For everyone seeking fully automated easy profits in the FX business, just set up a robot that someone else wrote. Remember what PT Barnum said: "There's a seeker born every minute."
[Hat tip Firesign Theater]
Forex Worth It?
- Thread starter stealthisblog
- Start date
For everyone seeking fully automated easy profits in the FX business, just set up a robot that someone else wrote. Remember what PT Barnum said: "There's a seeker born every minute."
[Hat tip Firesign Theater]
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
The amount of pips you make doesn't mean a thing, it how much each of those pips is worth that gives them meaning
romeo216
BANNED
- Jan 10, 2008
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I'm sorry I can't agree with that theory spanky. Maybe that works for you and your personality or whatever but that doesn't seem right to me.
I believe if you trade correctly you can earn 600 pips with one trade while only risking between 100-300 pips. With you only getting 6 pips per trade, it would take you 100 trades to gain 600 pips vs my 1 trade.
Gaining those 600 pips can be had over a period of 5-10 trading days. You have to average 60-100 pips per day to achieve the level of success I'm speaking of. that means you'd have to take between 10-20 trades per day and be successful at all of them.
If I were to win 7 out of 10 of my trades, i'd have 4200 pips - 900 = 3300 pips...it would take you over 500 successful trades in a row without any losses to achieve that.
Trust me, if you are trading in larger timeframes, there is a good chance to earn 600 pips on any given trade.
Pips do matter. When traders get concerned with pip value that's when fear/greed gets involved and ultimately throws you off. I've studied and traded for over 5 years. I've been successful for 3 of the 5 years. The first 2 years were horrible but I learned a lot.
I don't like 15m or 5m charts anymore because there is a lot of whipsawing. I tell all my clients to stay away from those timeframes. You can easily find yourself in and out of trades, chasing pips and eventually losing tons of money. Forex is a marathon not a sprint.
I believe if you trade correctly you can earn 600 pips with one trade while only risking between 100-300 pips. With you only getting 6 pips per trade, it would take you 100 trades to gain 600 pips vs my 1 trade.
Gaining those 600 pips can be had over a period of 5-10 trading days. You have to average 60-100 pips per day to achieve the level of success I'm speaking of. that means you'd have to take between 10-20 trades per day and be successful at all of them.
If I were to win 7 out of 10 of my trades, i'd have 4200 pips - 900 = 3300 pips...it would take you over 500 successful trades in a row without any losses to achieve that.
Trust me, if you are trading in larger timeframes, there is a good chance to earn 600 pips on any given trade.
Pips do matter. When traders get concerned with pip value that's when fear/greed gets involved and ultimately throws you off. I've studied and traded for over 5 years. I've been successful for 3 of the 5 years. The first 2 years were horrible but I learned a lot.
I don't like 15m or 5m charts anymore because there is a lot of whipsawing. I tell all my clients to stay away from those timeframes. You can easily find yourself in and out of trades, chasing pips and eventually losing tons of money. Forex is a marathon not a sprint.
I haven't made A LOT of money in forex, but I sure have lost A LOT in forex. Ok, maybe not a lot, just about 6K. One thing I can say for sure, forex is NOT a scam. It's quite legitimate, but very high risk. Brokers on the other hand can be scams. You have to be careful, some of them don't play fair.
I would suggest opening a demo account and trade it for awhile and then open a micro mini account. See if you even like trading. It can take a lot of energy.
Best of luck!
I would suggest opening a demo account and trade it for awhile and then open a micro mini account. See if you even like trading. It can take a lot of energy.
Best of luck!
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
romeo you still are not thinking like a trader...
I know you can gain more pips on higher timeframes... but you are also more likely to have an unfortunate event happen..
I do not have to make nearly the same amount of pips you do to make the same amount of money... your pips are worth considerably less than mine.
It doesn't matter if the market is ranging or trending for me to trade, in fact I love ranging markets more than trending ones because it is so much easier to see where price will bounce off.
