When I read these, I think I am reading scalpers opinions. I tend to let my trades wind out so I swing trade my Currency positions, whether it's futures or Forex... In the past 3 weeks, I have collected 300 points from AUDUSD, 150 points from USDCAD and 200 points from EURUSD Never in a trade for more than 2 days. When it starts running sideways, I may take a 10-20 point loss and then take a break and find another market. With all the available pairs, they never ALL go sideways at the same time. I chart watch 12 pairs that I currently trade. Forex requires patience. The run and gunners get sliced and hacked very quickly, but if you have the patience and discipline you can pick up some nice profits. I use IB. Very tight spreads, quick fills and no fear. LOL. The rest is money management. Using IB allows me to bounce back and forth between Currencies and FX based on the size and pairs I am trading. With patience, it is feasible. With inordinate risk, you will blow up quick. I trade no more than 1 contract / $5000 in capital for currency futures and no more than 25,000 per $1000 in cash. IB's 50:1 for USD based and 30:1 or 20:1 for others works out fine to help minimize my risk. It is realistic to collect an avg of 10 pips per day. It's the leverage that will kill you if you cant handle the drawdown.... I had to learn to slow down my trading in FOREX. When I slowed down, I started consistently making money.
Well that wasn't really a track record, it was just the results of a friendly competition against another trader who said automated trading could easily beat manual trading! It cost him a bottle of Vodka. Sorry forex-forex how can I take you seriously when you seem to have difficulty working out the value of a pip, and think the size of account has any bearing on how many pips can be made. It's Xmas by the way, not April 1st
How do you find IB? The last time I looked at them for forex they had some obscure bolt-on trading platform designed specifically for forex but it didn't work very well, has it improved any?
I never use the FX Trader, I trade on the regular columnar page. The FX trader is cryptic to me in comparison to what FXCM or Oanda Offer. I find it easy to click on the bid or ask column and place my trades. I actually have those columns colourized for Buying or Selling (Green/Red respectively)
You think a pip has a fixed dollar value? A pip can be $1.00, $2.00, $3.00....$10.00 (as in my example) or more. A $5000 mini-account can handle a 10 mini-lot trade order with plenty of room for error. And yes those 10 mini-lots would be $10.00 a pip. And if you can get 10 pips a day why stop at only 10 mini-lots? Why not go for 50 mini-lots at $50.00 a pip? Please post a link, I have never said anything about account sizes having any bearing on how many pips can be made. Stick to the facts.
Ok, thanks, maybe worth another look as I probably gave up on their platform too easily. The broker I'm with now, CMC, are getting even more clunkier than they've ever been and I didn't think that was possible
For Cable Trader, I have attaced a screenshot of my settings Layout in IB. I opened my regular layout inside my simu-trading account (eliminates me having to grey out a bunch of stuff.)
Ok, this is getting silly and it really isn't that important to me. 10 pips a day you say isn't possible, I say it is, easily. Let's agree to disagree and break open the eggnog to celebrate! Cheers!
Thanks for that, I've saved it and will have a closer look when I'm back at my pc with a decent sized screen. It certainly looks a heck of a lot simpler than what I had set up, and would make position and p/l tracking a lot simpler. I liked IB, that was the only thing that put me off, that and their customer support! Thanks
Well then trade 50 mini-lots in a $5000 account and pull in $500 a day if it's so easy. When you get down to the math and figure out the potential of 10 pips a day you do have to take a closer look at such claims. Your 7 day trading record is a start, but you have a long road ahead of you. Good luck.