10 points a day....

[advfntrader]

have been having a think about demoing a 10x10 system.

ie. just trying to get 10 points a day at £10pp. £100 per day, £500 per week. sounds easy enough. probably just take trades at support / resistance for a quick 10 points.

anyone here use a system like this sucessfully ?

 

[tar]

sounds easy but it is not , what is your stop loss ? 10 also ? what account size ? u should to factor loosing streaks in your system ...

Good luck

 

[vinicius]

have been having a think about demoing a 10x10 system.

ie. just trying to get 10 points a day at £10pp. £100 per day, £500 per week. sounds easy enough. probably just take trades at support / resistance for a quick 10 points.

anyone here use a system like this sucessfully ?

I use something similiar here Advfn!

I entry at support and resistance with a target of 20 points, at £10 - £15 pp.. Easy enough if you spot good S/R levels and generally the move is more than 20 points..

Playing the S/R of 4hr, daily and weekly only.. Lets say, 70% acurracy if you wait for the good levels..

 

[advfntrader]

maybe an entry on the break of a good 1 hour pinbar would be safer entry for 10-20 pips then out. losses can mount up quickly at £10pp

 

[price777999]

i would say the minimum stop for most markets would be around 15 pips so a 10 pip profit target just won't cut the mustard .
but if you can get away with 5 pip stops it could work , i duno ?

 

[LeoE]

What about going for 50 points per week rather than 10 a day? Might be easier to catch one 50 point move rather than five 10 point moves?

 

[advfntrader]

50 pips a week is all you need at £10pp. would need a large account to keep decent risk/reward though

 

[Rossini]

All your doing is limiting your profits. 50 pts per week seems easy because the target is so low, but in reality its just noise.

 

[HaloTrader]

I do a similar thing on the FTSE100 - 20 pips a day at £2 per point Building it up, been doing it for 37 days now with two days where i haven't reached my target... I wait till' around 1pm for small ranges to form, literally 10-20 pip ranges, they often form around this time and i enter the highs and sell the bottom several times until i get 20 pips.

Good luck. x

 

[advfntrader]

sounds good, on 5 min charts ? what sort of stop do you use

 

[arabianights]

you're gonna get ****ed

 

[Gumping]

you're gonna get ****ed

That's Dave's way of saying he likes you.....

 

[HaloTrader]

sounds good, on 5 min charts ? what sort of stop do you use

5-minute chart. Basically, just when several bars in a row keep hitting certain tops and lows with atleast 10 pip range, i buy the high and sell the low, then buy the low and sell the high and thats 20 pips made... For stop loss... I just place it 6 pips above my entry.

My entry is the very high of the range and i use 6 pips because its the minimum Igindex will allow me to do and its pretty reasonable... Its rare for stop losses to be hit because the ranges sometimes continue for quite some time, and when your entering on the high of these bars and out at the low, the trade only lasts 5-minutes top...

I'll show you some examples from today if your interested ? Today was a better day that usual because i found a small range, i entered the low and planned to exit 10 pip at the high, but quick momentum took the trade out of the high so i'm actually still holding it at the moment, currently at 40 pips, Going to exit at the break of my trendline.

Pm me and we can talk about it; i've never really heard many people talk about this type of trading, but its really easy...

By the way, when i say 37 days were i've hit my target and two not... I mean that 37 days; i have average 20 pips with this strategy... Two days i've broken my rules and therefore lost more than i allow myself... Maximum loss of 12 pips, quit out when i get there... But two days i lost 27 pips and another 38 from bad trading.... Otherwise the 37 other days have all averaged out at around 20 pips

My target is to not loses more than -12 pips on any one day and also to average out at 20 pips a day over the month... Increasing my bet size soon to £4 when the new month starts

 

[advfntrader]

hes right. been demoing it today and it simply doesn't work....

 

[HaloTrader]

hes right. been demoing it today and it simply doesn't work....

How can you have demo'd it if i told you at 2.22pm ?

 

[advfntrader]

no not demoing your strategy yet, will PM you

How can you have demo'd it if i told you at 2.22pm ?

 

[arabianights]

On the other hand, if you were a price maker rather than a price taker this would be an excellent strategy.

But the costs of the spread are far too high to make this a viable strategy, sorry

 

[rawrschach]

At 1 tick spread on some platforms it should be possible, if you wait for the squeeze.

 

[Gumping]

At 1 tick spread on some platforms it should be possible, if you wait for the squeeze.

*squeezes Rawrschach's nipple*

FILL YER BOOTS!!!!!

 

[sebby2468]

I dont know if this would work for you,but if you have a look at this chart,from a current trade the 2 small pins arrowed are a good indication that current trend will continue,you could enter on close of these bars,I use this technique to add to my winning trades although not on this occasion as i was pre -occupied, i keep my main trade running and will take anything from 15-30 pips, if dosn't work out you still have your main trade to let run,its maybe something you could have a look at