Im not a very great trader but I have great interest and want to put in the work and research to become better at it.
The strategy I want to do is make one trade a day 50 pips tp and sl I figure if I can get at least 70% of the trades right then Im doing well.
My question is if u wanted to make a 50 pip trade how would u go about it. can u please tell me your process, (charts, methods etc), I want to know how you would personally trade if u wanted to make 50 pips, I want to know where to start off and get some new ideas, thanks in advance
This is hard to answer because it depends on a few things. For example, the market activity, and are you able to withstand any drawdowns. To me, and please note that I’m no expert, it sounds like you would be position trading on the higher time-frames
You’re off to a good start by stating you want put in the work and research to become better at trading. Props for that !!
If I was to offer any advise, I would recommend you check out this link:
this is a hard question to answer like stated below… u can do this trading different ways there is no right way to get 50 pips or ideal… i would stay longer term 1 hour to 4 hour timeframe for your trades… 70% is extremely hard for good traders as well…some are gonna tell u how leet they are and that they are 90% they are full of crap dont listen…
the next thing i would say is seek to learn price action… dont use indicators… the sooner you take that out the better… stick to trendlines as price usually moves from trendline to trendline to make its waves and what not… watch how price moves around a trendline … learn how to draw them correctly… and u should be golden.
One thing to also consider, specialy if your aiming to make 50 pips in ONE trade a day, is the hours you trade. The over lapping of the london and new york sessions tend to show alot of movement so it would be more probable that you could make (or lose) 50 pips with one trade durring those times.
firstly trending momentum is the key. Secondly trading at the right time is important (ie normally for london open and if you want to wait for new york open too). Then thirdly daily pivot points and looking for 100pip opportunities before floors and ceilings, and then fourthly just trade gpy/jpy cause this pair will get you more pips than any other and finally patients and discipline to enter a trade only when you spot trending momentum.
follow this master traders blog My GBPJPY trade journal - Page 31
and you’ll get an idea. he is on top of his game trading 5million dollar lots now ($500pips), but he was down to his last two grand a couple of years back before he became master, now he makes $50,000plus a night and averages about 100pips a session when things are setup right for him. check it out, its not easy though
Yes I have watched that thread for a little while now. I’m not sure what to make of it as yet, whether its real or a demo. I do trade with a few other guys there who do simular type of numbers, so its very possible. Call me a skeptic, but when someone posts there trades after they are done kinda makes you wonder.
But I do agree that if you want to make pips alot of pips daily, you have to trade a more volitile pair as in the GJ or the GCh.