20 pips a day keeps stress away

B

bedsit

Experienced member
Messages
1,792
Likes
164
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.:)
 
Last edited:
Hi Ian,
I'll stick to corn flakes. Rusty nails a bit difficult to digest.:LOL:
 
bedsit said:
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.
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.:)
Click to expand...


Why don't you try it first and let us know if you are successful?
 
Hi Tomorton,
you must be a psychic.
I did some research and came to this idea today. Have to do some shopping today, but if I'm here (at the platform) should give it a go with a small size trade. Only thing I would say system is probably better used when holls are over - I've noticed some strange price behaviour last few days - must be because of low volume.:)
 
Hey,
Seen this "American-Traders-Start-Their-Day-And-Create-Perfect-Conditions-For-A-Breakout-System" myth in all shapes and forms before, but havent seen anyone really managing to make it work. To have a 1 RRR could be a problem. Also, vol at that time is in the highest quartile therefore stops must be larger than X % of ATR, with X probably large enough to dismiss a 20pips stop.
I hope that I am wrong and that you have found the way though!!!! Good luck!!
:)
 
I have completely taken the stress out of my trading by switching to a 60 minute TF.

Previously I used 5 and 1 minute TFs and found life a little bit hectic.

And I get rather more than 20 pips per day .....in fact some days I get a bucket load of pips.
 
Hi Aritst,
this is just something I researched back. Charts and price action with most likely outcome. It seems system is working most of the time, so risk reword could be 1 to 1. Anyway this is new thing I am trying and maybe this pre holls season is not best to start. If I'm impatient I'll try it today although GBP looks a bit hammered - in case it breaks down.
Hope anybody else gives extra contribution to make this one a nice system.
 
At 13:10 15978 low of the range
at 15:02 15957.8
15978-15957.8=20.2pips
 
Please note I'm out of trade. It may be more pips, but that's not the system - the idea is to avoid stress.
Also this is the first day and should wait at least 20 trading days to see how the system is performing and than may increase size. Good to be patient.
 
bedsit said:
Hi Aritst,
this is just something I researched back. Charts and price action with most likely outcome. It seems system is working most of the time, so risk reword could be 1 to 1. Anyway this is new thing I am trying and maybe this pre holls season is not best to start. If I'm impatient I'll try it today although GBP looks a bit hammered - in case it breaks down.
Hope anybody else gives extra contribution to make this one a nice system.
Click to expand...

hi Bedsit,
It might be a good idea to add the hourly and 4hourly trend to the setup.
Breakouts in the direction of the trend are a safer play then against it.
 
Hi Gamma,
I think may help, but through my experience more I add more it confuses me.
Also I noticed price tends to go further most of the time but I tried to make it simple and stress free (guess 20pips is reasonable target per day):)
 
bedsit said:
Hi Gamma,
I think may help, but through my experience more I add more it confuses me.
Also I noticed price tends to go further most of the time but I tried to make it simple and stress free (guess 20pips is reasonable target per day):)
Click to expand...


Hi Bedsit,
by using the trend you are not adding any more analysis.
I do and have been trading breakouts for years now, on a slightly larger scale
but I only go for breakout in trend direction.
I traded the break of yesterdays low and am still in the trade.

Trading against the trend has a nasty habit of suddenly turning around and biting you.
 
Yeah, I experienced that many a time. Used to chase tops and bottoms (against the trend) and lost lot of money there - it took me some time to stop it.:(
 
gamma said:
I do and have been trading breakouts for years now, on a slightly larger scale
but I only go for breakout in trend direction.
I traded the break of yesterdays low and am still in the trade.

you.
Click to expand...

Hi Gamma,
On break of yesterdays low where would you have placed your stop ???
Thanks.
 
Hi Shadowninja,
Bit difficult for me to say about this system. I just started it today and guess it's early to draw a conclusion. I tried Claudia's system and think it's good one. Only thing this time of year has some strange movements so I haven't used it for some time. I'm planning to start using it next year.
My system (if it works) may be better for people who don't like getting up at 6:30
 
To trade or not to trade? - That's the question for today and tomorrow.

Anyway I did some extra analysis, and it seems that the system can be modified for thrill (extra pips) seekers – it seems that profit target may be as wide as the range (between 12pm and 14:15pm). The other way is to see what is average daily range and go for that one. Or if you can't be bothered simply put a trailing stop and follow the action – only this way chance of winning trades is going to be lower.

Personally for the original system (20stop, 20target) to be to my liking should have 80% success rate or better – that is 60pips a week. Planning to test it till Feb (although some traders like 2 months test – must admit I'm bit impatient for that)

Another thing – always good to check higher time frames.:rolleyes:
 
Ambrose Ackroyd said:
I have completely taken the stress out of my trading by switching to a 60 minute TF.

Previously I used 5 and 1 minute TFs and found life a little bit hectic.

And I get rather more than 20 pips per day .....in fact some days I get a bucket load of pips.
Click to expand...

I'm with you on the TFs, been there, bought the distressed hand painted designer t-shirt etc...;) I'd actually find trying to bag only 20 pips more stressful, I'd need to be 'punting' 50 quid per pip as opposed to 5...that'd be considerably more stressful IMO...first trade goes bad I'd then be chasing the market...Now when the first trade or second or third goes bad I know (based on past performance/results) I have approx. ten more throughout the day (in total) to restore my clever-stupid balance..
Also, on an average day I experience 3/4 periods of volatility/activity with, for example, cable throughout the trading day..
Can see the point, if you only want to earn pennies/pocket money from the market/s or have a bit of fun, but in attempting to draw down a salary it's a non starter IMHO. But heh, wtf, always willing to learn :)
 
You must log in or register to reply here.

Similar threads

Joe Ross
Stress
2 3
Replies
52
Views
7K
meanreversion
M
Joe Ross
Stress
Replies
13
Views
4K
nkruger
nkruger
F
+1000 without stress
Replies
10
Views
5K
ForexSimple
F
Peter Morris
  • Article
Psychology How Stress Can Ruin Your Trading
Replies
5
Views
7K
foroom lluzers
F
C
Stress is harmful to Trading
Replies
8
Views
3K
dr.blix
dr.blix
Top