Greetings everyone,
I’ve recently developed a trading plan which calls for only 20 pips / day, about 10 - 12X per month. It is a slow and steady way to grow your account that eventually starts adding up to significant amounts as we increase our contract size.
Which system/strategy would be best suited for such a trading plan?
Any advice is welcome.
Thanks,
-ForexPhantom-
Is it your intention of selling this trading plan? A google search of your username suggests that. Just curious though.
nice work.
u developed a plan? but now you want sombody to give u a system?
schools the 2nd tab along!
N
Greetings everyone,
Firstly, I created my user name way before those guys did. I am in no way affiliated with that site. I have no intentions of ever selling my advice or any products. Good question, though.
Also, I have tinkered with many different systems (who hasn’t?). My question was more of a philosophical one rather than a specific nuts-n-bolts one.
Given that my trading plan is rather conservative, I am simply investigating the best way to reach my goals. Perhaps someone else trades with such a slow-growth strategy? Any advice would be very welcome.
Most people aim for many more pips in a month. I think the way to play this game is conservatively with little risk involved. 20 pips/day is not an impossible goal. If you were aiming for 20 pips/day, what strategy would you use? Would you scalp a few times a day, or would you try to ride a small trend? Merely curious as to the other, more experienced traders opinions.
Thanks again,
-ForexPhantom-
Thanks for the reply. I feel more comfortable with your presence here now. The timing was coincidental as your name had appeared as well as a pre-launch of a system with the same name.
To answer the question, I think shooting for two 10 pip trades a day would suffice. I aim for reversal patterns using candestick patterns and bollinger bands.
What’s your particular strategy?
Greetings,
Yes, they have been touting that expert adviser for quite some time now. You are actually the first one to notice that my name is the same. Of course, I could just change my name, but I was here first. 
I always seem to be bouncing around between systems, trying to test everything and tweak everything to see what works best. The result is that sometimes I am running around like a chicken with my head cut off, chasing two rabbits at once.
I do have a very good scalping strategy that seems to work pretty consistently. I’ve been using it for a few weeks or so. I learned about it on the forum here. It’s very easy to setup. I’ll walk you through it:
Open up a chart. Set up the following bollinger bands:
Leave everything else set to default.
Use the 1 Minute chart.
When the candlesticks cross the RED bollinger band and go halfway towards the ORANGE bollinger band, you should place your trade in the opposite direction. So if the price touches the bottom orange BB, BUY and vice versa for selling.
Seems to work on most pairs.
I also like to experiment with moving averages and I’ve got another scalping system based on 2 MA’s, the volume indicator, and the awesome oscillator. I’m still tweaking that one though, but it seems promising. I read about that one in a book on Forex.
2 - 10 pip trades seems very logical and is exactly the kind of answer I was looking for.
Thanks,
-ForexPhantom-
Let me introduce you a more realistic plan base on ROI - Return of Investment Stratergy.
My target is 100% ROI in 2 days or more. But the result show average 1 Day get 100% ROI.
My target is not selling my EA. As is too profitable… may cause mass disorder in society level and other brooker to increase spread and so on… like the FapTurbo being counter attack by brooker.
I can offer limited service to those who have the capital and risk adventure to let me manage your account over certain period and share out the profit with me.
Visit my demo snap shoot at 301 Moved Permanently
TQ .
hmmm…very interesting idea! but which system would be the best?
Am gonna say something here, and i know there will be people who disagree with me on this, but i will say it anyway because i think it might help, because it helped me.
Don’t set a rigid target.
When i first started trading i set myself targets (30 pips a day), and when i reached them, all was well and good…however, when i failed to reach them, i got a bit panicy and began overtrading to compensate for the loss that i had incurred…this inevitably ended up with even more losses.
What i learned from this was that, if i am say 25 (Could be any repectable number) pips up, i will either take the profit, half the size of my lots and move my stop to break-even, or cover my profits closely with a stoploss, so, even if the price went very close to my target, but then retraced i would never end up losing what was at one point a winning trade.
This meant i had to compromise, sometimes i had to learn to walk away with with less pips than i’d hoped for, sometimes it meant that i’d walk away with a breakeven…and on rare occasions it meant i would walk away with a small loss because it had never got to the stage where i could move my stop to break-even.
On average though, i became more profitable than i’d ever been, the reason wasn’t because i was getting the targets right, it was because i was prepared to compromise on my targets.
Somedays i made more, somedays i made less, but i was suddenly seeing my account starting to grow week after week.
You talk about winning, and sebsequently entering with larger and larger lots…this is compound interest. To do this you don’t need a daily, weekly or monthly pip target, you simply need to stop winning trades becoming losing trades.
I have noticed that most people find a system thats gets them, at some point in the trade, into profit, be that 3 or 300 pips, but alot of them let that trade go negative and curse themselves for not getting out while their trade was +.
Don’t make that mistake, yes you may miss a big move…but any profit is better than none, and no profit is better than a loss.
This market is unpredictable…so your targets should be too.
My opinion, hope it helps.
P.S…as for what system you use…ask yourself this:
What timeframe do i want to use?
Can i monitor my trades as they happen?
How emotional am i with my trades?
Very emotional, i jump and jitter at every movement - Go for higher timeframes with a lower lot size. Play the ‘Long Game’ as it stops you from being so impusive.
Quite emotional - go for 1hr/30min timeframes and get out or protect ya profits at every opportunity.
C3PO - you are a robot - go for any timeframe and stick to your rules.
Whatever you are, find a system that suits what you do, how long you have to do it, and how much fingernail biting you can take.
My opinion.
Hope it helps.
Wow, you’ve figured out how much money you want to make and that’s half the work done? The markets will have fun with you 
First, I agree, in theory.
BUT, I still have a little problem doing that.
Why?
Let’s say you’re on EUR/USD. You go long at 1.2800 because your system tell you its time to enter. The market go up and down between 1.2795 to 1.2805 for a while (let’s say about 5 mins).
Remember, your system said to go long… You sure could put a Stop Lost on 1.2803 (to break even if it go down) once to the price reach 1.2805 for the 6th time, but, you just know it will trigger… So you don’t.
Then, it go from 1.2805 to 1.2808 (still moving between 1.2802 to 1.2808).
Alright, HEREEEE WE ARE!
What are you doing right here?
Set a Stop lost at 1.2803 (to cover the spread to breck even of it go down)? The change that it will be trigger in no time are REALLY important.
Set a Stop Lost below break even point? So if it’s trigger you have a lost?
Sell it right now so the next lost you’ll eat all that little profit and you’ll end up the day with a lost?
I just don’t know…
And this is all the target profit are all about.
You have a system that is [U]suppose [/U]to work.
You are suppose to get in the market at the [U]right time[/U] following your system rules. Those rules are suppose to allow your system to reach the target profit.
We all know that the price can go down over 60pips from the bought price and then go reach a 500 pips of profit…
At my opinion, it’s all about [U]balance[/U].
You need a target profit. It’s there to allow you to “let it go” in your mind.
But the target profit HAVE to match with your Stop Lost AND the time frame.
Lower TF = smaller TP and SP.
Still, this is just my opinion…
I agree, instead of first saying “here are my goals” and then looking for a system that fits them, you should focus on getting experience in trading and developing/finding a system that works, period. then you can use it to meet your goals.