First of all
I myself am not making money !!!
Not the big bucks!!!
But I know 4 other people who are making more than 1000 pips per month
two of them are trading at $100 - $200 per pip
They are like surgeons who extract 20 pips from the market 3-4 times a day
can you imagine what is 20 pips at $200 per pip ? That is equal to $4000 per transaction.
But they tell me that they do not make money on every transaction…they make approx $5000 per day
But the question is "Is this real or fake ?"
I believe it
Do I have any evidence…No
But I am sure about it !!
The method is very simple
First you should have a good method…If you have a method where the success ratio
is very high - If you are trading at 10 cents a pip or 1 dollar or 10 dollars or 100 dollars
per pip it will all work out.
When I say 1 dollar a pip I mean a 10K lot size
10 dollars pip I mean 100K lot size
I repeat - If you have the correct method which is tried and tested and works fine
it will work for any lot size.
What is the method - ? Now…shhhh …that is every trader’s secret.
They dont tell you…
Yes, they will tell you what their winnings are for the day/week/month
but beyond this…Nothing else.
Yes…it can be done and I know at least 4 traders who are making it big
and they are working full time
They play the fool all the time…making fun and watching 3 /4 screens
and at the right time …they go in and make the trade and walk out with the winnings
They are not trading the full 10-12 hours …they make surgical strikes…
like the eagle and the prey…
The eagle is soaring up in the sky just going in circles for hours together
and when he spots his prey…he swoops down …picks it up and is gone !!!
No Kidding !!!
It can be done and it is being done !!!
How to do it ?
Work on a system and try it at 10 cents or 1 dollar per pip
make sure that daily your system makes at least 30 pips per day.
daily you should be positive or at least every week you should be positive
next if you are sure of your method start increasing
go from 1 dollar to 3 dollars to 5 dollars to 10 dollars and
dont change your system
But have a fixed system/method which works excellently !!
If you are not making money then frankly it ill befits suggesting loading up the lot sizing with no mention of MM? 10 cents or 1 dollar a pip? Which is it? Shouldn’t it be dependant on account balance rather than strat? Then from $1 to $3 to $5 and $10. When do we increase pip dollar value and based on what criteria?
Look…I gave you my 2 cents…
This is how I am doing it…(if you like my plan go ahead but your own risk!!!)
currently I am making money…(but not tons of money)
and I am at 4 dollars a pip
so…to answer your question…
First …what is MM
I have gone from 10 cents to 30 cents to 1 dollar to 2 dollars to 3 dollars to 4 dollars a pip.
Yesterday night I made $145 in 3 hours…
I am regularly making money…every week is a positive week. !!!
I am giving you advice based on my experience !!!
So…please…I am not a multi-millionaire or a hot shot trader
This is my strategy…
If in 3 hours I can make approx 35 pips making a few surgical strikes (3 trades only)
imagine what I can make in 8 hours !!!
and slowly I am increasing my stakes !!!
maybe after a few months I shall post and say …Yes sireee Bob !!! and report my winnings !!!
Your margin should never be more than 30 -40 percent of your capital
For example if you are playing with a 10 K lot size for GBP/USD the margin will be approx $350
hence your capital should be $1000
if you increase your trading to 30K lot size your capital should be approx $3000
when should you increase…
First fix your system…make sure it works…if it works at 10 cents (1K lot size) it will work at 100K lot size and 500K lot size also.
But it has to have rigid rules…Rules which have been defined by you and which you stick to no matter what
On the other hand you might be reporting blowing your account? What I was trying to illicit from you was what are you suggesting risking as a percetage of an account. MM = Money Management. This should be your primary consideration before entering any trade regardless of how ‘excellent’ the strat is. Conventional wisdom suggests no more than 1-5% of your account balance as a [B]stop loss[/B] not Dollar or fraction of per pip. Preferably 1-2%. So you see, suggesting 10 cents, $1,3,5 & 10 a pip is way off the mark without knowing the SL value of the trade as a percentage of account. As to increasing the Dollar to pip value it should only increase (if your intention is to compound up the account) precisely in relation to the account size i.e. double up the account balance… double up the trade size. Notice the account balance doubles and so does the trade size but the risk as a percentage of account balance remains the same.