I'm not convinced with your level of expertise in this field because you still target a crazy amount of pips, and think that pips are the determing factor. Target money rather than pips, its much better for hardening your psychology. The reason I said earlier that I get about 6 pips per trade is because you have no business knowing how much money I make on average per trade. You are also not seeing my point in being flexible, you can't force the market so some trades go for 0.5 pips, some 15 or 20.
I see the move before you do since I am on the tick chart, before you are in I am out with my money and on towards doing something with the rest of my day. Have fun looking at charts for hours upon hours and having alarms set at certain prics.
I know you can gain more pips on higher timeframes... but you are also more likely to have an unfortunate event happen..
I do not have to make nearly the same amount of pips you do to make the same amount of money... your pips are worth considerably less than mine.
It doesn't matter if the market is ranging or trending for me to trade, in fact I love ranging markets more than trending ones because it is so much easier to see where price will bounce off.
I'm not convinced with your level of expertise in this field because you still target a crazy amount of pips, and think that pips are the determing factor. Target money rather than pips, its much better for hardening your psychology. The reason I said earlier that I get about 6 pips per trade is because you have no business knowing how much money I make on average per trade. You are also not seeing my point in being flexible, you can't force the market so some trades go for 0.5 pips, some 15 or 20.
I see the move before you do since I am on the tick chart, before you are in I am out with my money and on towards doing something with the rest of my day. Have fun looking at charts for hours upon hours and having alarms set at certain prics.
romeo216
BANNED
- Jan 10, 2008
- 302
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Spanky,
You say I'm not thinking like a trader but you fail to realize that everything I've mentioned is the way banks trade. My pips may be less than yours or they may be more, you don't know that for sure. My accounts have enough to withstand major news or moves.
Spanky, I'll stick to my guns when people start to see trades as $$$ that's when they get scared/greedy and ultimately for 95% of traders that is their downfall. Am I correct or no?
I would rather take my chances with low risk/high reward trades vs. what you're doing(scalping). Like I said you have to complete 300 consecutive winning trades to produce my numbers. I don't think your system wins you 60% of your trades. It's unlikely if you're trading with a 2-5 s/l. How many pips do you average weekly spanky?
Pips are everything. Thinking money can ruin you. I know you're not going to say you win 100% of your trades because that's what it would take for you to duplicate my success. You may have short term success but it is what it is...over a long period of time...pip accumulation trumps everything....
You sound like a novice who's gotten lucky. Luck runs out in this field eventually. You will have to rely on a system/skill to be successful.
You say you are not convinced with my level of expertise because i target a crazy amount of pips.....Take a look back at what happened on the pound last week. There were two(maybe more) opportunities to trade off the 1 hr chart...If you got in at the right time on the first trade there was in opportunity to go short for 500 pips....and in the second trade there was an opportunity to go long and gain anouther 500 pips...you need the right system in place to see this...no I don't think targetting a bunch of pips is crazy...it's definitely there for the taking if you know what you are doing. The good part of those trades last week is that I didnt have to risk more than 100 pips on either trade.
You say I'm not thinking like a trader but you fail to realize that everything I've mentioned is the way banks trade. My pips may be less than yours or they may be more, you don't know that for sure. My accounts have enough to withstand major news or moves.
Spanky, I'll stick to my guns when people start to see trades as $$$ that's when they get scared/greedy and ultimately for 95% of traders that is their downfall. Am I correct or no?
I would rather take my chances with low risk/high reward trades vs. what you're doing(scalping). Like I said you have to complete 300 consecutive winning trades to produce my numbers. I don't think your system wins you 60% of your trades. It's unlikely if you're trading with a 2-5 s/l. How many pips do you average weekly spanky?
Pips are everything. Thinking money can ruin you. I know you're not going to say you win 100% of your trades because that's what it would take for you to duplicate my success. You may have short term success but it is what it is...over a long period of time...pip accumulation trumps everything....
