Making Pips Daily... Easily

[ritzn75]

I tried maintaining a Journal before. My approach was to write the Journal as I enter trades which I found not that easy as I am working full time and trading part time.

Objective of this journal: To write daily about my Trading Journey

My Trading Strategy: I enter in the market to Make Pips. I use my own Trender Indicator, which is a combination of many successful short term trading strategies.

My Goal:
Short Term: To make Pips Daily.. Easily... just like brushing my teeth.
Long Term: Become a Voyage Trader instead of Frequent Traveler. In plain simple words, trading long term on Daily / 4Hourly Charts. Open 3-4 trades and ride the wave patiently for three - four months.

How I trade:

I get up around 5.30 am GMT. Do yoga and meditation. Thank GOD and believe that today is going to be a GREAT day.

Step 1: Open Economic Calendar to see whats going to happen today and what has happened yesterday.

Step 2: Check ForexLive and see whats happening in the Forex World.

Step 3: Open my MetaTrader Platform and look for any spikes.

Step 4: When I see that Market is doing its usual range bound Asian Session trading, I check indicators for possible trade on at least 10 currencies.

They all are setup on one window, so I can find any immediate trading opportunity at one glance.

Step 5: I don't open more than 3 trades. If I find strong evidence of Trend I open trades on co-related pairs (EUR/USD, GBP/UDS, AUD/USD) or I go for one currency if its showing some good trend (EUR/USD, EUR/JPY,EUR/AUD).

Note: This strategy is only recommended if you know what you are doing. If you have good understanding of trends and if you are aware of the market conditions (news, press conference etc.) which won't affect the currency in short term.

Step 6: The reason I open multiple trades is that I am looking for around 40-50 pips per trading session. And getting a 15-20 pips is easy on one Pair instead of waiting for a big move of 50 Pips.

Step 7: I set my stop loss normally at 30 Pips (My Trade Manager EA quickly move it to 20 Pips at half way and then to break even when close to TP) and my lot is based on 1.5% risk of the bank. So with 3 trades, I am normally take 4.5 % risk.

Sometimes co-related pair is sleeping and if my indicator agree, I focus on that. For eg. I saw a big move in GBPUSD but AUDUSD and EURUSD are waking up slowly. If there is no news affecting EUR and AUD, no BIG News coming in next 2 Hour, then I will focus on these two, instead of opening a trade on GBP/USD which might have already traveled 30-40 Pips.

Step 8: Minimize MetaTrader. Yes thats it. If I have placed my StopLosses then my work is over and now its Market who is going to give me Pips. I then go and check my emails, chat on gmail, write a blog and by 8-8.30 am back to the bed for cuddles from my wife & kid who are on the verge of getting up.

Before leaving for the office, just check my MetaTrader and normally I see green with some infrequent Reds.

If more than two trades have closed, I just check again for trading opportunities. Normally there are none. But if there is a news (which normally happens from 8am to 10 am GMT) and is now going to affect the market then I open small trades with 5-10 pips target, close stop losses and leave for the office.

In the evening, after returning home, I again check market and look for trading opportunities. If I have reached my daily target, then normally I don't enter trade and be content with what I have achieved for the day.

Goals for 2011: Full time income from Trading by July 2011. I want to celebrate my B'day as a successful trader this year.

My Mantra for Success: Be Happy and always Be Positive.

Here is a link to my Motivational Blog - ShakeChilli.com, where I wrote about Being Positive - http://www.shakechilli.com/blog/my-blood-is-bve.html

 

[ritzn75]

15th Feb 2011

It was an OK day as far as Pips are concerned.

Starting bank: 5000
Current Bank: 7022.35
Total Trading Days: 06 Days
Total Pips: +317


Todays Stats:
Total Trades: 12
Winners: 10
Loosers: 2
Total Pips: +44
Total Amount: +503

I did not Trail on EURGBP or would have made around 50 pips in one trade. Trailing stops are something I am not very proficient with and will keep it on the learning zone.

I did News Trade last night on AUDUSD, but then lost 38 Pips on speculation that lower Chinese CPI will send AUD up.

Please, No NEWS TRADING... I will try to abstain from this.

Thats it for today.

Happy Trading!!

 

[SpiritBeing]

I tried maintaining a Journal before. My approach was to write the Journal as I enter trades which I found not that easy as I am working full time and trading part time.

Objective of this journal: To write daily about my Trading Journey

My Trading Strategy: I enter in the market to Make Pips. I use my own Trender Indicator, which is a combination of many successful short term trading strategies.

My Goal:
Short Term: To make Pips Daily.. Easily... just like brushing my teeth.
Long Term: Become a Voyage Trader instead of Frequent Traveler. In plain simple words, trading long term on Daily / 4Hourly Charts. Open 3-4 trades and ride the wave patiently for three - four months.

How I trade:

I get up around 5.30 am GMT. Do yoga and meditation. Thank GOD and believe that today is going to be a GREAT day.

Step 1: Open Economic Calendar to see whats going to happen today and what has happened yesterday.

Step 2: Check ForexLive and see whats happening in the Forex World.

Step 3: Open my MetaTrader Platform and look for any spikes.

