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:

Thank you for your generous contributions to the industry. :D
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You're welcome. I almost never see anybody contribute any new ideas and strategies that work on here. Instead people flame others and really contribute nothing constructive. I felt obligated to share some ideas and strategies that actually work.

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.
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I hope now I've helped you realize that some people can quite easily pull out 20 to 30+ pips a day. I would like to see others discuss strategies that they have found to work. Rather than bash others for contributing I suggest traders who don't make money trading spend more time listening with an open mind, and those who do trade profitably share the strategies and concepts that contribute to their success.

To Recap, here are some ideas that I have freely shared. Using pivot levels on Forex, they are mostly used only in the S&P and other futures. Also use statistics to give you a clue as to each trading instruments average volatility for different times of the day. It is a roadmap that helps you decide which way the market is likely to go and where it is most likely to reverse at.
 
Quote from OddTrader:

I have to confess I don't have the required patience to finish reading any BS messages, completely to the end, of this kind anymore.
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My only point is you said you had no clue how anybody could consistently make 30 pips a day in the Forex. You also stated that you could own the world with these kinds of profits. It's only $300 for one $100k contract (About $72,000 a year). That's a decent trading income but far from earth shattering. I find it ironic that I answered your question and SHOWED you exactly how to make money trading and you call my posts BS. I've had many positive comments from traders who want to continue to hone their skills so will do my best to continue to educate.

Here's today's chart.

forexdec22a.gif


As you can see my best trade of the day, the HIGH of the day btw to within a pip or two (I'd love to see others trade against the trend and manage to do so with such small stops!). I shorted this area because it was the R1 level on the pivots and I got a squat bar sell and using the Forex Level II I saw the major banks not raising their offers. Two bars later I saw the exhaustion signal and this was proof of a bigger down move and gave me confidence to hold. I am very good at picking entries and can honestly say not the best at exits. I can realize when I'm wrong and get out at even or a small win or loss but rarely catch more than half of any move. Something I'm personally working on. Again about 75% of the signals caught at least 5 pips. And unlike many indicators such as stochastics or MACD these are leading indicators and don't require price to move before they showup. I don't take every signal the second I see it but do start to watch the Forex Level II to see what the banks are doing. If I can see the majority of them are behaving in a way that should make the trade profitable I will get in. If I get a sell signal but its trading in the middle of its average hourly range I will tend to be more cautious as I know if wrong I will or can lose more than the average trade. Signals at the beginning of a new hourly period also tend to make me cautious as big moves often happen early in any new hourly bar. The squat bar sell signal at 9am is a good example of this. It made sense to wait for the Euro to go up to the pivot (white line) before getting short.

Any signal that is outside the average hourly range I will try to hold longer than 5 or 10 pips as there is a much greater chance of a nice snapback at these extremes.

Looking past the time I placed trades I would have shorted the 11:30 signal as it was right at the hourly statistical high. I also would have taken the buy signal after 12:30 as it was below the avg hourly low. The signal at 1400 I wouldn't have taken as it was the beginning of a new hourly bar and there is typically more volatility at that time and increased risk. I would not have taken the next buy signal either as I don't like to buy bottoms of narrow ranges or sell tops due to the increased risk of a volatile breakout. The signal at 15:30 I would take as it is near the statistial low and the market looked strong. The 1730 short I'd take as it is above the hourly statistical high. The other two signals I wouldn't have taken as the market has been trading sideways with low volatility for too long. This kind of trade has increased risk and reduced profit potential and longer holding times.
 
Quote from topgunsoftware:

. . . Remember my original post was to take 5 pips profit and 10 pips stop. I knew this was conservative and the Euro often makes 10+ pip moves. If you question it is possible to trade with YOUR broker and your higher pip spreads and catch the 10's you can NOT deny that on every trade I called out today catching 5 pips would have worked each and every time! 100% winning trades with only 5 pip profits.
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No forex trader has lived who can profit by risking 2 for one. One for one is a terrible risk/reward, and risking even one for a profit of two is amateurish, except in compelling circumstances. Add to those points the silly notion that this catastrophic risk/reward can overcome via 10-pip bites, defeating in the process even a 1 pip spread (10 percent of the profit target, but likely higher due to higher spread), and the nuttiness of this strategy is evident.

Of course, too, the strategy assumes a factor very much in doubt, which is an honest fx retailer who won't job the trader.
 
