Who here can average just 30pips a week trading the FX?

[donaldduke]

It's funny how 30 pips is such a small target but it is so difficult to achieve!

Yep anyone who can average just 30pips a week will be a millionaire in hardly no time.

But the reality is hardly anybody can do it.

 

[brewski1984]

People do routinely make more than 30pips/wk. Problem is they cant do it CONSISTENTLY, the magic word.

Of course they’ll tell you they do and how wonderful it’s all going, but you’ll never see a verified statement to prove it.

And if you do manage to see a statement, in most instances it’s on minis, and or the risk of ruin is high.

Myself, I’m up 22% in just the last 6 weeks………the above doesn’t apply to me. :clap:

.

Can we see a statement?

 

[random12345]

Yep anyone who can average just 30pips a week will be a millionaire in hardly no time.

But the reality is hardly anybody can do it.

Donald, 100% agree with you. If anyone could guarantee almost any x pips a week, they could compound it easily, hence all these posts about 200+ pips a week on the various forums out there are absolute pipe dream bs. More damaging than the snake oil salesmen of 'systems'. Even compounding a tenner a point by a quid each week.... you'd be laughing.

The idea of not being able to guarantee say 30 pips a week is beyond most retail traders, but that's exactly what you need be able to handle. The reason "90%" of traders lose is generally due to their spread and/or commission being woefully more than any institution pay, if you enter an instrument more than 20 times a day paying a 2% commission and a spread, you are pi**ing into the wind. With an HFT and flat fee, any of us who has invested serious time in automated systems can see how 'easy' it would be. The odds are so skewed against you if you don't bet in big lots that you need a seriously significant edge to make money.

I really don't care if people manually or auto trade, the shifts in market behaviour, volatility and patterns are so drastic when they occur that noone can keep up with them 100%. I have only a few systems that backtest with no monthly drawdowns and I don't use them as their monthly avg return is so low.

Most people know their methods are flawed deep down, they just want to blame psychology... having said that it IS psychologically damaging to find out your system is -ve. We see what we want to see with S&R etc looking 'profitable overall' or moving average crosses looking like their winners are so huge that the ranging losers can't be that bad. The naked eye is a joke for long term trading, you need to get serious. Learn to program. Download 5 years of tick data. Replicate your entry rules with a signal or strategy. See how much you would have lost....

A wilders average cross would have made you a fortune this year in the EJ. Too bad you would have lost almost exactly the same amount in 2011 and the list goes on.

 

[tar]

DD you can't see the forest for the trees , Forex is not random . There are thousands of pips in the Forex market each day , just relax and trade small and ignore what you've read in discussion boards . Think outside the box .

 

[donaldduke]

DD you can't see the forest for the trees , Forex is not random . There are thousands of pips in the Forex market each day , just relax and trade small and ignore what you've read in discussion boards . Think outside the box .

Thats exactly my point. If traders can relax and aim to average just 30pips a week they will be rich in no time.

Trading extra size is much easier than aiming to make extra pips.

Much easier to aim to make 3K a week making 30pips@£100pp than it is to make 3K by making 300pips@£10pp.

But very few can average 30pips a week let alone 300.

 

[tar]

Thats exactly my point. If traders can relax and aim to average just 30pips a week they will be rich in no time.

Trading extra size is much easier than aiming to make extra pips.

Much easier to aim to make 3K a week making 30pips@£100pp than it is to make 3K by making 300pips@£10pp.

But very few can average 30pips a week let alone 300.

No when u trade 100 per point i can assure you you wont be relaxed it is easier to make more pips with a smaller stake , the whole concept and mentality will change when u trade smaller . And even if you average 300 pips a week it will take long time to make you rich so i wouldn't say "in no time" .

 

[donaldduke]

No when u trade 100 per point i can assure you you wont be relaxed it is easier to make more pips with a smaller stake , the whole concept and mentality will change when u trade smaller . And even if you average 300 pips a week it will take long time to make you rich so i wouldn't say "in no time" .

Trading large size ($1000 a point) isnt that hard if you have confidence in your method, you also need the correct sized account, im suggesting anyone do that with a 100K account.

 

[random12345]

Trading large size ($1000 a point) isnt that hard if you have confidence in your method, you also need the correct sized account, im suggesting anyone do that with a 100K account.

Exactly - I have no trouble betting large size with my proven methods. It makes no sense to me when people waste their (and everyone elses) time on retail forums claiming they can make so so many pips a week without doubt (>100). I'd be so filthy rich, like I couldn't even imagine rich. I mean. Over 9 figures rich. "A player Bud, or nothing." And apparently all it takes is MT4 and a TDI. SILLY ME.

Leaving room for a 35% potential monthly dd has made me pretty well off instead of chasing guarantees... god there's more horses*** in the world of trading than anywhere else. I will reiterate that people can't compound their bets without limit because they're not stupid enough, at a sub concious level, to believe their own method entirely, especially when that method remains untested and simply exists as a bunch of half ars*d manual rules that they can't be bothered to replicate on a serious backtest with a bit of slippage thrown in.

Hmm I need to get out more.

 

[the hare]

Yep anyone who can average just 30pips a week will be a millionaire in hardly no time.

