It's All About The Pips...

[danarm]

O.K clearly I am still working on this.

I need to be able to clear £6000 per month to be comfortable enough to leave my current role. With £100k as a trading account I would hope to be able to do it.

Now how many pips per month/ week etc. I guess it would all depend on how much each pip is worth. I doubt i'll ever do it on a £1 per pip basis but would hope to be able to do it at £5 per pip.

At the moment I am just trying to get my trading to a consistent level, but you are right, I need a plan.

If I said 100 pips per day profit I clearly should be kicking myself for not taking twice that amount earlier!

There you go, lesson for today learnt!!

I definitely need help on exits!!!!!

Hi Stuart

Yes there are many ways to exit trades and as Gamma says, his method is very good. The way i have always looked at it, is to have a plan and stick to it without fail.

I am a stickler for banking my targets and once i have done that i play for fun with less risk. We all live in the real world of having to make around £4k - £6k per month so that we can live. Most people can get buy with that and have a good life and look after the family.

At that level you need to make around 250 pips per month at £5 pp which is totally reasonable and very achievable. The important thing to do is not to rush it. Prove to yourself that u can do this for 1-2 months at £1pp and then up it to £2 or £3 pp..After a few months, when u have proved to yourself that you are consistent, you can up it to £5 pp and so on. The most important aspect of this is not to rush!!! Trust me i know!!!

Most people fail because they think how on earth can i make £4k-£6k pm. They do the maths and try and trade at £5pp+ in the 1st 2 weeks and do their bank balance in a week and get an earful from the misses, saying make it back or else...

You have a very reasonable target to achieve and i have every bit of faith u will get there but its how u get there which is important. Prove to yourself u can do it, b4 u put on the risk. I'm not going to play International rugby b4 playing the premiership. I need to build.

Its great that you know what u need to do, so positive thinking and go out and bank 250 pips a week at £1 pp for the next few weeks and prove to yourself that u can do it. So when u are up 250 pips in 1 trade, in your short term book u bank, because that is a huge amount of pips. Yes we can have trailing stops etc etc but for me i know how quickly the market turns and i know i have to make 250 pips to live, so for me i bank.

I know people can argue this grey area but for me it works and (i do ok) so it cant be that bad.

Hope that makes sense without me waffling..

See u tom

D

 

[gamma]

This is an issue that unfortunately lets down a lot of traders
Not being consistant and have a set target
I am glad you have bought it up danarm
I aim to make 40/50 points a day most days it is possible to get it, and like youself I am out of the market by 10 am.


I

 

[stevexyg]

Hey Dan,
have been reading this thread with great interest esp as your regularly successful trading enables you to 'live the dream' in the glorious med sunshine! You might not know, but probably do, that summer in the uk this year has been simply crap. Anyway I aspire to that sort of healthy southern-climate living so will read on with great interest and try to learn anything you can share. Any tips on the best times of day and/or days of week to trade? And do you keep abreast of the news before the trading day or is it all in the charts?
Cheers, Steve

 

[danarm]

Morning all

With Brent Oil rallying from $90.00 to $105.00 the 1st thing on my mind is a potential pullback. Yes its bid and i'm not keen to jump in short at this moment but i will be watching it.

GOLD is in a similar state and one i will be watching for a pullback. Small divergence on the 60min so keep an eye.

With BRENT and GOLD on potential pullbacks the USD could find some support here and with CABLE rallying 800 pips there is a chance of a pullback soon.

EURUSD looks similar and could see 1.4700 touched again soon.

USJPY on 60min looks weak if breaks 105.00, so i need to see the CRUDE and GOLD to show me the way with a short here.

Its a little messy so hold onto your seats for direction.

Speak in a bit.

D

PS I am working off the BRENT CRUDE OIL chart.

 

[danarm]

GOLD and CRUDE looking gd for the downside as we speak....

Go GOLD...

D

 

[danarm]

EURUSD looks interesting as well....

D

 

[Stuart14]

Morning Danarm. Thanks for your post last night. Makes a lot of sense, and I agree. For me now it is all about exit. I'm pretty miffed about exiting that Oil trade yesterday. Soon after I came out it then rallied over 500pips! Ouch!!!

Problem is, if I had stayed in, it would no doubt have gone down. I guess that is just one of the beauties of trading.

I'm going to try to incorporate stocastics into my system to help identify over bought or over sold conditions to help me exit better.

 

[danarm]

A good day so far....



50 on EURUSD

120 on BRENT

80 on GOLD



250 total for this am...They should move further but i'm not going to get greedy. Thats my weekly target hit in one am.



Speak later, i am done.



D

 

[Stuart14]

Can I ask what made you take those trades?

Your CCI's indicate an uptrend, so these we retracement plays. What was your entry signal?

Thanks. Nice trading by the way!

 

[JTrader]

Good work D. I like this done by 0900 mentality. As long as the pip count is adequate. No matter how you get there - indicator or indicatorless.

 

[options]

Can I ask what made you take those trades?

Your CCI's indicate an uptrend, so these we retracement plays. What was your entry signal?

Thanks. Nice trading by the way!

Stuart. If you think they are indicating an uptrend. Do not under any circumstances put a stoch into your mix.

It will screw you up.

Are the cci's above or below the 0 line?
Failing that just look at the price. What is that doing? That tells you the whole story.

 

[options]

There's is also a clue in the charts to show the EXACT entry point that Mr D took.

 

[Stuart14]

Please explain?

 

[Stuart14]

The Stochs will only be used to manage the position once i'm in it.

 

[options]

Please explain?

About which Stuart? The stochs?

I think they will only serve to confuse you. What timeframe(s) and settings are you thinking about?

 

[Stuart14]

I'm using the longer term CCI's to gve me the daily and 4 hourly trend, and then the Stochs for my position management on the hourlies.

I meant please explain Danarms entries and exits?

 

[options]

I'm using the longer term CCI's to gve me the daily and 4 hourly trend, and then the Stochs for my position management on the hourlies.

I meant please explain Danarms entries and exits?

Look at the last 3 charts. I mean, really look. It will pop out at you... (eventually) Tie the price and the cci's in together.

And bear in mind that the daily and 4 hrs would not have been much use in this 'scalping' type of move that Mr D took on this a.m. As these are 5 min charts. Although it may appear that the trades were taken against the 'grain'. Given the momentum, time of day and opportunity for a quick buck, all reasons for entry are valid as long as you do not intend to marry the thing.

 

[Stuart14]

Right, long EUR/USD 14748, all looks good to me

Also long Crude at 10730.

 

[JTrader]

HI dan

how did you get your CCI to display as a histogram in MT4?

Cheers.

 

[trendie]

HI dan

how did you get your CCI to display as a histogram in MT4?

Cheers.

cant remember where I got it, but the code says "Woodies CCI".; I just named it cci-histo.

you can overlay one CCI over another, via the A and B period.