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Thread: How many pips does a quotsuccessfulquot trader collect weekly?

  1. #11
    Well, 1 day when I open a real account. I think I will follow Merlin's advice. I am still trying to find it out, but at the time I do, I will have my mini-account again. I think if I were able to yield 40 - 50 pips per week, on a part-time basis, that would be enough to keep me interested in the company.

  2. #12
    Quote Originally Posted by ;
    ok let me attempt to enlarge upon this. First off, allow me to say this...

    YOU SHOULD NEVER TRADE 1 LOT

    this doesn't necessarily mean that you should over trade. It means that if you're trading 1 lot you're doing something wrong as you ought to be moving into smaller increments (if you're trading 1 miniature, you need to be trading 10 micro so that you get better resolution).

    In case your account is 5k or less you ought to be on a micro account, 100k or less you need to be on a mini account. This is to maintain your posture size flexible.

    So that your about to place on a commerce, EURUSD short. You figure you want a 30 pip stoploss for your trade. Your account is at 10k and you're risking 2% per trade. You would then try this calculation...

    ($10,000 x .02) / (30 x $1) = 6.66
    what your prepared to risk split by what every lot will cost you if a loser = 6.66

    where ...

    $10,000 is your account balance
    .02 is the risk per trade
    30 is the stoploss in pips
    $1 is the pip value on the EURUSD

    . . .so you would trade 6 miniature lots, or 66 micro lots if you'd like to get fancy.

    Dialist, can you venture a guess as to why you would go through all this trouble of sizing your transactions? Ill give you a clue, it has to do with holding something constant.
    What are you currently holding continuous? I exchange a single lot, 1 percent

  3. #13
    Look whether it works for you, that is what matters. That's one of the beauties of Forex.

    As for me personally, I'm still a newbie so I have much to learn about proper cash management. I'd think though at first glance it is better to trade in $10/pip, depending of course on your account balance. Say you have a $3000 account and you wanna earn an typical hundred dollars a day net income. Based on which pair u commerce of course, you're looking at around 10 pips every day, which is 200 pips per month, which I've been advised is a well respected professional sum to average. At times you'll earn more, sometimes you'll make less. The point is that is exactly what you average.

    Okay now I understand the logicians everywhere always point out the mathematics of this and invariably conclude that it must be highly unlikely to even be able to average a 1 pip/day profit, based on the fact that in that rate you'd earn enough cash in your lifetime to have the universe which as any sensible person knows is foolish and therefore most likely would not couldn't shouldn't occur. I'm not going to debate this head game...

    All I know is that I have started trading a $300 micro account (lol, I understand) for 2 days and so far I've closed seven winning trades and 1 losing trade. So yeah, that is where I'm at.

  4. #14
    Quote Originally Posted by ;
    Look if it works for you, that's what matters. That is one of the beauties of Forex.

    As for me, I'm still a newbie so I have much to learn about proper money management. I'd think though at first glance it is much better to trade in $10/pip, based of course on your account balance. Say you've got a $3000 account and you wanna make an typical hundred dollars each day net income. Depending on which pair u trade of course, you are looking at roughly 10 pips per day, which can be 200 pips per month, which I've been told is a respected professional sum to ordinary. Sometimes you'll make more you'll make less. The point is that's exactly what you typical.

    Okay now I understand the logicians everywhere always point out the math of this and invariably conclude that it must be highly unlikely to even be able to average a 1 pip/day profit, depending on the fact that in the rate you'd earn enough money in your life to have the world which as any sensible person knows is foolish and so probably would not could not shouldn't happen. I'm not going to debate with this head game...

    All I know is that I myself have started trading a 300 micro account (lol, I understand) for 2 days so far I've closed seven winning trades and 1 losing trade. So that's where I'm at.
    Good for me personally, I love to hear success stories. I'd be glad averaging $100.00 daily!

  5. #15
    Quote Originally Posted by ;
    okay let me attempt to enlarge upon this. First off, allow me to state this...

    YOU SHOULD NEVER TRADE 1 LOT

    this doesn't necessarily mean that you should over transaction. It implies that if you are trading 1 lot you are doing something wrong because you ought to be moving into smaller increments (if you are trading 1 miniature, you need to be investing in 10 micro so that you get much better resolution).

    If your account is 5k or less you ought to be on a micro account, 100k or less you need to be on a mini account. This is to maintain your posture size flexible.

