Scalping for 2-5 pips/day

Trading Systems Free Forex Trading Systems
1

I have been using something similar to the 45pips program, but with a twist. Mainly, I have been working on my discipline for the past 14months. I will give myself another 3-4 months before I dive in with the real money. Plus I had to show a consistant record before my “boss” would trust me with our money. I plan to use at least $40K.

please share you opinion of what I am doing. My goal is to average about 5 pips a day. Yes, this is small, but the difference is made up with the higher amount of money I plan to use.

I use MACD and Parabollic SAR. I look at 30min, 10min and 1min.

I look at 30min to get an idea of the movement for the next few hours.

I compare the 10min and 1min to enter. When the red crosses the blue, in favor of an OPEN, I confirm the direction with the Parabolic SAR dots. if the direction is in favor, then I OPEN. I set a limit for a 1 or 2 PIP close, if I cannot observe. If I can observe I set a limit for 5 (maybe 10) PIPs, depending how the movement looks, or I just watch and CLOSE when ready.

I try to only make an OPEN in a trend where should I OPEN at a wrong time there would be a rebound usually within a day or two (this has happened about 5times). Usually, I have made my PIPs within 1-5 hours (manytimes within 30mins).

Mainly, with these smaller PIPs I am trying to discipline myself to avoid the GREED factor and lose a lot (of course with the possibility of gaining a lot).

I figure, there is a lot of money out there. I’d rather get my 2-5 PIPs most of the time with little worries than possible big losses.

Again, I have been playing for about 14 months. I have been doing this method for about 9months. I must be lucky. no losses yet. Of course, using the real money will tell the CORRECT story.

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hey jedipaco

if its worked for you thus far then go for it. Just make sure you stick to the same plan when u go live.

3

I haven’t been in this business as long as you. But I wish I had you patience. I have heard from quit a few people that demo trading is not like the real thing. This problem is even greater when you have never played any type of investments ie stocks or futures ect… So my advice to you (for what it’s worth)
Since you have a large amount. Start small. Start with only $4,000.00 and trade mini lots. After you have a proven track record then take your profits buy me some beer and invest the whole amount.
This way you will keep the boss from having ammo (to fire you) should something go wrong.
If you haven’t lost yet then give us more info on your system

Good Luck and Keep your stick on the ice.

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I actually think I am just lucky thus far. There MUST be more for me to learn b4 I go in with the $. thanks.

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This way you will keep the boss from having ammo (to fire you) should something go wrong.
If you haven’t lost yet then give us more info on your system

Good Luck and Keep your stick on the ice.[/QUOTE]

you are right. I think I will start small, just to make sure my emotions don’t turn on me. I have done stocks b4, but this is a bit more fast. I like it…

as for what I am doing. not easy to explain. I use the MACD & SAR. I mainly watch to see if there have been movements of greater than about 35 within a 90min time-frame. The deal is I have to be lucky to catch it within the following 30-60mins. If the direction is still moving the same I then place an order in the opposite direction with a close with 1-3 pips, depending how confident I feel it looks. Unfortunately, this happens maybe 2 or 3 times a day, more if I’m lucky- - - & I’m not in front of my computer all day. If I can watch it, I try to let it ride more than 5PIPs. It’s easier if I place a limit for 2-3PIPs and walk away. That way it takes out most of the anxiety part of the picture.

I may look into one of those bot-programs, so I can have it watch it for me instead.

It is quite chicken-$hit for me to scalp, but it seems to be a somewhat safe way to make a few PIPs.

I’m hoping it’s not mostly luck, but so far so good with 2-3 PIPs.

thanx

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you said you’ve been doing this for 9months with no losses, right? i am not sure how long you should be backtesting and forwardtesting a system but your system sounds fairly reliable to me at this point. Anyway, I wouldn’t discount that by saying it’s just luck so far…

as far as going live maybe you could start with a small amount and use small lots. maybe using small lots and winning on the live account will give you more confidence and would be a natural next step before going live with larger lots/full lots. (there’s been some good threads about this.)

R

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I’ve heard it all now!