Best Interaday Trading System in these Forums?

Hello, I’ve yet to begin trading real money and I’m looking for day to day systems that will work out the best for me. I would only be able to take a stop loss of 10-20 pips per trade (if I’m stopped at any time I’m done for the day so a loss of 20 pips per day max), and I’m looking to earn 30-40 pips per day. Here are the systems that I have my eye on from this forum:

London Breakout:
http://forums.babypips.com/free-forex-trading-systems/29863-london-breakout-1-a.html

45 pip per day system:
http://forums.babypips.com/free-forex-trading-systems/507-45-pips-per-day-system-eur-usd.html

I’d like to know the opinion of these systems from the community, or if there are any other systems that would be good for a short term trader with not much money to start with like myself (starting with $300 at $0.75 per pip). I would LOVE to use those 1000 pip per week strategies but I just wouldn’t be able to take the 100-200 pip losses associated with them! Any advice helps, thanks!

My only suggestion would be to lower your pip size. For being new you’re setting yourself up by over trading.

As far as the systems you mentioned, both are seemingly viable. However, no one has shouted from the rooftops their almighty success overall.

That sounds very sensible actually. My original plan was to gain 20 pips per day with a 10 pip loss limit, but after coming across these systems I stepped them up. 20 pips will still work just fine for my money management plan. Even still, the best systems for 20 pips would be great.

When new you should keep your risk down to 1-2% per trade. You’re double to triple that at this time. Heck, anyone should keep it that low. I would only dare increase that type of risk only if I have a proven history of a high success rate per trade.

Furthermore, I wouldn’t even trade a single dime until you are fluent in the system you desire to afford yourself with.

I understand, but I think we share a difference in opinion on the risk. I’m willing to risk 5% per trade, which I’ve learned from certain books and what not which is where my 20 pip loss comes from.

And you are right, I will not risk a penny until I’m fluent with my system and money management plan. Where I am right now is TESTING the different trading systems that I’m coming across, and looking for other short term systems to test so that I’m able to map out the direction that I want to go.

I would go live asap, trade 10 cent pips. I would also set my SL according to candle sticks not a random number liek 2%. I think you can demo trade for too long and it is nothing liek real. Also I think setting your SL above the previous candle or pattern or w/e is alot better than 20pips.

You’re actually the second person to tell me that. I will get started with .10 a pip that is a good idea I figured tha it was practice or start but i like that. Thanks!

I am in pretty much the same position as you, as a new trader with about the same amount of money in my account right now.

I’m playing around with the 45 pip/day system by James and am in the process of tweaking it and better understanding it for myself.

I have been trading .10/pip now and I think it’s more beneficial than playing demo any longer. It has been forcing me to take my trades more seriously but at the same time not risking a lot of money.