You do not know how to time the FX market. I suspect you are average to way below average in your trading and have stopped your learning process long ago, from the time you'd instilled your beliefs. Whatever you believe is not possible will NEVER be possible for you, EVER.
Actually bob, there have been quite a few forex traders who have said that their accounts were frozen if they were succesfull scalpers, stressed not trying to take short-term profits (because the order would be front-run, stops would get hit, etc., etc.). ... and like I said before, there was a very experienced trader on here a year or so ago who treated anyone who was trying to scalp the forex markets as if they were a rank amatuer. But hey, if you've got a plan to overcome all that, it sounds great. I
How long have you been pulling in an average of 10 Pips Per Day or 50 Pips a week? Can you give an honest answer? The title of this thread is 10 Pips Per Day - Everyday
I'm not a scalper, I trade short term. Reputable Forex brokers do not care how you are trading. IB and all Currenex brokers would love for anyone to scalp all day long, they'd send you goody baskets for Xmas. Timing is of essence in the fx market like any other market. Using a stop is an amateur play, stops are placed where they are so the dealers and hunters(not brokers)) can collect them. Traders that bother researching the (micro)structure of the fx market, would know what makes it move, who makes it move and when. Strategies can be designed solely around the herd's stop placement. Reliable information is freely available, one simply needs to know which information he requires in order to find it. If someone is using a stop he's obviously not watching his position. There are hugely successful FX scalpers out there some of which I know. Every man to his style we know that, right? Bob
The amount of pips is completely irrelevant don't you think? It's the bang for buck you get on your pips that matters. If one were to watch 10-15 currency pairs he is almost assured to find at least one setup that will yield 100 pips or more, every week. It's just a matter of commitment to stalking the charts and a thorough feel of price action. http://www.youtube.com/watch?v=eKdgZ1scNuU
This is complete bullshit, despite your name I do not think you trade forex. I would not get into the trade if I did not expect +15 pips
Give some more details on your account type and what you trade. Use Google to get the information if you have to.
Hi, You will need to seek your own point of view, but please allow me to insert a little historical perspective and more. If you read "Reminiscences of a Stock Operator", you will find that the author describes the "bucket shops" of that era. Those "bucket shops" one could go into and place a "wager" on the direction of a stock. They were shut down because thet were not regulated and considered scams. Those wagers are the equalivient of options that was introduced to the retail traders by the government and exchanges in the 1970s. According to statistics I've read over 90% of ALL options expire worthless. According to Jim Cramer the stock markets can be manipulated easily and this video explains how he did it. In the video he tells how the government ignores it! http://www.youtube.com/watch?v=GOGLvxqAk4A According to Dr. Robert Vichas in his book "Getting Rich In Commodities, Currencies or Coins....etc" He tells of how many of the states tried to outlaw trading in commodity futures and succeeded for a while. Commodity futures trading was seen as scams and harmful to the public. He discusses the "Onion Futures" and why they are not traded even today. Spot FX trading is currently seen as a scam and as in anything they are always going to be crooks. As to government regulation putting a stop to scams, name one thing that any US government is involved in that is without crooks....including Government! Check out the article "You've Been Had" in the Jan '08 edition of Reader's Digest. If you think I might be wrong, go the the NASD & NFA websites and view the enforcement actions taken there against brokers & firms. I personally checked up on one Commodity firm, broker & clearing agent that were sued by a client for wrong doings, the client lost...because of TIME LIMITS within the customer agreement...NOT because they were wrong! From my point of view, there is one good thing that can be said about Commodity and Spot FX trading and that is this; Stocks and Options (incl futures options) CAN go to ZERO value, but Commodities and Currencies (majors only) can not! As to strategies to trade & possibly profit as you intend to do, there are plenty here and in other forums on the net that will cost you nothing, just remember to trade them in either a DEMO or Protected Trading Account before going live! Hope This Helps!
my acct type and how much I trade does not matter here. If I said I traded a billion dollars in forex a day, you would say you traded two billion the bulk of my trading is in futures indices and currency, I also trade forex daily.
We aren't talking about "billion dollars", we are talking about 10 pips a day. Stay on topic. 10 pips a day on a $5000 FX mini-account will provide a return of $100 a day or about $26,000 a year. $5000 to $26,000 in 1 year? LOL