7 pips per day? is it possible? - Page 3
Page 3 of 506 FirstFirst 12345 ... LastLast
Results 21 to 30 of 55

Thread: 7 pips per day? is it possible?

  1. #21
    Quote Originally Posted by ;
    quote Hello I picked 3 pips because that was the best quantity of movement to ensure that my trades would close on the TP at an average of 15 to 20 minutes maximum. At times it can take more, but its a safer amount to ensure profits, until the tendency is gone.I tried 7 pips, 5 pips, but wasn't familiar with the range that it took to close the trades. I favor security than greed. I trade reversals, using Bollinger bands with 12 periods rather than the normal 20, on 5 minutes charts. The combo of BB with RSI works very well for me. What...
    Luci, currently 4 factors at a congested sideways market, 6-10 at a strongly trending market . Seems like we trade in a similar style for time frames and goals. Still playing with the amounts as I hate to find a 3 or 3.8 point place reverse before the magical number of 4. Then try to repeat it 4-5x per day on different pairs.

  2. #22
    For those who stated making seven pips per day is easy or anyone can do this, try and do it daily for a year then. Look at the trade explorers, there are individuals who can easily earn few hundred pips in a couple of days or even a thousand pips per month. However, look at the whole season and average it out one of all their wins and losses you will realize they hardly even breakeven per month on average concerning account building

    If you could only make 7 pips every day on a almost certain rate everyday, you would already be a millionaire in no time supplied u have some guts with your lots.

  3. #23
    All the professional traders I know, whether they exchange forex or futures markets, don't make so much per day. That's a term used by marketers, since they understand what beginners are searching for, and that's a steady income so they can get rid of their tasks. Money from the market that it is possible to count on doesn't come stable or well so much per day. Real traders earn profits, funding their costs, save profits, add a few profits for their accounts for further construction of the account, etc.. Just like every company, which is exactly what actual trading is.
    ....
    I will tell the only way a trader is able to earn $1,000,000 out of trading.

    Here is an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for smaller declines, win on 3800 of them for moderate profits, and win fairly large on 200 of them. You make your million out of this series of trades by losing only $9 million on your own total of losing trades while earning $10 million dollars on your total of profitable trades. This usually means donating $50 a transaction a lot or contract (in the case of futures), which is really great after expenditures. Very doable with robust procedures. Additionally, you need to remain on your game or you won't do so well.

    But this is nothing like you have been promised by the gurus and promoters of the money every day foolishness.

    The above quote is from Joel Rensink, a seasoned trader with over 30 years experience. You can read the whole post here. Admittedly he is talking predominantly about his own way of trading, but read into it anything you select.

  4. #24
    Quote Originally Posted by ;
    7 pips per day on average is quite achievable. .... You are currently assuming you will make about 28 percent returns per month. That's just crazy. .... It goal each year. Something not exceeding 120%. If you create more, good! But set expectations.
    Maybe I have misunderstood you, but I wholeheartedly disagree with all the components I have quoted.

    In my experience, the most difficult part is finding a robust edge that'll deliver any kind of consistent profit over many years of shing markets, i.e. your whole trading profession.

    If (and I stress IF) it's possible to find such an advantage, and trade it in a high enough frequency, then provided that you've got the guts required to trade considerable amounts of capital, there is no reason why you can't compound your way up to whatever constraints are allowed by your br0ker.

    If (for example) 1 percent return is possible, then 2%, 3%, 4% etc is every bit as possible, by simply (1) taking on greater risk per place, (2) trading more frequently, (3) finding similar chances in uncorrelated tools, (4) compounding more frequently, etc etc.. Of course more risk entails bigger drawdowns, hence you have to test to obtain what is optimally both mathematically recoverable and emotionally tolerable, and stay well inside those bounds. Some number.

    But simply assuming that (say) 5% each month is attainable, as it feels like a sensible figure, but 28% is not, because it appears too good to be true, ultimately makes no sense.

    If a trader could net 7 pips per day, every day, using a 1:1 egy, then using suitable MM and emotional control, he would attain a life changing amount in very quick time. Regardless of if he sets goals, or maybe not.

