Hello all,
I have been following this site for a long time and I really like the information I have gained from it. I have been researching the FX markets for about 7 years. I have opened a couple live accounts, lost everything because of emotion, lack of money management and just about every other usual mistake noobs make. However, I have not given up. Instead, I re-examined my goals and I have developed a nice plan to accomplish my goals over time. I am looking to the FX masters on this site to help me construct, what I believe, will be a very successful financial endeavor that we can all share. I don’t want to give away all the details yet as most of them are still being worked on, but I do need you help with a few questions.
- Are there systems out there, like the EMA/RSI cross systems that are very prevalent here on the site, that can generate a total of about 60 PIPs per week? Nothing more, nothing less. Just a good average of about 60/week.
- An analysis of the EUR/USD market for the last 7 years shows an average difference of around 160 PIPs per week between the high and the low. The question is, do you think it would be more successful reaching a goal of 60 or so PIPs in a week timeframe all at once, i.e going long on a position around Tuesday and closing the position Thursday or Friday when/if my target PIP goal is reached, or in several smaller trades opened and closed for smaller gains equalling my PIP goal for the week?
- Please don’t take this question out of context, it is absolutely not meant to offend… but are any of the FX men, or any other site member, successful, professional full time FX traders? I only ask because I want to feel safe in the answers that I may get from people.
Thank you so much for any help and I look forward to what I think is going to be a very profitable relationship.
P.S. My plan is absolutely not a quick money, big win, blow it all system. My financial goals are laid out over an almost 5 year period so please consider that when reading/responding. It is that frame of mind that killed everything I have done with the FX market and it will probably kill yours as well. Just a tip from personal, painful experience.