Quote from topgunsoftware:

My only point is you said you had no clue how anybody could consistently make 30 pips a day in the Forex. You also stated that you could own the world with these kinds of profits. ......I find it ironic that I answered your question and SHOWED you exactly how to make money trading and you call my posts BS.
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topgunsoftware ............. All Forex traders can make +30 pips in one day as you have done. You have NOT consistently made 30 pips a day over a period of time as you have claimed. A period of time in my opinion would be at least 1 week, but 1 month would be better to prove a trading system.

You have only plugged up this thread with useless graphs and BS.
 
Quote from Chood:

Of course, too, the strategy assumes a factor very much in doubt, which is an honest fx retailer who won't job the trader.
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Perhaps we sometimes need Forex education from Forex newbies. :D

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http://www.elitetrader.com/vb/showthread.php?s=&postid=660735#post660735

Quote from Magna:

To those who were wondering TopGun Software is now a sponsor here. Remember you can always check by looking directly under a persons's name/alias and if they're a sponsor it will show the company name. We welcome the new addition to ET. :)
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Looks like earning enough money to support the cost of ET sponsorship and keep it going is not so easy. :D

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http://www.elitetrader.com/vb/showthread.php?s=&threadid=43464&perpage=6&pagenumber=10

Here is a very interesting "offer":

A MILLION DOLLAR PRIZE
http://www2.oanda.com/cgi-bin/msgbo...3827;p=1#000000

Q
There is simply NO CHANCE to produce consistent trading profits in excess of, say 10-15 pips of eurusd a day, no matter how clever you are.

If anybody claims the contrary, I am ready to take up the challenge.

If anyone is willing to enter a 100:1 contest, I promise to pay 1.000.000 USD in one year's time, to anyone, who is able to deliver consistently, for a full calendar year, trading signals on eurusd, which would have the following characteristics:

- the signals have to be defined precisely (stop or limit orders), and in time to get implemented ( at least 1 minute ahead of execution)

- the MM of choice will be Oanda - their spread is certainly not a hindrance, and their stop and limit execution is not worse than that of UBS, thus their fills will be the proof of the performance

- the maximum nominal stop will not be higher than 30 pips

- there have to be at least 4 trades each week

- there has to be no losing month

- the average weekly profit has to be not less than 100 pips (taking into account Oanda's execution)

If all these conditions are met I WILL PAY 1.000.000 USD to the signal provider at the end of the year. However, if the signals should result in a loss at the end of the year, the signal provider will pay me 10.000 USD as compensation for the waste of time and money.

If the result should be positive, but less than defined above, I will pay a compensation on a discressionary basis.
UQ

:D

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http://www.oanda.com/products/fxmath/margin.shtml

At 50:1 leverage, the required margin is $2,000 to trade $100,000. The profits without compounding $72,000 will be 3,600% per year, or 15% per day. With compounding at 15% a day, over many thousands times of $975,748,372,726,264.00 in less than a year.

:D

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http://www.iasg.com/intro.asp

I used to keep tracking all the Forex managers on this site. None of them can return consistently over 30% net yearly, even with moderate drawdowns.

:D

If anyone can do better, (s)he should be able to manage over many tens of billion dollars in trading Forex for 2% management fees plus 20% incentive bonus.

:confused:
 
Quote from OddTrader:
...
At 50:1 leverage, the required margin is $2,000 to trade $100,000. The profits without compounding $72,000 will be 3,600% per year, or 15% per day. With compounding at 15% a day, over many thousands times of $975,748,372,726,264.00 in less than a year.

:D
...
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Signal Vendors
High Yield Account Managers
System Sellers
...

Will hate you for that!
For having poked your fingers into their eyes.
:D
 
Clearly, that was never a bona fide, good-faith offer in the first place.

Why is that, you might ask? Take a look at conditions #3 and #4:

- the maximum nominal stop will not be higher than 30 pips

- there have to be at least 4 trades each week
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Those 2 conditions, out of 6, are unreasonable; deal-breakers. There are 2 possibilities I can think of:

1) by putting those ill-conceived conditions in, the author of the challenge shows that he has little understanding of how the forex market works and what it takes to be consistently profitable in it over the long term.

or

2) the author of the challenge is slightly more clever than that and does realize that forcing a trade nearly every day and demanding a tight stop are high barriers to success. Therefore he deliberately put those conditions in, to strongly discourage any would-be challengers who might otherwise be interested.

Of course, all this is really moot. The odds that the author of the challenge has anywhere near $1,000,000 burning a hole in his pocket, are slim to none.
 
Quote from cooldude:

Signal Vendors
High Yield Account Managers
System Sellers
...

Will hate you for that!
For having poked your fingers into their eyes.
:D
More...

Don't worry. Soon they won't see OddTrader posting on ET anymore. :)
 
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