Hello one and all, my question to you is is it possible to make 1000 pips a day trading multiple charts on the 5 minute time frame? I did a count on my mt4 and it looks possible, could I be wrong? I just purchased a great indicator that I think may work, I’m a newbie btw …thanks all
Why not try out the indicator on a demo account and see what happens?
It is madness… You would need a crystal ball
1 Like
average movement of eur/usd is 70 pips a day. so you tell me if 1000 pips a day is possible?
consider that you cant catch 100% of a move but rather 30-60%.
anyways, its not the amount of pips that matters its the %gain that matters
1 Like
Perhaps you mean 100 pips, it is a common mistake to confuse the last digit on MT4 with a pip when it is really one tenth.
Post some numbers to clarify.
1 Like
WE KNOW
only a newbie asks a question like this
yes it’s possible, whether 1000 or 100 pips
but you are going about it the wrong way
if you are trying to make more money why don’t you just increase your lot size over 10 pips… same thing, More likely to happen
but you need to calculate your risk
obviously calculating risk is main thing before you open any position. one can wish for higher pips but should do such acts that do good for him. 100 pips are not an easy task then how one can make 1000 pips. However he can plan for a week or month trading with strategy to get this target.
Its possible but the truth is that the market determines how much you can make. The best that you can do is take full advantage of what the market offers.
1 Like
Not if you take into account stop positioning and spreads it isn’t ! A ten pip bet is far more costly in “Risk” than a 50 pip bet at 20% of the stake !
I just had a nice bet which cashed 51 pips today (20 pip SL) . If It had been a 10 pip bet with a stop of 4 pips to give me the same R:R of 2:5 - I Would have been stopped out and although the “Headline” loss would have been the same (except that I didn’t get stopped out) It would have cost me 5 times the “Commision” as if I HAD got stopped… So your statement has to be erroneous. Bloody hard to take 10 pips regular with retail !
4 Likes
Exactly.
Just one of the many deceptive things about learning to trade.
Everyone starts off thinking something like “Well, it must be much easier to make 10 pips than 50”, and that’s one of the reasons why you see so many noob threads about “Making 10 pips per day”.
Which is, in turn, one of the reasons we’re helping people to re-orientate themselves and start understanding it by constantly pointing out that they need to STOP thinking of what they can potentially make in terms of “numbers of pips”.
4 Likes
-
I’m not starting off, not even close
-
I actually wasn’t thinking that
@Falstaff
@LaughingCharlie
Guys, what i meant was… this is one option of many
but as we know it depends on circumstances.
i was generalizing , you guys are being specific, if you are going to be specific you will no doubt prove me wrong because i was generalizing.
i do understand what you guys are saying,
I didn’t mean you - and happy to clarify that. Sorry for any ambiguity.
@LaughingCharlie
no need to clarify mate. it’s all good
ok then, call it a misunderstanding on my part
no problem
1 Like
Nothing is impossible. But you must not see dream in day. By hard working one can do their best. 1000 pips is possible. But in 5 minutes it seems funny to me. And MrDE is saying exactly my point. Simple example. If the average movements of pips is 70 per day then how it is possible to get 1000. I think you have given one 0 extra. And earning the pips is not everything also we should focus on risk as well.
No it’s not possible in reality. In paper it is possible to gain 1000 pips per day. But when it comes to live trading it’s not possible. Just think 1000 pips is possible with that indicator, the creator would be billionaire in a year. Come out from daydreaming. Think realistically.
How about this, Topdogtrader…
Why don’t you find out how many pips you can get, on a consistent basis? And I’m talking about like 10 times in a row. You might just find out that it will be smaller than you think.
Maybe even to a break even 0.
Try it. And show us what you can do.
Mike
1 Like
@MikeWolski
@topdogtrader
Exactly
and even it’s a CONSISTANT number of losses, it’s a place to start
1 Like
Purely in the interests of providing a balance commentary, I am one of those that do believe it is “easier to earn 10 pips with 10 lots than 100 pips with 1 lot”. Although I mean that metaphorically and not literally.
