make 10 pips a day easy

This is a discussion on make 10 pips a day easy within the Indices forums, part of the Markets category; Ive been trading this for the last three months. market - ftse100 charts. fxcm mt4 and IGmarkets advanced charts. tf ...

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Old Jul 14, 2012, 2:21pm   #1
Joined Jun 2012
make 10 pips a day easy

Ive been trading this for the last three months.

market - ftse100
charts. fxcm mt4 and IGmarkets advanced charts.
tf - one minute


when the market is bouncing in a small range trade the gaps on mt4 for one pip scalps only. a 10pip s/l will suffice as a catastrophic loss control. it will be rarely hit.

Before you start bombarding me with RvR of 10:1. I know that already.

But so long as you trade this when the market is ranging and you have checked for any uk related news not coming out, then you can easily pick off 10pips.

IF you see a gap on fxcms mt4 you need to confirm it on igmarkets advanced chart. It must be a minimum of 0.5 of a point on that chart too.

open a demo with fxcm, set the dealing window trading settings to 'single click' and limit of 1 (one). when price goes two pips away from a gap trade it. never trade for the gap to be closed. only to the edge of the gap. Often price will only come to the edge then bounce off.

This will make you money. i use it every day. from 10am-noon UKtime .
dont get greedy. 10pips a day is 50 a week and thats 200 a month. trading at a tenner a point gives you £2k/month. small bites at the cherry.

Have fun
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Old Jul 14, 2012, 2:37pm   #2
Joined Oct 2006
Re: make 10 pips a day easy

Quote:
Originally Posted by johnfox1234 View Post
Ive been trading this for the last three months.

market - ftse100
charts. fxcm mt4 and IGmarkets advanced charts.
tf - one minute


when the market is bouncing in a small range trade the gaps on mt4 for one pip scalps only. a 10pip s/l will suffice as a catastrophic loss control. it will be rarely hit.

Before you start bombarding me with RvR of 10:1. I know that already.

But so long as you trade this when the market is ranging and you have checked for any uk related news not coming out, then you can easily pick off 10pips.

IF you see a gap on fxcms mt4 you need to confirm it on igmarkets advanced chart. It must be a minimum of 0.5 of a point on that chart too.

open a demo with fxcm, set the dealing window trading settings to 'single click' and limit of 1 (one). when price goes two pips away from a gap trade it. never trade for the gap to be closed. only to the edge of the gap. Often price will only come to the edge then bounce off.

This will make you money. i use it every day. from 10am-noon UKtime .
dont get greedy. 10pips a day is 50 a week and thats 200 a month. trading at a tenner a point gives you £2k/month. small bites at the cherry.

Have fun
You're doing that on a demo account, try it on a live account and see how you get on. You're wasting your time with this.
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Old Jul 14, 2012, 2:58pm   #3
 
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Quote:
Originally Posted by pboyles View Post
You're doing that on a demo account, try it on a live account and see how you get on. You're wasting your time with this.
Agreed
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Old Jul 14, 2012, 2:59pm   #4
 
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Re: make 10 pips a day easy

2k a month ?
what's the point of that ? hardly worth getting out of bed

especially the trading hours you recommend....who's going to give up the chance for a full-time job to risk earning just 24 large a year ?
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Old Jul 14, 2012, 4:11pm   #5
Joined Jun 2012
Re: make 10 pips a day easy

johnfox1234 started this thread sheesh you guys are negative. give it a go. it isnt hard to do. dont knock a thing until you have tried it.

Pboils - i am doing it with a live account.
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Old Jul 14, 2012, 4:16pm   #6
Joined Feb 2009
Re: make 10 pips a day easy

sorry, but can you elaborate on how you define the gap, maybe a chart image for both fxcm and ig if possible. thx
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Old Jul 14, 2012, 4:23pm   #7
Joined Jun 2012
Re: make 10 pips a day easy

johnfox1234 started this thread
Quote:
Originally Posted by bhindaas View Post
sorry, but can you elaborate on how you define the gap, maybe a chart image for both fxcm and ig if possible. thx
attached is a chart from fxcm mt4. the data is all only one point so it is easy to see a one point gap. on igmarket charts it is a little more difficult as the scale is in tenths. so you need to measure and ensure it is at least 0.5.

These gaps arent something you can backtest. there are many many more gaps that appear which you trade but they wont show on the picture below as they have been filled. I only trade to the beginning of the gap. not for a complete gap fill.
Attached Thumbnails
gaps.jpg  
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Old Jul 14, 2012, 5:01pm   #8
 
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To state that a stop of only 10 pips will rarely get hit is a very bold statement. You have any evidence to back that claim?
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Old Jul 14, 2012, 5:08pm   #9
Joined Apr 2006
Re: make 10 pips a day easy

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Originally Posted by forker View Post
To state that a stop of only 10 pips will rarely get hit is a very bold statement. You have any evidence to back that claim?
he's only looking for 1 pip, so the stop being hit will be rare. The problem of course with these asymmetric risk reward ratios is that it takes a very long time to build up a statistically valid sample of losing trades, and often the true expectancy takes a while to reveal itself. It always does does in the end

scalping for 1 pip seams like a very difficult way to earn a crust.
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Old Jul 14, 2012, 5:17pm   #10
 
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He would need more than one pip though to cover the transaction costs.
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