They would probably already need to have at least quarter of a million in order to quadruple their money over a ten year period.

4-5 years full time to develop their skills would reduce their capital, and hence they'd need longer to recoup the costs incurred along the way supporting themselves, and recovering losses.

Lets be realistic here. Anyone with 250k would probably blow 100-150k over the first 5 years simply supporting themselves, and that's assuming they live a pretty fugal lifestyle. That only leaves 100k starting capital.

At sensible leverage those 30 pips a week are only going to return around 50 per annum, any higher leverage increases the risk if ruin to frankly unacceptable levels.

At the end of year 5 or 6, assuming that's your first decent year that your trading available capital and hitting the 30 pip per week average, you end up with 150k, take out living expenses to live your frugal lifestyle and you haven't really moved forward that much.

Of course you could introduce additional capital, but you'd need a few more years under your belt before anyone is going to give you serious money.

Averaging 30 pips a week is certainly achievable, but it isn't a vehicle on which anyone is ever going to get rich quickly. How much could you make over 10 years just working any other business ? I suspect a great deal more than you would from trading.

Of course the scalability over the longer term makes it worthwhile (I hope ) but in the short term, its a non starter

 

[trendie]

re: "who here...."

I have been re-visiting some of this guys threads, and doing some number-crunching, and reckon if anyone can make 30 pips a week, he can.

counter_violent.

 

[donaldduke]

Averaging 30 pips a week is certainly achievable, but it isn't a vehicle on which anyone is ever going to get rich quickly. How much could you make over 10 years just working any other business ? I suspect a great deal more than you would from trading.

Using a simple £10 per pip per £10K of account position sizing scheme, it takes about three years to hit a million starting with just 25K (so you start betting at £25per pip).

There will be drawdowns, there always are. But if you are confident you can average a modest 30pips per week over the long run the drawdowns shouldn't bother you too much.

This is all theoretical presuming you can make 30pips a week, as i keep saying, not many people can, otherwise there would be a lot more millionaire FX traders around.

 

[tar]

Using a simple £10 per pip per £10K of account position sizing scheme, it takes about three years to hit a million starting with just 25K (so you start betting at £25per pip).

There will be drawdowns, there always are. But if you are confident you can average a modest 30pips per week over the long run the drawdowns shouldn't bother you too much.

This is all theoretical presuming you can make 30pips a week, as i keep saying, not many people can, otherwise there would be a lot more millionaire FX traders around.

I think 10 quids @ 10K account is stomach churning , you easily can have 100+ pips jump in your face which means 10% loss in few minutes , at that kind of leverage this is not scalable to millions as you say ... but i agree not many traders average 30/week .

 

[donaldduke]

I think 10 quids @ 10K account is stomach churning , you easily can have 100+ pips jump in your face which means 10% loss in few minutes , at that kind of leverage this is not scalable to millions as you say ... but i agree not many traders average 30/week .

Stay away from NFP and FOMC/ECB meetings, use a stop loss, trade the most liquid majors during the most liquid hours, then you wont ever take a 100pip loss, unless you want to that is.
We only aiming to make 30pips a week, no need to be impatient, only take the very best setups.

 

[tar]

Stay away from NFP and FOMC/ECB meetings, use a stop loss, trade the most liquid majors, you wont ever take a 100pip loss, unless you want to that is.

well at the beginning you may survive , 1K loss in the UK isn't much but after you scale your way up things will be different and you wont be able to trade calmly , sudden moves will come eventually , at that kind of leverage this is not scalable in reality , you are over leveraged . Not to mention the whole issues if you trade with tight stops .

 

[tar]

CHF pairs as an example , and it was much more than 100 pips !

 

[donaldduke]

If trading is hobby yeah you can go chasing the pips... but if you serious about trading, its all about trading size.

First challenge is to make a modest number of pips per week or year, anyone aiming to make 100pips a week is going to fail.

Second challenge is increasing trading size .. this is hard in it self but is still a lot easier than making additional pips. If you cant trade size then you are never going to make it as a serious trader, its always going to be just a hobby, which is fine if thats all you want.

 

[donaldduke]

CHF pairs as an example , and it was much more than 100 pips !

Personally i only trade EUR/USD during european hours, never have a position on over NFP, ECB or FOMC. Never had serious slippage on any of my stops over the last 10 years i been trading it. I dont use a bucket shop either.

 

[tar]

If trading is hobby yeah you can go chasing the pips... but if you serious about trading, its all about trading size.

First challenge is to make a modest number of pips per week or year, anyone aiming to make 100pips a week is going to fail.

Second challenge is increasing trading size .. this is hard in it self but is still a lot easier than making additional pips. If you cant trade size then you are never going to make it as a serious trader, its always going to be just a hobby, which is fine if thats all you want.

Ofcourse i agree , one should scale it up to a decent size , but it will take time that's what i am saying ...

 

[tar]

First challenge is to make a modest number of pips per week or year, anyone aiming to make 100pips a week is going to fail.

Maybe it is not achievable cuz u just trade one pair ....

 

[15 min tlb]

DD you can't see the forest for the trees , Forex is not random . There are thousands of pips in the Forex market each day , just relax and trade small and ignore what you've read in discussion boards . Think outside the box .

Why read the opinions of failures?