The 100 pip a day Journey

[weitanjun]

Hi there

I am Wei, I’m from Singapore.

Babypips is where i learnt Forex 13 years ago when I was a 18 year old, forgive me I can’t remember the actual date.

I’ve bursted 10 accounts and currently on a 1 year journey to rediscover trading forex. Will give myself 1 final year before giving up on forex. 4 Oct 2019, I will manage a virtual account on etoro for 1 year. If we make money on 3 Oct 2020. I will start going live.

Haven’t been trading for the past 5 years because I wasn’t discipline enough and went back to work to accumulate more capital.

I started using all sorts of indicators, Fibonacci back then and have tried many methods, I didn’t quite enjoyed looking at all the indicators.

Finally settled down with my trading strategy, the inchimoku cloud, golden cross and supply and demand zones and I’ve realised the best indicators are still the price actions.

The difficulty

1. The difficulty is always updating this trading journal on a daily/weekly basis.

I will try my best to update it as regularly as I can.

Currently I am using another platform to draw my charts, I’m not familiar with the forum rules on babypips as this my first time using babypip forum after so many years.

Current trades Open/Close

Currently (21 Oct 2019) -79 pips after 8 trades. 2 still open and in the profit.

ACHIEVEMENT

Best Daily Profit +55 pips 24 Oct 19 The 100 pip a day Journey
Best Monthly Profit +141 pips Oct 19 The 100 pip a day Journey
Worse Drawdown -105 pips 21 Oct 19 Not recorded on this Forum

Journal 100k demo account 0.1% Risk
_Figure is based on cumulative trades_

4 Oct 19 First day
21 Oct 19 -79 pips The 100 pip a day Journey (8 trades)
21 Oct 19 -86 pips The 100 pip a day Journey (10 trades)
24 Oct 19 +141 pips The 100 pip a day Journey (13 trades)

----------All above trades were taken with 0.1% risk----------

----------All below trades were taken with 1% risk----------

Journal 100k demo account 1% Risk
24 Oct 19 Yet to have any

Below are the Orders to be opened if price hits

1. USDSGD Short @ 1.3732
2. USDJPY Long @ 107.84
3. GBPUSD Long @ 1.2514
4. AUDUSD Long @ 0.6777
5. AUDUSD Long @ 0.6723

[weitanjun]

Sell 1.2994
TP: 1.2894
SL: 1.3040

Are we in the right position?

[weitanjun]

We were lucky enough, 20 pips movement already. Have since shifted stop loss to 1.2990 with 1 pip trailing stop activated

+5 pips LOL

Trailing stopped triggered the moment i update this thread.

[weitanjun]

We were given a second chance to enter

[Diabolo888]

try the £10k gamble forum by The Baller. This is really good. Looking at your method and comparing to his your SL is much too tight.

Will be interested in following your progress.

[weitanjun]

will have a look when i have time. Is the baller 10k gamble forum profitable? Have you tried?

SL tight (earn lesser lose lesser) haha.

[weitanjun]

Shifted stop loss to 1.2997. Guarantee 3 pips profit lol. HOpe dont get stopped out. Trailing stop enabled.

[Diabolo888]

it is clearly profitable but does require the balls to tolerate large drawdowns. It is similar to my own approach but i include refined entry rules in order to try to reduce drawdown and increase profit. I would encourage you to read the journal from the beginning and in particular the description from Baller.

I think tight SL only helps brokers.

[weitanjun]

thanks for your suggestion and improvement. i will definitely read up and improve on my SL.

[weitanjun]

omg, we got trailling stopped out again. + 9 pips profit…

Total Trades: 10
Total Win: 4
Total Loss: 4
Total Open: 2
Total Profit: -86 Pips

[weitanjun]

If you understand that support and resistance isn’t just a line, its a zone, then you will increase your win rate ten fold.

Many traders set their stop loss at the most obvious level, most of the time, a few pips away.

What are the chances the price will always respect that level down to the exact pip and reverse.

Many times price likes to prod the level and sometimes breakthrough it to have a look before reversing - that’s the difference between staying in the trade or getting stopped out.

Great tip diabolo888 thanks

[ria_rose]

Hi @weitanjun! This is suuuuper interesting. I really wish you all the best, and I’d definitely try to visit the thread as much as I can to also provide moral support. Haha. Good luuuuck!

[weitanjun]

We just entered short yesterday, but there was a limit for newcomer to post lol.

We still have 2 aussie long trade opened.

Anyway this is just a demo account. not trading live.

Edit (we just .6878-6861) 17 pips

[weitanjun]

Okay a few position got stopped out by trailing stop…

We are +86 pips since 4 Oct 2019. still far from the 100 pips a day, but at least we are close to 100pips a month haha.

Note: we are mostly trading major pairs.

Total Trade: 11
Win: 7
Lose: 4

[weitanjun]

good to hear Come back more give me, we can learn tgt as we progress.

[weitanjun]

Blockquote
Oct 21, 11:10 PM
omg, we got trailling stopped out again. + 9 pips profit…
Total Trades: 10
Total Win: 4
Total Loss: 4
Total Open: 2
Total Profit: -86 Pips

We were lucky, we went from -86 to +86 in 2 days. 200 pips swing lol.

Total Trade: 11
Win: 7
Lose: 4

I just realised my total trades do not tally. can someone spot my mistake? LOL

[weitanjun]

Okay 12 pips to entry point. Lets hope everything goes well

(edit) We won 28 pips on this trade 1.1110 to 1.1138

[weitanjun]

Total Trade: 11
Win: 7
Lose: 4

Today
Total Trade: 13
Win: 9
Lose: 4

+141 pips this month whOoohoo

We are on a 4 winning streak. Haven lost anything since 10/21/19

I think today 24 Oct 2019, 55 pips profit was good enough. still 45 pips from the 100 pip a day.

[weitanjun]

The latest 2 trades

EURUSD +28 pips (kicked out by trailing stop)

AUDUSD + 27 pips (kicked out by trailing stop too)

[weitanjun]

My thoughts after 1 month back in trading

So far we put in 2 rogue trade, Gambling trade #9 and trade #11. I have always bursted my account because I had winning streaks. We have 4 winning streaks. Im not going to gamble my streak from today onwards. Trade #3 and #4 were losses, each trade took 50 pips from us. 50*2 = -100 pips

Luckily for us 4 oct to 24 oct, almost a month, i have put in about 19 orders, 2 is still pending trigger. 4 not triggered, traded on 13 trades and won 9, lost 4. + 141 pips this month, still a far cry from the 100 pips a day challenge but I will try my best.

Currently we are risking 0.1% on our 100k demo account. I realised it was way too small, now we are going to up the stakes, we will be risking 1% per trade on the demo account.

Lets get our heart pumping.

Hopefully 12 months later, i have a + pips and we will go live.

Follow me along the journey and we will make some $$ together.

Attached are my trades on the demo account.

This was my call a few days ago

EURUSD Enter Long 1.1110

Anybody think going long is right? Enter Long 1.1110 Stop Loss 1.1060 Take Profit 1.1210 [eurusd]