Average 500 pips weekly

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Old Feb 10, 2011, 11:37pm   #1
Joined Oct 2006
Average 500 pips weekly

Dear friends, I will be sharing here my trades with you and see if I survive long enough making 500 pips weekly. Sharing my trades and performance with you will make me better at controlling my self and not entering a market at the wrong time.

This week as of today I made +336 pips so far. I want to continue my journal here. I don't think I will post here my trading statement but you will be able to track my performance when I enter the market and when I exit.

My target is anywhere from 20 pips to 50 pips, sometimes I close the position earlier few pips if the trade is almost hit target but I have another good opportunity to get in to trade with different pair.

My stop loss is about 100 or more pips. Why I put stop loss is only to prevent unexpected move of market. But if my position goes agains me 30 pips I open another lot, it goes agains me more I open another lot and if I get to the point where I will be positive total if I close all 3 positions even if the first one is negative then I will do it. I didn't meet any big draw downs neither any big losses.

If there is something you know that I need to change please let me know.

Currently open positions:
USD/JPY Sell 83.17 Target 82.80
USD/CHF Sell 0.9683 Target 0.9640
GBP/JPY Sell 133.98 Target 133.48

PREVIOUS CLOSED POSITIONS:
EUR/JPY Target hit +37
EUR/USD Target hit +46
USD/CHF Target hit +28
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Old Feb 11, 2011, 12:33am   #2
Joined Jun 2007
Re: Average 500 pips weekly

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Originally Posted by Pip Maker View Post
Dear friends, I will be sharing here my trades with you and see if I survive long enough making 500 pips weekly. Sharing my trades and performance with you will make me better at controlling my self and not entering a market at the wrong time.
If you can enter at the right time by sharing you can do it without .

Something tells me your not quite there yet. Still a piece of the jigsaw missing. :-)
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Old Feb 11, 2011, 12:52am   #3
Joined Oct 2006
Re: Average 500 pips weekly

Pip Maker started this thread ADDING NEW POSITION:
Buy NZD/USD 0.7615 Target 0.7645
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Old Feb 11, 2011, 10:07am   #4
Joined Jul 2010
Re: Average 500 pips weekly

Have you considered what will happen when you are on the wrong side of a strongly trending market?
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Old Feb 13, 2011, 10:33pm   #5
Joined Feb 2011
Re: Average 500 pips weekly

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Originally Posted by Pip Maker View Post
ADDING NEW POSITION:
Buy NZD/USD 0.7615 Target 0.7645
what was your net pips for the day?

what style do you use?
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Old Feb 13, 2011, 10:45pm   #6
 
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Re: Average 500 pips weekly

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Originally Posted by Pip Maker View Post
If there is something you know that I need to change please let me know.
I think a change of perspective would do you good.

500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.

Look at it this way, if you're buying and selling one can of coke at a time, and you make a grand in a week, then you've done a good job, if you're buying and selling 8 bedroom houses, it's less impressive.
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Old Feb 13, 2011, 11:09pm   #7
Joined Feb 2011
Re: Average 500 pips weekly

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Originally Posted by Hotch View Post
I think a change of perspective would do you good.

500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.

Look at it this way, if you're buying and selling one can of coke at a time, and you make a grand in a week, then you've done a good job, if you're buying and selling 8 bedroom houses, it's less impressive.
Well said Hotch...but only he can know
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Old Feb 14, 2011, 12:26am   #8
Joined Jul 2010
Re: Average 500 pips weekly

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Originally Posted by Hotch View Post
500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.
Good advice, but it might also be worth condisering the risk vs return per trade also. If he's adding additional lots every 30 pips as trades go against him, and bailing at 100 pips in a worst case scenario, he's actually risking 100 + 70 + 40 +10 = 220 pips per trade, to potentially make just 20 - 50 pips (say an average of 35 pips). So for every big loser he has to have 6 winners. A very risky way of trading IMO.
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