How about an average of between 20 to 30 pips a Day for a modest average of 100+ Pips a Week. Does this sound unreasonable? No ... it's actually quite easy.
Sorry to shatter your dreams but making 20 to 30 pips a day is EXTREMELY difficult - if not impossible - for over 90% of traders!!!
Remember that 30 pips a day profit represent 600 pips a month (7200 pips a year), an almost impossible feat for the vast majority of traders!!
Listen dear Leithec, if the average trader could make just 50 pips A MONTH that would be quite an achievement.
Making 100 pips a month is already quite remarkable, few traders ever achieve that level.
Now make 200 pips and more, on a consistent monthly basis and get ready to move to Beverly Hills in no time, if you slowly pyramid your profits.
__________________
4 powerful forex robots in one software : tinyurl.com/4forexrobots
Last edited by imported_Bigpips; 05-04-2009 at 01:35 AM..
Sorry to shatter your dreams but making 20 to 30 pips a day is EXTREMELY difficult - if not impossible - for over 90% of traders!!!
Remember that 30 pips a day profit represent 600 pips a month (7200 pips a year), an almost impossible feat for the vast majority of traders!!
Listen dear Leithec, if the average trader could make just 50 pips A MONTH that would be quite an achievement.
Making 100 pips a month is already quite remarkable, few traders ever achieve that level.
Now make 200 pips and more, on a consistent monthly basis and get ready to move to Beverly Hills in no time, if you slowly pyramid your profits.
Ya Thanks ... I can add. Once You get past Your mental blocks ... Trading ... and taking 20+ Pips a Day will become the norm. I realize the difficulty in getting to this place. What I am trying to convey is ... YES ... It is possible. So ... Keep trying. We all start out as less than average Traders ... move to average ... back to less than average ... back to average ...etc ... So Ya ... once You get past Your mental blocks ... Learn to take Your 20+ Pips a Day ... Learn HOW to Keep them ... Compound ... then ... Welcome to my Dream.
Ya Thanks ... I can add. Once You get past Your mental blocks ... Trading ... and taking 20+ Pips a Day will become the norm. I realize the difficulty in getting to this place. What I am trying to convey is ... YES ... It is possible. So ... Keep trying. We all start out as less than average Traders ... move to average ... back to less than average ... back to average ...etc ... So Ya ... once You get past Your mental blocks ... Learn to take Your 20+ Pips a Day ... Learn HOW to Keep them ... Compound ... then ... Welcome to my Dream.
Scalping the forex is the most difficult endeavor you will ever undertake. To think it could be "easy" is unrealistic, at best.
Why ?
Simple : the spread!
For example, if you want to make 20 pips a day, you must win 23 pips (assuming a 3 pip spread). On the other hand, your forex broker only needs a 17 pip move against you to win 20 pips (17 + 3 = 20)! So you need 23 pips while your broker only needs 17 pips. That means you must win much, MUCH more often than your broker to profit in the long run.
Next you need a solid and fully backtested trading system that will give you a mathematical edge. And no, I don't mean 100 or 200 trades, I mean you must backtest your system with at least 1.000 (historical) trades and 8 to 10 years worth of forex data.
Yes you can make a good living scalping the forex market, but you really need a robust, backtested trading system. So don't open that bottle of Champagne yet because you won 20 pips a day for the last three days, it is much much more complicated than that.
That said, happy scalping.
__________________
4 powerful forex robots in one software : tinyurl.com/4forexrobots
Last edited by imported_Bigpips; 05-04-2009 at 12:10 PM..
Scalping the forex is the most difficult endeavor you will ever undertake. To think it could be "easy" is unrealistic, at best.
Why ?
Simple : the spread!
For example, if you want to make 20 pips a day, you must win 23 pips (assuming a 3 pip spread). On the other hand, your forex broker only needs a 17 pip move against you to win 20 pips (17 + 3 = 20)! So you need 23 pips while your broker only needs 17 pips. That means you must win much, MUCH more often than your broker to profit in the long run.
Next you need a solid and fully backtested trading system that will give you a mathematical edge. And no, I don't mean 100 or 200 trades, I mean you must backtest your system with at least 1.000 (historical) trades and 8 to 10 years worth of forex data.
Yes you can make a good living scalping the forex market, but you really need a robust, backtested trading system. So don't open that bottle of Champagne yet because you won 20 pips a day for the last three days, it is much much more complicated than that.
That said, happy scalping.
Solid and Fully Backtested Trading System ... Got it.
