As I am looking through the charts and marking up for the week to come I have youtube on as background noise and a load of IML vids keep popping up , mainly from Jay Wayne representing team I have no idea what I am doing (bad joke) the vids keep stating that take 10 pips a day and compound to be mega rich very quick.
I sat back and watched a few and my main thought, was this is a marketing scheme. As many traders know we can enter the market when all the planets aline and it turns pretty much straight away and stops us out.
I guess the question here is for the traders that make a full time living from the trades , do you take 10 pips and compound ? There was the reasonably well know Tim Young who did this with the FTSE but used a massive stop loss that when triggered is an account killer
I don’t make a living doing this but I can’t comprehend getting rich on 10 pips a day. Was he talking about a specific pair or instrument because you would have to have a well funded account, open a HUGE position and have a very, very high win rate.
That was the point and I do worry about new traders watching these things and getting sucked in by the hype.I trade maybe once a day a day and wait for a certain set up that can pull a number. I need the good number to cover the days i get hammered as nobody knows where the market will go.
In theory it sounds good but in reality it will end it tears
Tell me about it , my wealth came from running a business that allowed me the time to learn and lose without pressure.
I now earn from the markets but took years and a lot of commitment to learn. I hate the guru’s as they can never back up their claims. I understand the 10 pip theory and have tried it but soon as a loss comes the profits are wiped. It I can gain a win rate of 50% and over at 2:1 I move forward
I dont go by pips. I go by % gain. Over the years ive heard this 10 pip strategy. The only way it could work is if your risk reward works. A lot of these strategies have a stop loss further away than the reward which works until one trade blows your account! It sounds good on paper but most beginners don’t have the strategy nor the mindset to make this work in the long run. Therefore I wouldnt recommend it.
There is no short way to be rich in this market because market is risky and to survive here is more risky. You can loss your investment also, if you are not learned the market.
If you are trading 10 pound to 15 pound per pip then 10 pips a day profit would give you 100 to 150 pound a day five days a week that will yield a weekly total of 500 to 750 pound… That’s if you trade just one lot. However as a compounding model or projection will show you is that if you work on trading the correct position size IE the correct number of lots, that suit your risk management strategy IE 1% 2% 5% of you account size then technically is is very easy to quickly make money as your profits compound.
I know there are losses along the way but trading is a long term venture and using the proper trade management strategy then there is no reason why 10 pips per day over a period of time would not be a sucessful trading strategy.
Think of it this way. Would you rather earn 10 pips per day or lose 10 pips per day?? Calculate how long it would take you to go broke if you lost 10 pips per day. You may be surprised.
Dont worry guys , I trade very well and make my living from the markets hence my point size as well as other income streams.
My point was that the IML markets this BS and suck in the less informed , unless your system is borderline 100% this will lose over time. Scalping is very hard to do as the markets will take a huge spike in a hearty beat undoing your hard work. So curious to see if anyone made it work as Tim Young blew his account using this method.
I don’t know his circumstances and I don’t know how he traded. If you are chasing 10 pips a day but letting losers run 20 30 40 pips then yes that is a losing strategy.
Scalping is very hard but it is a trading method that can be used very effectively in ranging markets. Most of the scalp traders I know have a very keen eye for price action and know when it’s time ti exit a losing trade.
agree. to bring profit with consistently from any trading strategies is not a minor issue which relate with short time issue. traders have to pass a long time with great patience including most standard money management.
how much you can earn from your trading strategies , it completely depends on your money management system. so develop MM and bring more pips. god luck
SHORT ANSWER:
10 Pips a day to get rich is his GIMMICK.
LONG ANSWER:
He is IN LOVE with his social media presence. He’ll say or do whatever (including acting and rapping) to get adoration and praise in the form of likes, comments and messages to grow his fan base and paid subscribers. In his videos he keeps saying “I’m trying to birth traders over here, who’s coming with me?” That’s all a gimmick to get you to sign on.
Its a good hustle for him, because he makes money from trading, he makes money from youtube (which is why he keeps saying watch his vids) and he makes money from memberships. (800+ people on his team @ $100 per person a month)
I dont know how you can turn a profit from 10-15 pips a day unless you indeed have a massive account. And i don’t see how one person can mentor 800 + people at a time. I left his team because:
(1) I got tired of feeling brushed off without ever being asked exactly what I was struggling with.
(2) Being charged for information I can access online for FREE!!
-Go to 23:26 in the video youtu.be/YS1LQXxxSQY and you’ll see where he accidentally showed the source and closed it out quickly.
-This video was posted in Jan 2016 youtu.be/_7DeDnpTnjI?t=600 and here is his copy offered to paying subscribers youtu.be/QVLRrN7p8c4
(3) His telegram group is on autopilot with pure noise from the members. Talking over each other sharing what they know or think they know, when really I just wanted to hear from, and mostly from the person i paid my hard earned money to.
That’s too funny! Nice catch. I guess he doesn’t think other people will see that. I think that might be the first rapper trader I’ve come across on YT.