Step 4: When I see that Market is doing its usual range bound Asian Session trading, I check indicators for possible trade on at least 10 currencies.

They all are setup on one window, so I can find any immediate trading opportunity at one glance.

Step 5: I don't open more than 3 trades. If I find strong evidence of Trend I open trades on co-related pairs (EUR/USD, GBP/UDS, AUD/USD) or I go for one currency if its showing some good trend (EUR/USD, EUR/JPY,EUR/AUD).

Note: This strategy is only recommended if you know what you are doing. If you have good understanding of trends and if you are aware of the market conditions (news, press conference etc.) which won't affect the currency in short term.

Step 6: The reason I open multiple trades is that I am looking for around 40-50 pips per trading session. And getting a 15-20 pips is easy on one Pair instead of waiting for a big move of 50 Pips.

Step 7: I set my stop loss normally at 30 Pips (My Trade Manager EA quickly move it to 20 Pips at half way and then to break even when close to TP) and my lot is based on 1.5% risk of the bank. So with 3 trades, I am normally take 4.5 % risk.

Sometimes co-related pair is sleeping and if my indicator agree, I focus on that. For eg. I saw a big move in GBPUSD but AUDUSD and EURUSD are waking up slowly. If there is no news affecting EUR and AUD, no BIG News coming in next 2 Hour, then I will focus on these two, instead of opening a trade on GBP/USD which might have already traveled 30-40 Pips.

Step 8: Minimize MetaTrader. Yes thats it. If I have placed my StopLosses then my work is over and now its Market who is going to give me Pips. I then go and check my emails, chat on gmail, write a blog and by 8-8.30 am back to the bed for cuddles from my wife & kid who are on the verge of getting up.

Before leaving for the office, just check my MetaTrader and normally I see green with some infrequent Reds.

If more than two trades have closed, I just check again for trading opportunities. Normally there are none. But if there is a news (which normally happens from 8am to 10 am GMT) and is now going to affect the market then I open small trades with 5-10 pips target, close stop losses and leave for the office.

In the evening, after returning home, I again check market and look for trading opportunities. If I have reached my daily target, then normally I don't enter trade and be content with what I have achieved for the day.

Goals for 2011: Full time income from Trading by July 2011. I want to celebrate my B'day as a successful trader this year.

My Mantra for Success: Be Happy and always Be Positive.

Here is a link to my Motivational Blog - ShakeChilli.com, where I wrote about Being Positive - http://www.shakechilli.com/blog/my-blood-is-bve.html

Well done. I checked out your site and that a good eight days trading!

4.5% per trade is meaty IMO.....(despite chosing different instruments) the overall trade is still the same....but you would know more than me...its your strategy

I like your thinking about finding the pairs that are laggers and trading them on catch-up...

One thing i would say after checking your stats on your website......

Your win ratio in the eight days trading was roughly 85%...THIS IS INCREDIBLY HIGH!

You average loser is twice as big as your average winner and this to me is a bit of a worry. There are many styles and approaches to the market and you can be rich no matter which way you trade. However you said you are trend-following so having such a high win ration is very WIERD....some of the best trenders of all time have win ratios worse than 30%!!

I have no place to say this to you but i want to pose a question....tell me to **** off if you want since your trading your strategies...NOT ME.....but since you are trend following

Needing such a high win ratio to keep a positive expectation because the losers are twice as big as the winners is dangerous to me.....esspecially since you trend following...if you get caught in a whipping period then your win ratio may decrease. By my rough calculation If you fall below 66% winning ratio then your strat will start falling into negative expectation.....8 days is not very long...and even though you could probably pull it back......i just wondered how prepared you are for this....It can be emotionally destructive!

Saying that...who knows....maybe i should just shut-up:innocent:

I hope you keep your win ration high and happy hunting

 

[ritzn75]

Thanks for your feedback Spiritbeing...

Good Eight days of trading is all because of minimizing risks and take small profits. For eg. I was in EURGBP trade this morning and just before UK CPI data, it spiked and would have hit SL, but I closed it and took 1.3 Pip profit.

I enter into a Intra-day trade when my indicators agree, but by that time market has already moved 15 to 30 Pips, which means I may not have a good Pips remaining, but that also means that market won't come back sharply down to 30 pips (except NEWS), so I enter to make 15 - 20 Pips, with 30 SL.

These are obviously early days, I am open for suggestions and feedback from fellow traders here.

The two loosing trades today were foolish in my opinion

Trade 1: I Buy AUDUASD on News Trading... bad strategy

Trade 2: EURJPY. I partially closed .60 but my EA did not move stop loss to B/E after achieveing TP1 and that went against and so SL. This could have been a perfect 100% day.

Lets see how I make myself more disciplined.

 

[noviceuk]

Hi - thanks for your feedback on my journal - always useful - you seem to have things fairly well planned out and similar to the approach that I want to take in terms of when to trade - my goal is also similar in wanting to create a full time income from trading by my next birthday but I have until December..) Seems about everyone is using MT but I am Apple based which it doesn't run on, may have to investigate that further - but well done on the results so far

 

[pb8856]

Did you hit your goal for 2011 yet ?