You sound like a novice who's gotten lucky. Luck runs out in this field eventually. You will have to rely on a system/skill to be successful.
You say you are not convinced with my level of expertise because i target a crazy amount of pips.....Take a look back at what happened on the pound last week. There were two(maybe more) opportunities to trade off the 1 hr chart...If you got in at the right time on the first trade there was in opportunity to go short for 500 pips....and in the second trade there was an opportunity to go long and gain anouther 500 pips...you need the right system in place to see this...no I don't think targetting a bunch of pips is crazy...it's definitely there for the taking if you know what you are doing. The good part of those trades last week is that I didnt have to risk more than 100 pips on either trade.
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
True, however that fear/greed is controlled if you constantly think about $ rather than pips, better to learn to deal with stuff now than later...
I am trading with 85-90% hr, so I bring in around 45pips for every 5pips lost... Now I can't give you a rock hard number of pips/wk but my worst week has been 90 pips.
If you arn't thinking money you are not running a business and risk of it clicking someday... hey this trade.. is $100/200 a pip HOLY SHIT!?!?, and then you get scared.
I don't have to duplicate your success because my success is far greater, I know I open more trades then you do, but I limit my exposure in other ways and I also make more...
Lets put it this way... You want your 100 pip weekly target right? How many lots are you throwing at that? It seems like 1-2 std lots, so you are making 2k off that weekly trade. I am targeting about 6 pips a trade after comission. Meaning I need to make 17 or so trades to equal you right? WRONG, my accounts are far bigger than yours so I can put in more lots than you, my 6 pip trade is worth $200/pip more/less depending on liquidity and that equals your 100 pip trade.
The reason I am able to have such a high hitrate is practice... and I don't have to fight...
1.) banking algos like you do
2.) news
3.) unforeseen events
4.) I have lower spreads than you
5.) I have better accounts and execution
I know why you are taking the high pip/1 trade a week of so method. You have a very small account, you are under capitazlied. I am not bashing you I am just plainly stating that is the way you are trading, I do not like to trade that way because it invloves more risk for me. Maybe when you make some money you will move up someday you will see that your 1hr-4hr charts will not show you everything that is going on, and that you won't be filled when the momentum of the trade takes off! Take it from me I use to trade 1hr and 4hr patterns and s&r.. I know what I'm talking about here, I'm a few years of experience ahead of you.
I am trading with 85-90% hr, so I bring in around 45pips for every 5pips lost... Now I can't give you a rock hard number of pips/wk but my worst week has been 90 pips.
If you arn't thinking money you are not running a business and risk of it clicking someday... hey this trade.. is $100/200 a pip HOLY SHIT!?!?, and then you get scared.
I don't have to duplicate your success because my success is far greater, I know I open more trades then you do, but I limit my exposure in other ways and I also make more...
Lets put it this way... You want your 100 pip weekly target right? How many lots are you throwing at that? It seems like 1-2 std lots, so you are making 2k off that weekly trade. I am targeting about 6 pips a trade after comission. Meaning I need to make 17 or so trades to equal you right? WRONG, my accounts are far bigger than yours so I can put in more lots than you, my 6 pip trade is worth $200/pip more/less depending on liquidity and that equals your 100 pip trade.
The reason I am able to have such a high hitrate is practice... and I don't have to fight...
1.) banking algos like you do
2.) news
3.) unforeseen events
4.) I have lower spreads than you
5.) I have better accounts and execution
I know why you are taking the high pip/1 trade a week of so method. You have a very small account, you are under capitazlied. I am not bashing you I am just plainly stating that is the way you are trading, I do not like to trade that way because it invloves more risk for me. Maybe when you make some money you will move up someday you will see that your 1hr-4hr charts will not show you everything that is going on, and that you won't be filled when the momentum of the trade takes off! Take it from me I use to trade 1hr and 4hr patterns and s&r.. I know what I'm talking about here, I'm a few years of experience ahead of you.
romeo216
BANNED
- Jan 10, 2008
- 302
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Spanky,
You don't know what's in my account. My pips could very well be worth a lot more than yours. I trade this way because it is a solid system. I trade this way because I've been successful with it for nearly 3 years. I dont question what you have in your account or try to guess either. I know millionaires who trade the same way I do. Their pips are worth $5000 to $10000.
