10 pips (at least) per day

Discussion in 'Forex Trading' started by increasenow, Jun 29, 2009.

  1. lol, good point :)

    Way too much going on today though, plus a long weekend in US, he's probably better off to have taken the money and run!
     
    #31     Jul 2, 2009
  2. Yes too right,
    that 380 resistance is interesting, as is 180ish bit further down,
    still as you said, you just don't know in fundie driven markets like these...
     
    #32     Jul 2, 2009



  3. Good trading! Congratulations!
     
    #33     Jul 2, 2009
  4. That guy is full of it

    No way he is trading for real
     
    #34     Jul 2, 2009
  5. you got it Cabletrader...checked my phone at about 5:30AM CST USA this morning and saw the fill for the 50 pip profit!...totally pumped!...so, 100 pip profit in 2 days trading the GBP/USD....what am I learning?

    1-I do best entering a trade after 4pm CST USA and setting a manual exit

    2-I need to stay away from 'jumping in' and trading Forex during US RTH

    3-don't get cocky with these 2 big wins

    4-might, just might stay focused on the GBP/USD for the time being..I REALLY LOVE THE HUGE DAILY TRADING RANGE...givea great opps for 50 pip type trading profits

    5-I am better at perceiving short/sell trade opportunities than long/buy trade opportunities...kinda like favoring a 'jumper' over a 'lay up'...

    6-I am best at trading Forex when NOT AT THE COMPUTER SCREEN TRADING MANUALLY...get me away from this...

    how is everyone else's trading going?

    oh yea, I am currently flat right now...no open positions...
     
    #35     Jul 2, 2009
  6. bpcnabe

    bpcnabe

    Congrats on the good calls.

    But a question or two:

    Are you entering a stop with your orders or are you just leaving it open to go against you while you sleep?

    If you use a stop, what profit:stop ratios or (more appropriately) what account risk percentage are you using for your calculations? Cable can be a very violent mover before it swings in your direction (sometimes not for days) so are you leaving yourself exposed for these drawdowns by getting stopped to quickly or letting your losses run before you close it out.

    One of the biggest problems most every trader has is deciding before you enter a trade where you want to exit if the call is wrong and sticking to that decision.

    I am sure I speak for most everyone who congratulate you on your recent success, especially since you have been pestering this forum over the past few months trying to squeeze as much info as you can. I just hope you are focussing on all the facets and not neglecting stops for protection.

    Keep up the good work.
     
    #36     Jul 2, 2009
  7. hello bp...thanks for the post...for this latest GBP/USD trade I had a 45 pip stop loss and a 50 pip limit profit target as mentioned( and was hit!!). What is a good 'rule of thumb' for GBP/USD or other crosses in establishing a stop loss pip amount (I.e 20,40,100 pips)...I have not got that down yet..yes, focus, focus, focus is what I am after...I think I am getting there...thanks again..
     
    #37     Jul 2, 2009
  8. bpcnabe

    bpcnabe

    Use the percentage of account measure to calculate what that pip amt should be. If you are using Oanda, they have a feature where it will be calculated automatically, plus use of moving stop as opposed to fixed stop. I am sure other brokers have something similar, but I am not familiar with them.

    You risk 2, 3, or 5% of your account balance on losses (2 being conservative and recomended, 5 for those more experienced). i.e. on a 10k account, a 2% drawdown would be 200. How many pips is that? Choose the level of pips you would lose to determine size, not the other way around. $200 could equal 20 pips, 10 pips, or even 50 pips. 200/50 = 4, trade size equals 40k, 200/20 = 10, trade size equals 100k.

    Once you have determined the level of risk you are comfortable with, it becomes automatic setting these limits when you place the trade and you take the emotion out of it.
     
    #38     Jul 2, 2009

  9. Won't the new NFA rules disallow for the auto-settings after this month?
     
    #39     Jul 2, 2009
  10. bpcnabe

    bpcnabe

    No they don't. Read the rule first, not the drivel from FXCM. That rule deals with multiple positions of the same product, hence the FIFO designation.
     
    #40     Jul 2, 2009