Robust ... I'm still Given 'er.
Years Trading ... 8+
Number of Trades to Date ... I wasn't counting.
Mathematical Edge ... probably shows itself in MY Confidence ... and My Daily Posts.
Champagne ... Never touch it ... I prefer Okanagan Merlot.
I recommend that You Lose the Fear ... as it's going to keep You focused on the Negatives of Trading. And Yes ... Trading is a Lot Simpler than You are obviously able to realize Right Now. You've gotta Lose the Buddy.
Solid and Fully Backtested Trading System ... Got it.
Robust ... I'm still Given 'er.
Years Trading ... 8+
Number of Trades to Date ... I wasn't counting.
A fully backtested trading system means you know the total number of trades, the maximum drawdown of your system, the win/loss ratio, the average profit per trade (what the pros call the mathematical expectancy), the maximum number of days before your system reaches a new equity curve high, etc...
Quote:
Originally Posted by leithtec
Mathematical Edge ... probably shows itself in MY Confidence ... and My Daily Posts.
Trading has nothing to do with confidence (even though confidence does not hurt), trading simply means you are placing a serie of bets (trades) that have a positive mathematical expectancy. Judging by your own posts (some nice calls on the Canadian dollar by the way), you seem to be a discretionary trader, not a trader with a purely mechanical system. But without a mechanical system with VERY SPECIFIC entry/exit/stop/take-profit signals, you cannot backtest your trading strategy because the rules of your system are not clear-cut. And without a serious computer backtest it is impossible to know if the system is profitable. The trader cannot simply look at his last 75 trades and assume that his system is profitable. He needs at least 500 to 1000 historical trades. There are hundreds of "winning" systems that make money during the first 200 trades. But then they lose big time when you test them with the next 300 trades.
Quote:
Originally Posted by leithtec
I recommend that You Lose the Fear ... as it's going to keep You focused on the Negatives of Trading. And Yes ... Trading is a Lot Simpler than You are obviously able to realize Right Now. You've gotta Lose the Buddy.
Again there is no fear (or even joy) in trading, you simply follow each and every signal of your fully backtested system (including your stop and take profit) without hesitation, there is absolutely no emotion involved in that process.
Trading is and should be boring, the minute the trader introduces any emotion (even a happy one) in his trading he is finished.
__________________
4 powerful forex robots in one software : tinyurl.com/4forexrobots
Last edited by imported_Bigpips; 05-05-2009 at 01:53 AM..
A fully backtested trading system means you know the total number of trades, the maximum drawdown of your system, the win/loss ratio, the average profit per trade (what the pros call the mathematical expectancy), the maximum number of days before your system reaches a new equity curve high, etc...
Trading has nothing to do with confidence (even though confidence does not hurt), trading simply means you are placing a serie of bets (trades) that have a positive mathematical expectancy. Judging by own your posts (some nice calls on the Canadian dollar by the way), you seem to be a discretionary trader, not a trader with a purely mechanical system. But without a mechanical system with VERY SPECIFIC entry/exit/stop/take-profit signals, you cannot backtest your trading strategy because the rules of your system are not clear-cut. And without a serious computer backtest it is impossible to know if the system is profitable. The trader cannot simply look at his last 75 trades and assume that his system is profitable. He needs at least 500 to 1000 historical trades. I have seen hundreds of systems that make money during the first 200 trades. But then they lose big time when you test them with the next 300 trades.
Again there is not fear (or even joy) in trading, you simply follow each and every signal of your fully backtested system (including your stop and take profit) without hesitation, there is absolutely no emotion involved in that process.
Trading is and should be boring, the minute the trader introduces any emotion (even a happy one) in his trading he is finished.
Thanks BigPips ... I obviously have alot more to Learn about Trading ... especially the emotional side of it ... I just don't seem to be able to shake the Happiness that I feel at the Close of every Friday ... I must be a Slow Learner ... 8+ Years and still overjoyed. It must be this Joy I feel that keeps turning into Confidence ... Damn it. Boring? ... I must really be missing something ... although I never did take any classes on Trading ... cause It certainly isn't boring for me. I wonder when I'm going to Lose it all? As for the Backtesting ... when I'm dead and gone ... whoever wants to figure out How I did what I did can Go right ahead and Backtest till they're satisfied ... if they can figure it out ... cause I'm obviously One of those Discretionary Guys. Oh Well ... it is what it is.
