How many pips you can get in 1 day? And what system that you use?
I aim for 40 a week using price action.
What system did you use?
[B]When i start forex i decided to lock just +10 Pip’s per day but the only problem i have on that time is money management coz i can not put My SL to -10 Pip’s … Anyway’s Now i target for +30 Pip’s & my SL is -40 Pip’s… But i try my best not to hit my SL & Most of the time i exit my position’s when i feel that market is slow or going against me or if i mistakenly enter’s in a new’s time…
It’s a tough business Man & market alway’s change’s it’s behaviour time to time so we can not say any system perfect…That’s why i am trading through several different way’s like CandleStick pattren, Trendline’s , S/R Level’s , Fib’s level’s & Fan’s (SomeTime’s) , Pavoit Point’s(Sometime’s)+ Some commen indicator’s like Stoch , Rsi , P-Sar Dot’s & Moving average’s…
But this is not enough Coz the only system i feel perfect is Trading through candleStick Pattren’s & S/R Level’s with trendline’s… Now My forex experience is very good coz i came in this business when i was just of +20:) …If you have some very good knowledge about reversal candle’s on higher timeframe’s than Hope so you will not feel yourself in trouble:p Here in BabyPip’s school You will find a good stuff about candlestick pattren , Taymen’s thread about this pattren is also very good…Google search about it or find video’s in Youtube…
PipHacker!!![/B]
Hey PipHacker…gee, only took you 70+ years 
(as per your “how old are you” post)…
[B]Haha I was just kidding around there …I am just of 25 & This Coming August I,ll be of 26;) …
PipHacker!!! [/B]
I aim for as many pips as I can get. I use PSAR and toggle between 4hr and 1hr charts.
well i woke up to +163 pips this morning on the cable;)
of pips per day is upto you and you trading system / style.
May i post a very interesting and very, very conservative spreadsheet regarding banking just 35 pips per week. I was recently sent it from my mentor. Any feedback would be appreciated.
I’ve been writing my week-by-week predictions down in a blog and the results were pretty astounding. For 4 weeks in a row, I had been averaging approximately 90 pips [B]PER DAY[/B]. My record was 1,244 pips in one week. After 4 weeks in a row of consistently winning, I had my first losing week this week, which knocked my average way down to a 35 pip gain per day overall (over the course of more than a month, mind you.)
In the past 24 hours I’ve closed 141 pips on 3 profitable trades (although I’m currently holding about -130 pips in open trades… that includes new limit orders that were placed in the opposite direction when those trades closed… it’ll even out by the end of the week.)
Hi Everyone,
Very good discussion all round.
Yarcofin, I am courious in what system you use and the time frame.
Meh… 20-300 depending on the timeframe and amount of trades put on…
Trading my system outlined here: 301 Moved Permanently
Cheers!
I netted 657 pips last month using Ingots Rainbow strat, search and you will find it. Though I have somewhat made it fit my trading style. Still its worth a look.
Though I would mention that i use fibs as well and Daedalus fib thread is an excellent read.
Cheers
Like many people here, I guess I would say I am using a modified version of the Cowabunga system (5 & 10 moving averages, RSI, Stochastic.)
But I guess I kind of just look at the charts and know from experience too.
Timeframe I would say all, but primarily 15 minutes and 4 hour. But really I go all the way from M1 to Daily depending on the circumstances and how detailed I want to get.
I also use support levels. Although I normally just visualize them, I’ll illustrate them on a picture for you to see…
I made this prediction on Saturday night, to be executed as soon as the markets opened at 6 pm EST on Sunday. These are my exact words, which you can see on my blog (link is in my profile, I can’t directly link to it because of forum rules.)
The yellow vertical line indicates when I made these predictions:
Short, T/P between 1.5425 and 1.5395
Buy Limit at 1.5425 (after short order has closed), sell at 1.5525
Below I have put the trades I made based on this info. As you can see, these 2 calls netted me over 100 pips.
Sorry, kind of small and I accidentally cut the price scale on the right side off, but you get the idea. You can verify the numbers and times on your own 15 minute charts.
So my basic strategy is either buy & hold for the week on strong trends, or exploit support levels basically. Overall I’ve found long-term (intraday) is a lot more profitable than shorter term, especially compared to scalping, at least for me.