You can look at Money Management in different ways…You can talk in percentages of your account value
or you can look at it in terms of pips.
so if you talk about 2 percent of a 1000 dollar account = 20 dollars
but this same thing could be talked about
by saying each trade is 10K (1 dollar a pip) and the stop loss is 20 pips
which is exactly the same thing… (2 percent)
cut it / slice it/ look at it in different ways…it is still the same thing.
Nah…My job is not to define each and every thing…
No…I am not going to go into details.
The thread was…are there people existing…I answer …Yes…and I am sure of it I am in regular contact with 4 people…
and I give you a small piece of my plan (a subset)
Take it or leave it…if you want to knock it and critique it …so be it…if you want to think about it…and take the good parts…take it…it is free !!!
Well now you’ve given the account size, trade size and stop loss… I Kapish! 10 cents to $10 a pip without the values is misleading to say the least… Kapish!
He’s only messing with you… when its quite time we play silly buggers! Just been poking BC with a stick on EU Monthy… but he didn’t take the bait! LOL!!
I understand that BC (BucksCoder) is a person with Bots viz a person who makes Bots viz a marketing guy !!!
Mathematical systems…do not interest me…(if paying $99 or $1000 per bot could make money…everyone would be rich !!)
No…I shall never be convinced by bots !!!
Please do not try to convince me !!!
Well being a ‘Ludite’ and therefor barely able to operate a cell these days… text, camara, web, etc… jeez what happened to phoning someone? I’d tend to agree with you… bots historically have never been a match for the eye of an experienced trader. But one ‘big’ bank is rumoured to have a ‘black box’ bot for its spot forex trading. I’m too old to turn new tricks so will stick to the ‘techs’ and the daily TF LOL!!! Whether they work or not I care not a jot! :15:
CubanPip, compay, que te pasa!!! Bucks, my experience is similar, I once knew somebody that knew somebody who made some money, but I don’t know anybody anymore :D.
I can tell you that PT Jones made money in spot currency back in the day on the phone, Uncle G Soros, and his traders made a bit of money too. I think that there is waaaay too much mystery regarding trading. With the exception of Quants, it is still one persons mind against another, or maybe better said against you own mind.
100K a year is possible depending on your account size, you will not make 100k a year on a 10 or 20k account. Think, Berkshire Hathaway, 18% per year since 1988, PT Jones a bit more than 22%, and yes I know that the size of both does limit returns to a certain extent, but the FOREX Broker competition winners with 400-10,000,000,000,000% returns are not realistic.
I repeat I personally know 5 traders who make good money…but let us talk pips…first…
okay…I chat with one trader almost on a daily basis…he makes more than 500 pips every week…He laughs at all of us…he says…It is so simple…
another trader I know…she is a woman in Australia…70-80 pips daily…
another trader I know…50 pips daily
No…these are not traders who…I know in third contact…
I know them personally…(direct contact)…
dollar wise if you ask…they make above 500 dollars daily
what more do you want…?
and in case you are thinking that at some point of time I am going to sell you something…Rest assured I will never sell you something/anything
Market moves daily…do you have a doubt…okay here is a simple test…
look at the EUR/USD chart - set the frequency to daily
find the difference between top and bottom…write it on a spreadsheet and tell me if on a weekly basis the market has not moved…at least 500 pips…If you do this on the hourly chart you will get bigger numbers…
Market does move daily …You should only know how to trade…it is that simple.
and If you look at 4 currencies…GBP/USD EUR/USD GBP/JPY EUR/JPY
then you will start wondering …so much movement…Huh Huh Huh ?
but the trick is simple…how to make money…from so much movement…
how to be on the right side and not on the losing side ?
Please do not waste your time imagining that such successfull traders do not exist…they do exist and I know 5 people personally…this is no third hand information…