Thanks BigPips ... I obviously have alot more to Learn about Trading ... especially the emotional side of it ... I just don't seem to be able to shake the Happiness that I feel at the Close of every Friday ... I must be a Slow Learner ... 8+ Years and still overjoyed. It must be this Joy I feel that keeps turning into Confidence ... Damn it. Boring? ... I must really be missing something ... although I never did take any classes on Trading ... cause It certainly isn't boring for me. I wonder when I'm going to Lose it all? As for the Backtesting ... when I'm dead and gone ... whoever wants to figure out How I did what I did can Go right ahead and Backtest till they're satisfied ... if they can figure it out ... cause I'm obviously One of those Discretionary Guys. Oh Well ... it is what it is.
He he. Nice one. I have learned from your posts, Leithtec, and appreciate your input here. The trades of yours that I've followed have all been winners. If you do ever publish that 30 pager with your strategies, please sign me up for a copy.
-B
He he. Nice one. I have learned from your posts, Leithtec, and appreciate your input here. The trades of yours that I've followed have all been winners. If you do ever publish that 30 pager with your strategies, please sign me up for a copy.
-B
We all have our take on things according to our present consciousness. I'm not in the business of Backtesting my current System ... I'm in the business of Trading my System for Profit. And ... I've erroneously just assumed that we ... as Traders ... are in the same business. Although ... I must keep an Open mind ... and realize that probably alot of guys are in the process of developing their present Systems ... and if this requires Years of Backtesting for them ... so be it. I took a short-cut though quite awhile ago and realized that most of my work was already done for me by Genius's like William Gann (square of nine & the Gann Fan) Walter Bresset (cycle oscillators) Gerald Appel (MacD) Tushar Chande (CMO) Welles Wilder (Parabolic SAR) ... why should I try to re-invent the Wheel when these Guys have Proven Indicators that have stood the test of time. That's besides what the market is giving me Daily in the way of Open High Low Close and Volume to work with! Besides all of what's available ... give me a mediocre System and Sound Money management Rules and I'll still show a Profit every Week. Come on ... Is it really that difficult to take a measly 20+ Pips on the Day and then Walk Away? The old Guys are still Right ... It's not You and the Market ... It's just YOU! You know ... I remember sitting in my Grade 4 classroom learning Math and thinking ... this is Bull---- ... I'll never need this stuff ... I got as far as Grade 10 in Math and then dropped it. I flunked Math ... I didn't flunk "How to Think" ... and the Numbers that these Forex Markets are giving us ... are also telling us where they are going next. You just have to figure out How to Read them.
8.5 pips in 3 minutes. No imbalance in Market Depth is a signal in itself that a trade can be placed without being against the tide of buyers on the BID or sellers on the Offer. So was the case in my EUR/USD trade. I was using the 1-minute MACD strategy and combined it with a trend line break for added confirmation. Market Depth was flat so I entered the trade Long the break out at 1.3304. As the Euro moved above the 200 SMA, my trade was closed in a matter of 3 minutes for 8.5 pips or $2,550 on 3M traded.
CLICK HERE to see more of what you can do with Active Trader.
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.
8.5 pips in 3 minutes. No imbalance in Market Depth is a signal in itself that a trade can be placed without being against the tide of buyers on the BID or sellers on the Offer. So was the case in my EUR/USD trade. I was using the 1-minute MACD strategy and combined it with a trend line break for added confirmation. Market Depth was flat so I entered the trade Long the break out at 1.3304. As the Euro moved above the 200 SMA, my trade was closed in a matter of 3 minutes for 8.5 pips or $2,550 on 3M traded.
CLICK HERE to see more of what you can do with Active Trader.
Thanks 8pip. Here is another one that worked out as well.
10 pips in 22 minutes. The combination of choosing a strong DailyTrend and using Market Depth Imbalance produced a strong technical set-up on a 1-minute GBP/USD chart that proved profitable.
CLICK HERE to see more of what you can do with Active Trader.
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.
Thanks 8pip. Here is another one that worked out as well.
10 pips in 22 minutes. The combination of choosing a strong DailyTrend and using Market Depth Imbalance produced a strong technical set-up on a 1-minute GBP/USD chart that proved profitable.
CLICK HERE to see more of what you can do with Active Trader.
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.
Thanks 8pip. Here is another one that worked out as well.
10 pips in 22 minutes. The combination of choosing a strong DailyTrend and using Market Depth Imbalance produced a strong technical set-up on a 1-minute GBP/USD chart that proved profitable.
CLICK HERE to see more of what you can do with Active Trader.
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.
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