20 pips a day keeps stress away

[bedsit]

In this initial stage (testing the system) I wouldn't make big trades – unless I lose control completely. But eventually if it works (after a month or so) planning to do £10 a pip. In case of 80% success would be £300 per week for the system that needs following for 10-15min at 14:15. I'll be happy with that. Do some other systems and guess would get more than average salary.
There is option of £20 a pip, but for the time being I wouldn't dream about £50 a pip – that would be stressful unless you have a million to spare.

 

[shadowninja]

Assuming your system works, if you compound things, you would be able to trade £50 before long.

 

[bedsit]

Well, trading urge is back.
Looked at the yesterday's chart and price came up to 93% of range target.
Today's range 40.7 so far.
Upside I can see a big down trend line (through my limited TA knowledge) which may limit upside break to 15 pips (unless there is a break of TL).
Downside resistance and could limit break to 13.4 (unless there is a break of R).
Is this analysis paralysis or what?
Maybe I'll ignore above and go for it with a small trade.:|

 

[bedsit]

Assuming your system works, if you compound things, you would be able to trade £50 before long.

That could be a good way Shadowninja – compounding (risking certain percentage of your capital – if it goes up you increase stakes and vice versa). I think it's good for any system if you wish to stay in control.

 

[shadowninja]

This is the problem with your set up. You have an abstract system but now realise there may be things in the way. You could include the S and R levels as targets and use TLs to guide you as to which direction you should take a trade, I suppose.

 

[bedsit]

Price has been in this range more or less for last 24 hours

 

[bedsit]

Deleted order to buy, left only sell order - don't like price yo-yoing
If it goes like this may delete the other one. Tomorrow I don't think I'll trade - no point losing money while testing.

 

[bedsit]

Just checked ec. calendar. There are 3 US reports coming at 15:00 - may cause price movement.

 

[be-positive]

getting close

 

[bedsit]

Easy come, easy go. May be better in 2010

 

[gamma]

Easy come, easy go. May be better in 2010

The fundamental rule of technical analysis is.

All technical analysis is out of the window when fundamentals come in.

 

[bedsit]

Just a thought.
Most of the members here are not professional traders, I mean we don't have to trade every day.
Like today – I could see the 24 hour range and limits to profit targets and didn't like it.
Despite that I entered the trade (small trade this time)
It is good to have control (over trading habit) and not to trade if you don't like it.
It is good to win, but it is good to avoid unnecessary losses as well.:idea:

 

[bedsit]

Couldn't resist that fall from trend line (nice risk reward entry) - got some quick profit and that's it. No more trading today.

 

[t2wfx]

Most of the professional traders don't even trade at this time of the year... so be professional, see you next year!

 

[bedsit]

Spot on t2wfx

The best thing for me (and I should think for other members experimenting with this system) would be to give it a miss till beginning of January.

Interesting to see if I stick to it. If not - Should I do something about my trading adiction?

 

[FormulaOneFan]

Do you find it stressful to watch charts all day?
If so I may have a system for you.
You don't need any indicators or any mambo jumbo.
Observe GBPUSD between 12:00 and 14:15. Buy at the high or sell at the low of the range (once price breaks out of the range).
Stop loss should be same as your profit target – 20pips.
Check it at 22:00 and see what happened.
At the beginning should start small trades, or on a demo account. If happy with the system go for bigger trades.
Be prepared for losses – when trading you are guessing probable outcome (no certainties in trading business).
Please try it small first and let me know if you are successful.

Hello Bedsit,

Is your times GMT?
What chart timeframe do you use? 15M or 1H?

what do you mean by check it at 22:00 and see what happened? Could you please clarify?

thanks

 

[bedsit]

Hi FomulaOneFun,
time is GMT (time in London). I use 15 minute bars from 12:00 till 14:15 (waiting for 15 minute candle between 14:00 and 14:15 to close) Than I see what is the highest and lowest price for that time period (between 12:00 and 14:15)
The idea behind it is overlapping of London and European markets with New York session.
First 15minutes after 14:00 are quite volatile, so I think is good to avoid that time and get some idea where the price is going.
I meant it as a system without too much stress, so I suggested to check it at 22:00 (sort of end of the day)
Also system doesn't require extensive knowledge about TA etc.

I just started it yesterday and after 2 days there is one win and one loss. That is 50% success rate which is not good so far as I am concerned. If I am to use it regularly with higher stakes I would wait and see if the success rate can be at least 80%.
Saying that to be fair this is possibly the worst time of the year to trade – so I would wait till January, test it for at least a month and than try to see if it's good or not.

Also I think would be good system for EURUSD. Only thing EURUSD is different from GBPUSD and accordingly stop size and profit size should be adjusted. Don't have much experience with EURUSD and don't know what would be appropriate stop size.

 

[FormulaOneFan]

Hi FomulaOneFun,
time is GMT (time in London). I use 15 minute bars from 12:00 till 14:15 (waiting for 15 minute candle between 14:00 and 14:15 to close) Than I see what is the highest and lowest price for that time period (between 12:00 and 14:15)
The idea behind it is overlapping of London and European markets with New York session.
First 15minutes after 14:00 are quite volatile, so I think is good to avoid that time and get some idea where the price is going.
I meant it as a system without too much stress, so I suggested to check it at 22:00 (sort of end of the day)
Also system doesn't require extensive knowledge about TA etc.

I just started it yesterday and after 2 days there is one win and one loss. That is 50% success rate which is not good so far as I am concerned. If I am to use it regularly with higher stakes I would wait and see if the success rate can be at least 80%.
Saying that to be fare this is possibly the worst time of the year to trade – so I would wait till January, test it for at least a month and than try to see if it's good or not.

Also I think would be good system for EURUSD. Only thing EURUSD is different from GBPUSD and accordingly stop size and profit size should be adjusted. Don't have much experience with EURUSD and don't know what would be appropriate stop size.

cheers for that bedsit.

 

[bedsit]

I've decided not to use (trade) system till January.

Wishing you Merry Christmas and Happy New Year.

 

[tradefxlive]

I like the idea of making 20pips a day, it will defiantly keep the doctor away

Bhav