nothing even comes close. There are many tools, some good, in other packages that trade trends quite well but as many of you know the markets often spend more time chopping around then with clean trends. It's pretty easy to give back half+ your trend profits during chop times.
 
If someone had a method that could REALLY take say 20pips a day then how many years would it be before they owned most of the worlds currency - given the power of compounding.
Wonder why these soon to be muti-trillionaires are still working in an office:eek:
 
Quote from roberk:

If someone had a method that could REALLY take say 20pips a day then how many years would it be before they owned most of the worlds currency - given the power of compounding.
More...

Did you Actually mean "how many months" or "how many days"? I think you did. :cool:
 
Just so people don't accuse me of cherry picking the best trading days I looked at the Dec 19th which had much fewer 'perfect' setups. Many times of the day had very low volatility and the winning trade % is far lower.

forexdec19.gif


This is a pretty ugly chart. There was a short at around 1am that worked, a squat bar buy at around 5am that worked, the squat bar at 7am lost, the 8:30 squat sell would have made 5 pips, the 11am squat sell made 5, the 1400 made 5, the next one at 14:30 lost, the 14:35 made 5, the 1500 trade made more than 5, the 1830 sell made 5.

10 trades and 8 winners.

Winners 10 x 5 = 50
Losers 2 x 10 = 20

Net 30 pips

If you used the statistical range tool this day it worked less than half the time which is unusual but a part of trading. Even the best tools don't work everyday and markets change. One thing to keep in mind is that when volatility decreases its very likely to increase. So what this means is if you see an hour or two that doesn't hit the statistical high or low, then it is UNWISE to buy or sell the instrument when it does break out at the stat high/low. It's VERY likely to go through it. Also note that all day the Euro NEVER hit the statistical avg high yet did hit the low at 2am and 5am. This is a pretty big clue that there is selling pressure and little buying pressure. Using our tools does require some common sense and analysis on the traders part. There is also more chop around the pivot and when it is beneath R1 and above S1 which was the case on Dec 19th.
 
You must log in or register to reply here.
Back
Top