What is a cable?
That’s an alternate name for the GBP/USD. There’s a historic basis for it …but why tell - it makes a good scavenger hunt.
Time Tested Classic Trading Rules for the Modern Trader to Live By
by Linda Bradford Raschke
This is a list of classic trading rules that was given to me while on the trading floor in 1984. A senior trader collected these rules from classic trading literature throughout the twentieth century. They obviously withstand the age-old test of time.
I’m sure most everybody knows these truisms in their hearts, but this list is nicely edited and makes a good read.
- Plan your trades. Trade your plan.
- Keep records of your trading results.
- Keep a positive attitude, no matter how much you lose.
- Don’t take the market home.
- Continually set higher trading goals.
- Successful traders buy into bad news and sell into good news.
- Successful traders are not afraid to buy high and sell low.
- Successful traders have a well-scheduled planned time for studying the markets.
- Successful traders isolate themselves from the opinions of others.
- Continually strive for patience, perseverance, determination, and rational action.
- Limit your losses - use stops!
- Never cancel a stop loss order after you have placed it!
- Place the stop at the time you make your trade.
- Never get into the market because you are anxious because of waiting.
- Avoid getting in or out of the market too often.
- Losses make the trader studious - not profits. Take advantage of every loss to improve your knowledge of market action.
- The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the equation for success.
- Always discipline yourself by following a pre-determined set of rules.
- Remember that a bear market will give back in one month what a bull market has taken three months to build.
- Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
- You must have a program, you must know your program, and you must follow your program.
- Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
- Split your profits right down the middle and never risk more than 50% of them again in the market.
- The key to successful trading is knowing yourself and your stress point.
- The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes.
- In trading as in fencing there are the quick and the dead.
- Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.
- Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
- Accept failure as a step towards victory.
- Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker! Don’t let ego and greed inhibit clear thinking and hard work.
- One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door.
- The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this he is safe. When he ignores this, he is lost and doomed.
- It’s much easier to put on a trade than to take it off.
- If a market doesn’t do what you think it should do, get out.
- Beware of large positions that can control your emotions. Don’t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.
- Never add to a losing position.
- Beware of trying to pick tops or bottoms.
- You must believe in yourself and your judgement if you expect to make a living at this game.
- In a narrow market there is no sense in trying to anticipate what the next big movement is going to be - up or down.
- A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss - that is what does the damage to the pocket book and to the soul.
- Never volunteer advice and never brag of your winnings.
- Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
- Standing aside is a position.
- It is better to be more interested in the market’s reaction to new information than in the piece of news itself.
- If you don’t know who you are, the markets are an expensive place to find out.
- In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word - Nobody! Thus the successful trader does not base moves on what supposedly will happen but reacts instead to what does happen.
- Except in unusual circumstances, get in the habit of taking your profit too soon. Don’t torment yourself if a trade continues winning without you. Chances are it won’t continue long. If it does, console yourself by thinking of all the times when liquidating early reserved gains that you would have otherwise lost.
- When the ship starts to sink, don’t pray - jump!
- Lose your opinion - not your money.
- Assimilate into your very bones a set of trading rules that works for you.
I usually make 1 or 2 trades / days with my 5 pip breakout system, everage is like 7 pips/day.
The Idea - We all know there are supports, resistants and psychology levels in currency trading and those are the places traders usually put their STOPs, especially retail traders. If you pay attention to the price movement, there are high probabilities the price will breakout the supports/resistants or it doesn’t touch the supports/resistants at all. Case 1, a clear breakout, price break the level with little or no retracement. Case 2, a fake breakout, it price the level about 10-20 pips then move back. It’s the second case that most of retail trader get pushout before they see the price move back to their favorate direction because most of them put the STOPs 5-10 pips around the supports/resistants. We often see when price breakout, its momentum last at least 15-20 pips and the movement usually very quick, in a fews seconds. Why? It’s very obvious, trader’s STOP get trigger, which push the price move further.
more detail and setup about the system can be found in my blog, see my profile for URL, can’t put link here.
Matt
I now have 2 strategies I use,
The first one usually gets 60pips a day most days
The other gets 200pips every 3-4days
Thanks for sharing this. Definitely a well thought out list