I just read an article on Facebook that talked about how MOST forex traders have a hard time making 20-30 pips per day. Then read a few others on the internet that confirmed this “fact”. And they often said that they more often than not lose 20-30 pips per day.
But what I don’t understand is [B]WHY[/B] they have a hard time making only 20 pips per day?
I am NOT new to trading. Been trading Options for years. But I am somewhat new to the forex world. Only been trading forex live for just a few months (maybe 5). And I have created a system for myself that allows me to make an average 108 pips PER DAY (according to my trading Journal)[U]CONSISTENTLY[/U]!
And I am (in my eyes at least) a beginner!
So Why in the hell can’t most others do that or even close to that?
And for anyone that is going to ask how I trade, while I won’t tell you my system, I will tell you that I use 2 different charts.
A Renko (15pip) chart on the left.
A heikin-ashi 4H chart with only 1 indicator on the right.
And for those that want “proof” that I make that many pips, Please do not clog up this thread with messages like “show me”, “Show me”, Show me" type BS. I have nothing to prove to you all and I WONT show you anything. I am not looking to be a guru of any sort [B]EVER[/B], and I am not selling anything.
I guess the first point to make is that pips do not equal profit, rather percentage returns equal profit. Negative pip counts can also equal profit, although I wouldn’t advise trading such a system as compounding losses can soon add up exponentially.
Secondly, not all retail speculators be it trading FX Options, Spread Betting or Currency CFD’s have to trade each market day of the week. This is obviously dependent on the trading approach and also the frequency of trades placed.
If you’re making 108 pips every day then great for you, however there are as many ways to trade as there are traders in the world - being experienced im sure you respect this fact.
Only been trading forex live for just a few months (maybe 5). And I have created a system for myself that allows me to make an average 108 pips PER DAY
Make your mind up, a month ago today you said you had been trading on demo for a few weeks, now your saying live for 5 months!
What I was talking about bro is a particular strategy that I was demo trading at that time. NOT that I am only trading demo. Just a particular strategy at that time. I do see the confusion and I apologize for that.
How do you average over 100 pips a day? EUR/USD for example has a lot of days wherein the high and low are less than 108 pips apart. Are you trading many pairs?
Some of the exotic pairs offer really large swings that the usual pairs do not…
Take for example a look at the GBPNZD that pair on average moves 200+ pips in a day I have seen that pair move 500 pips on a good day just going one direction… Its not impossible to do… if a pair moves 500 pips in a day catching 100 pips is not impossible… though u do need a really large stop loss 150-200 pips on average…
Hi Ying,
I do something similar to that on EurUsd. Don’t overtrade or use full lots (unless you have deep pockets) and be prepared to wait days or weeks to get to your target
Can’t get a sense of this thread. Don’t see the value of the answers because the question is pointless. If you want to learn - ask about it, if you want to teach - share that you know.
If you make 108 pips a day, share a half of it to charity and let us know that you’re doing great things. And we’ll appreciate it as well as take it as a magnifying inspiration.
Just my 2 cents.
[QUOTE=“eddieb;698618”] Hi Ying, I do something similar to that on EurUsd. Don’t overtrade or use full lots (unless you have deep pockets) and be prepared to wait days or weeks to get to your target[/QUOTE]
I thought it was better to have smaller stops to minimise your loss , I usually only have a 20 point stop then move it to break even and into profit when the trade goes my way , I tried trading with out stops in my first week live trading and got cleaned out . Working better now with small stops although I try to look for support or resistance points now as I have been stopped out just before it turned and went my way . That’s more frustrating than being wrong . Being right but having 2 tight a stop
It depends on how much is in your account, your risk aversion levels, and your trading plan.
If you have limited funds you can only trade like this if you use mini or even micro lots - on eurusd a 1 pip move equates to $10 per pip on a standard lot, $1 on a mini lot, $0.10 on a micro lot, so a 200 pip sl with a micro lot is only $20, $200 on mini lots, and $2000 on standard lots.
Its not how many pips you can afford to risk, its how much money.
The hard bit is sitting on your hands while it goes 150 pips against you, then waiting a week for it to turn into 150 in your favour.
The easy bit is you dont have to sit in front of your pc all day waiting, you can have a life outside forex
[QUOTE=“eddieb;698618”] Hi Ying, I do something similar to that on EurUsd. Don’t overtrade or use full lots (unless you have deep pockets) and be prepared to wait days or weeks to get to your target[/QUOTE]
Your right, I think start with minimum lot is the best option, I was hoping I will not to get greedy next week. Last week I profit more than 150 pips with a full margin then it went reversal giving me nothing. Jez you know how greedy I am when money goes up, and tell everyone it feels great trading full margin when it turns green. Need some self control.
For me money is not the problem if you have a very good entry, my psychological mind set is the most difficult on this and hard to control.
Start with minimum that’s the plan… Minimum minimum minimum minimum…
To be fair, the OP did share with us what tools he uses to trade. Even though he doesn’t give us his system for entries, exits, etc. A person could quite easily build a simple system based on what he has told us. Heiken-ashi and renko are bouth used to filter noise from the market to help us see the trend clearer. They are trend following type indicators. He said he uses a 4hr HA chart with one indicator (probably a momentum indicator to confirm change in HA trend). When the 4hr trend is up/down, you then switch to the 15 pip renko chart and take only trades in the direction of the 4hr trend.
Basically, a MTF trend following strategy. Now this is just off the top of my head so I don’t know if this would be profitable or not but it makes sense from a logical point of view. And a 15 pip renko chart would yield multiple entry signals a day. So combine that with trading maybe 2-3 pairs or maybe more, I could see how he makes 100+ pips a day. Of course, maybe 100 pips everyday might be too much but at least 50+ pips a day would make anyone very happy. I don’t think it is a completely unrealistic claim
I do trade multiple pairs. Sometimes I have as many as 4-5 trades at one time going on. The main indicator I use is the Ichimoku Kinko Hyo (on the Heiken-achi chart). But I use it a bit differently than most.
I’ve never tried it before…
. Working better now with small stops although I try to look for support or resistance points now as I have been stopped out just before it turned and went my way . That’s more frustrating than being wrong . Being right but having 2 tight a stop