    But to create that 7 pips per day, he would first need to discover a methodology that provides such an advantage. That's the challenge.

    ___________________

    @chaosbun: good post.

  5. #25
    The actual challenge is not losing more than just 7 pips in your process of trying to make them. The spreadsheets always look nice, but in fact, everyday you just take 7 pips the moment you buy them , but on these days where your very first trade goes to a loss, and your next, and then your third party... how far do you allow your account slide before you quit trying to return and make your own 7 to the day?

    These threads are on every forum related to trading, anyplace. The fear of loss is astounding and why the markets will constantly continue to feed those that could remain stable and not emotionally compromised. Fear of losing is exactly what causes you to place stops to tight, consider profit too soon, seek to obtain only minimal daily profit goals but take endless reductions.

    Learn to accept losing within the business and you will start to proceed, I promise that, as long as you don't trade over-levered. The Sonic thread (later being taken over by this hack) is a nice illuion of what happens when you're unwilling to take losing - you end up adding to losing transactions for weeks believing you're on the ideal side of the market. That is complete nonsense that is 100%.

    Embrace losing - it makes you one step closer to your next win. Seek to trade well, not be right.

  6. #26
    Quote Originally Posted by ;
    quote Maybe I've misunderstood you, but I wholeheartedly disagree with all the parts I've quoted. In my experience, the toughest part is finding a strong border that will deliver any kind of consistent profit within many years of changing markets, i.e. your entire trading profession. If (and I stress IF) it's possible to find such an advantage, and trade it at a high enough frequency, then provided that you've got the guts required to trade considerable quantities of capital, there's no reason why you can't compound your way up to whatever limits are allowed by...
    How do you test this kind of advantage? Over many years of changing markets? How can you build up the confidence your egy will work regardless of what the markets do? And when you do build up that confidence following several years of analyzing the egy, how can you know it is going to work ahead?

    Sooner or later, you have to take a significant leap of faith. The very best way to do this is by managing your risk.

    Moreover, I've yet to meet somebody who has never experienced long streaks of losses. Should you wipe out of your account in this sequence, it is irrelevant how much of an advantage you've got. You have no capital left to trade with.

  7. #27
    Quote Originally Posted by ;
    quote How do you test such an edge? Over many years of shing markets? How do you develop the confidence your egy will operate no matter what the markets do? And when you do develop that confidence after several years of analyzing the egy, how do you know it will work ahead? Sooner or later, you must take a significant leap of faith. The very best way to do this is by handling your risk. Besides, I've yet to meet someone who has never experienced long streaks of losses. If you wipe out of your account in such a streak, it will not...
    Exactly!

    The challenge would be to maintain an average your 7 (or anything) pips per day, each day, over a lengthy time.

    Yet there are folk in this thread who are saying things like any idiot can get 7 pips a day and why stop in 35 pips per week when you can buy 80? .

    However many pips do they should risk, to receive their 7 pips?
    And how big will be the adverse swings they need to ride outside?
    And for how long can they maintain their edge?

    As the saying goes, amateurs focus on returns, while pros focus on risk.

  8. #28
    Quote Originally Posted by ;
    quote Exactly! The challenge would be to maintain an average your own 7 (or anything) pips every day, daily, over a really long time. Yet there are folk in this thread that are saying things like any idiot can get 7 pips a day and stop at 35 pips per week as soon as you can get 80? . But just how many pips do they really need to risk, to get their 7 pips? And how large will be the adverse swings they will need to ride out? And for how long can they maintain their edge? As the saying goes, amateurs focus on yields, while pros focus on risk.
    In their defense, when you start off with $1K, it is hard to focus on risk. It is like playing the slot machines. You really care if you lose a few dollars? Insert those $500 deposits within a few years and you have lost a fantastic chunk of change. However, that is not the worst part. The worst part is that you have wasted valuable time.

  9. #29
    So is it possible to state: 7 pips daily is easy, if you're able to win 100 pips every day by loosing only 93?

  10. #30
    Normally, sure. Instead of making 7 daily, make certain four 35pips trades over the month and you're all set.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information