You don't know what's in my account. My pips could very well be worth a lot more than yours. I trade this way because it is a solid system. I trade this way because I've been successful with it for nearly 3 years. I dont question what you have in your account or try to guess either. I know millionaires who trade the same way I do. Their pips are worth $5000 to $10000.
LF adviser
Newbie
- Apr 6, 2009
- 3
- 1
Hello dear participants of the dialogue.
I'm the official representative of the company LiteForex. My name is Dmitry. With the permission of the forum administration, I would like to invite all interested persons to discuss the services of our company in this topic. Also I'll be glad to listen to offers and help to solve interesting questions.
I'm the official representative of the company LiteForex. My name is Dmitry. With the permission of the forum administration, I would like to invite all interested persons to discuss the services of our company in this topic. Also I'll be glad to listen to offers and help to solve interesting questions.
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
yea romeo go ahead and just scam people with your lack of knowledge, in the earlier thread you said you were not looking to get your name out there and you were not advertising your services... look at your signature now. I understand everyone needs to make money but geeze. I am done with you, I know full well how big your accounts are and they are no where near getting an institutional feed that shows me enough. To put even more on the table you asked me what brokers I use since yours are junk.
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romeo216
BANNED
- Jan 10, 2008
- 302
- 90
Spanky,
yes I asked you what brokers you use. that was out of curiousity. that does not imply that my system does not work. you are sadly mistaken. I haven't really said anything negative about you or your system in this thread. Yet you're ready to start a war of words again. What is your problem?
If you are really making that much money, why are you full of hostility? If anybody wants to see the live trades I called just request to follow me on twitter.
yes I asked you what brokers you use. that was out of curiousity. that does not imply that my system does not work. you are sadly mistaken. I haven't really said anything negative about you or your system in this thread. Yet you're ready to start a war of words again. What is your problem?
If you are really making that much money, why are you full of hostility? If anybody wants to see the live trades I called just request to follow me on twitter.
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
haha I'm fiddling around with 6pips.. take a look at the second charts for opening yesterday and today you fool.
I said my trades go for an average of 6 pips... I didn't say I couldn't catch a straight run...
I'm full of hostility because I don't want people to be fooled by your BS. I'm not offering to trade like other people or teach other people like you are... if you make money from forex you don't need to charge $500 for a lesson on how you trade...plenty of people do it for free.
I said my trades go for an average of 6 pips... I didn't say I couldn't catch a straight run...
I'm full of hostility because I don't want people to be fooled by your BS. I'm not offering to trade like other people or teach other people like you are... if you make money from forex you don't need to charge $500 for a lesson on how you trade...plenty of people do it for free.
spankythepyro
Power Member
- Mar 7, 2009
- 572
- 95
nope not losing, only made 2 today and then on with the rest of my daily business, I have classes in a hr so I'm getting ready to go to them 
And you're not reading correctly about over exposure and staying in market runs... you sir here are the uneducated one. Have fun robbing people for $500 for mentoring.
And you're not reading correctly about over exposure and staying in market runs... you sir here are the uneducated one. Have fun robbing people for $500 for mentoring.
romeo216
BANNED
- Jan 10, 2008
- 302
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You're not a trader. You're a gambler. You're scalping for pips, chasing pips. That's fast way to lose money. Trading like that, you'll lose just as fast as you win. You're clearly the one who's not educated.
I'm up 200 pips today. What do you have? like 12? if that.
I'm up 200 pips today. What do you have? like 12? if that.