Although maybe the word “easier” is not quite the right description for this comparison. On another thread there was a discussion whether or not the “noise” in price movement is any less on longer term charts than on short term. If the “noise” level is held to be identical on both short and long time frames then it is only a question of scale whether one trades 10 pips off the 15 min chart or 100 pips off the daily chart. And therefore it should be just as easy for someone to trade 10 pips per day as it is for someone else to trade 100 pips over a few days.
But I agree that it is not the same thing at all and both have their problems and requirements -both from the way charts are read and from the character, behaviour and expectations of the trader themselves.
There are maybe not so very many successful day traders on a full time basis, but I remember that Lexys was one here who lived full-time off earnings from day trading. And the 1H/15M timeframes were my bread and butter too for many years, albeit alongside a salaried job that I loved. Nowadays I am migrating more to longer term positions, not because it is easier but because it is far more challenging - but also more relaxing and demands less screen time.
In my opinion, trading the 10-50 pip range is extremely intense, requires an incredible amount of discipline, a huge dose of precision, fast decision-making, and an excruciatingly painful dose of patience. They are very intensive due to the close proximity of both target and stop levels. And that is not suitable for many people. I don’t think these short trades work well as “set and forget”. Also, I would add that short term trading for 10-50 pips tends to work when one only looks as an opportunist, jumping on setups whenever they might appear. But whenever one starts to look for “today’s” trades then the tendency is to pre-empt what might be a good setup starting before it actually exists and…there goes all yesterday’s profits and a bucketful of morale and self-confidence.
Longer term trades are more relaxing in that one already anticipates up-front some degree of swinging which is already reflected in the need for wider stops. Another benefit is that longer term trades often provide multiple opportunities to get out of a position at the end of a trend while it consolidates before taking a new trend. But that does not make it “easier”. At least not in my opinion. I still remember my very first long term trade. It was again EURUSD and a buy and I had planned all the R:R’s, stops, targets etc and everything looked great! This was going to be my big breakthrough into position trading - it immediately fell 95 pips slowly but very surely, and I closed it about 4 hours after opening it! haha! Well that was some years back now and only last year did I feel the urge to re-enter that ring again for another bout. 
I do like to demonstrate my arguments with examples and here is one from this morning. I started looking already yesterday to buy into EURUSD. and finished up on the day but I closed it out last night because I had to go somewhere this morning. But the 15m chart this morning offered one of those “100% guaranteed winner” setups that i just had to take a quicky before putting my coat on.
The open was above last week’s close, above last night’s close and above yesterday’s daily pivot - and had started moving up already. I was later into the move than I would have liked but this was good for a few pips still. I only got 7 pips before I had to leave, but it was a chunky position and I left happy - but I would have got my “10 pips+”. But if I was looking for a 100 pips? Well I would be well on my way by now, some 5 hours later, with about 40 pips profit on a still open position which would have been far smaller than my morning trade size - but will I see another 60 pips still on this move? Where do I lock in a profit if it slides back this afternoon? What if I close it with only 15 pips and then it takes off again? Should I look for more than 100 pips? And so on, and so on, and so on…
That was a real dopey trade to offer as an example with 7 pips, but hey, I’m not proud! and it was only to ilustrate a point afterall (and it was all the market was offering at that time)!
So I would settle for short term v. long term being just different with their own demands and their own quirks. To me, this just shows how incredibly versatile trading is and how many varieties and opportunities it provides for all kinds of characters and all kinds of personal situations and circumstances. But I wouldn’t suggest that anything in trading is easy (Nor is anyone else here suggesting that either).
But that is just my take! Over to you…
5 Likes
No, it’s not possible in any way. For 1000 pips per day you have to open many many trades in different pairs. Or many trades with a single pair. Trading is all about how good you manage your risk. By trying to do this, you will expose yourself to great loss.