    So your about to put on a trade, EURUSD short. You figure you will need a 30 pip stoploss for your transaction. Your account is currently at 10k and you are risking 2% each transaction. You would then do so calculation...

    ($10,000 x .02) / (30 x 1) = 6.66
    what is prepared to risk divided by what each lot will cost you if a loser = 6.66

    where ...

    $10,000 is your account balance
    .02 is your risk per transaction
    30 is your stoploss in pips
    $1 is your pip worth on the EURUSD

    . . .so you would trade 6 miniature lots, or 66 micro lots if you want to get fancy.

    Dialist, can you venture a guess as to why you would go through all this problem of sizing your transactions? Ill give you a hint, it's to do with holding something steady.
    Thank you Merlin.

    The response, of course, is continuous risk. I'm using exactly the mm egy that you outlined, just with 1% risk.

    After joining your response with people of Bjorn Erikcw (thanks guys), and thinking it on it at length, I'm starting to see your point. I only need a little more time in order for it to sink in.

    Again, thanks to everyone's reply.

  6. #16
    Quote Originally Posted by ;
    Thank you Merlin.

    The answer, of course, is constant risk. I'm using precisely the mm egy that you outlined, just with 1 percent risk.

    After mixing your answer with those of Bjorn Erikcw (thanks guys), and thinking it at length, I'm starting to understand your point. I just need a bit more time for it to sink in.

    Again, thanks for everyone's answer.
    Youve got the game correctly, it just takes a while to sink in man, I know. I didnt understand the phrase you should never trade 1 lot until 2 years after I first heard it

  7. #17
    Quote Originally Posted by ;
    youve got the game right, it just requires a while to sink in guy, I know. I didnt understand the term you should never trade 1 lot until two years after I first heard it
    I still do not get it.

  8. #18
    Quote Originally Posted by ;
    I do not get it.
    Give it a year LOL

  9. #19
    All traders new and old who don't understand this thread will do well to do nothing else until they do if the really get it they will know this is how the money is created - by controlling risk completely irrespective of the amount of pips gained. A major grin will come on there face as the penny drops because this actually makes profit much easier to attain. This took me two years and $20,000 aud to finally figure out. Don't proceed from this thread till you understand this is your access to success. Allow me to spell it out, if you are risking a mere 1 percent per trade along with your risk reward on the trade is only a conservative 1:1 so that your return when the trade wins is also a paltry 1 percent then one winning trade each week. Compounded, will give you a 100 percent per annum yield. The target could be a modest and easily attainable 20 or even 30 pips only. It's nothing to do with the amount of pips and pursuing large pip goals actually raises you odds of shedding, fully unnecesarily

    Quote Originally Posted by ;
    okay let me try to expand upon this. First off, let me state this...

    YOU SHOULD NEVER TRADE 1 LOT

    this doesn't necessarily mean that you should over trade. It implies that if you are investing 1 lot you are doing something wrong because you ought to be moving to smaller increments (if you are investing 1 miniature, you need to be investing in 10 micro so that you get much better resolution).

    In case your account is 5k or less you ought to be on a micro account, 100k or less you need to be on a mini account. This is to maintain your position size elastic.

    So your about to put on a trade, EURUSD brief. You figure you need a 30 pip stoploss for the trade. Your account is at 10k and you are risking 2% each trade. You'd then do this calculation...

    ($10,000 x .02) / (30 x $1) = 6.66
    what is prepared to risk divided by exactly what every lot will cost you whether a loser = 6.66

    at which ...

    $10,000 is your account balance
    .02 is your risk per trade
    30 is your stoploss in pips
    $1 is your pip worth on the EURUSD

    . . .so you would trade 6 miniature lots, or 66 micro lots if you want to get fancy.

    Dialist, will you venture a guess as to why you would go through all this issue of sizing your trades? Ill give you a hint, it has to do with holding something constant.

  10. #20
    Quote Originally Posted by ;
    quote First, you stated scenario. Why would you trade so haphazardly? If you don't know your capacity, then you certainly do not need to risk any money. You need to go back to demonion and learn your ordinary win/loss so you can judge your risk. Second, you're speaking about money being risked. So? You lost because you didn't make any pips. Imagine if you did the opposite of your scenario? What's your point? You need to understand how to earn pips before you risk any money. Those pips ascertain your consistency and your risk management program. A lot of people trade ancient...
    I understand very well how to trade.

    My purpose was that pips are not a meaningful measure of performance.

    Sorry you took it the wrong way. Enjoy your pips, percentages and I'll stick together.

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