1000 pips per week? Is it Possible?
- Thread starter Marwan2010
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indicators or setup
Marwan2010,
Can you share a template you use? Like one we can see in screenshot. :innocent:
Marwan2010,
Can you share a template you use? Like one we can see in screenshot. :innocent:
Hotch
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qft
Risk / Reward is key
EliteTrades hit the nail on the head, but nobody seems to have followed up on it, let me explain what I'm talking about.
People often get obsessed about how many pips they made, but in reality that is totally meangless because what we really want to know is how much we need to put at risk in order to make the return. As an example, if we had been making 300 point profits, based on a possible stop loss of 300 points (just to make the maths easy) and our max loss was $300, then our profit would be $300. However, if our stop loss was just 30 points, then the same risk would result in $3000 profit.
So, risk/reward is absolutely fundamental, forget saying I made 1000 points in a week because it means nothing in the absence of the risk involved. I reckon I could make 2000 points in a week with an almighty stop.
Sorry guys, not trying to put anyone down, just a note for you to post with more details so that people can properly assess the info. Quite possibly you have done a cracking job and traded superbly well, but, nobody can assess this without the Risk/Reward known.
Just my 2 pennies worth!
EliteTrades hit the nail on the head, but nobody seems to have followed up on it, let me explain what I'm talking about.
People often get obsessed about how many pips they made, but in reality that is totally meangless because what we really want to know is how much we need to put at risk in order to make the return. As an example, if we had been making 300 point profits, based on a possible stop loss of 300 points (just to make the maths easy) and our max loss was $300, then our profit would be $300. However, if our stop loss was just 30 points, then the same risk would result in $3000 profit.
So, risk/reward is absolutely fundamental, forget saying I made 1000 points in a week because it means nothing in the absence of the risk involved. I reckon I could make 2000 points in a week with an almighty stop.
Sorry guys, not trying to put anyone down, just a note for you to post with more details so that people can properly assess the info. Quite possibly you have done a cracking job and traded superbly well, but, nobody can assess this without the Risk/Reward known.
Just my 2 pennies worth!
NetTecture
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THat is a very nice observation. Especially on Fore where one an use risk and risk/trade to scale up profit on low risk trades 
elitejets
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montmorencyt2w
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Who is EliteTrades? Is she smart too?
I'm sure she is
but what I want to know is how leventib seems to have 7 reps, with only one post to his name, but on that one post, we can only see two reps?Sorry that this point is not about pips. I'll try to think of something...
timsk
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The answer is that the two members who've rep'd him / her are themselves very heavily rep'd. The more rep points you acquire, the more you give when you rep'someone else. All pigs are equal, but some pigs are more equal than others etc. . .I'm sure she is
Hope that makes sense!
Tim.
elitejets
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I'm sure she is
Sorry that this point is not about pips. I'll try to think of something...
When you rep someone the more stars you have the more repping power you have (or points). I think ....
OMG Timsk called me a pig ...
montmorencyt2w
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Thanks George
By the time I understand this repping system, they may have abolished it.Well, good points about R:R anyway. Took me ages to really get this, and I still get it wrong from time to time.
EDIT: p.s. EJ, pigs are highly intelligent, and ended up as the top dogs.
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Pippy5000
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I'll say it again that trying to achieve pip targets is akin to performing magic tricks with the global markets.. So, you have 920 pips (an awesome week) and even though your pair is highly oversold you just really need to pat yourself on the back and say, "I got 1,000 pips this week", so you sell it and you lose 80 pips.. The entire notion of pip targets for NON-SCALPERS is completely ridiculous.. scalpers can do it.. everyone else cannot.. Make good trades only because you see an opportunity and not because you need to achieve a target which is entirely irrelevant to what the market wants to do.. It's like stopping yourself at 0.. does the market care about the location of your position? Sorry, I know I already commented, but the idea of pip targets leads new traders astray and that's something they don't need. Make GOOD trades only..
TheBramble
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Apols for being too short on time to catch all this thread, but I’m sure it’s already been covered by the regulars.
1000 pips, any pips for that matter, in any period of time is an absolute number: an absolutely pointless number.
What would you rather have: 98% probability of making 15 pips at $500/pip every day, or 51% probability of 1000 pips every week at $20/pip?
As per the old saying, when it comes to (pip) size, it ain’t what you got – it’s the way that you use it.
1000 pips, any pips for that matter, in any period of time is an absolute number: an absolutely pointless number.
What would you rather have: 98% probability of making 15 pips at $500/pip every day, or 51% probability of 1000 pips every week at $20/pip?
As per the old saying, when it comes to (pip) size, it ain’t what you got – it’s the way that you use it.
trader_dante
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Agree with Bramble and elitetits, very few people mention the R:R.
It would be much more impressive if you had made 1,000 pips risking 100-200 max. (5-10 R) than realising that you made it risking 500 - 1000 (1-2 R).
Also, size is important. I've seen a lot of people brag about holding for a big winner when they turn out to be on 10p a point lol.
Not trying to bring you down...just tell us your risk:reward, your win/loss ratio and the size you are trading and we can tell whether you are really good or not
It would be much more impressive if you had made 1,000 pips risking 100-200 max. (5-10 R) than realising that you made it risking 500 - 1000 (1-2 R).
Also, size is important. I've seen a lot of people brag about holding for a big winner when they turn out to be on 10p a point lol.
Not trying to bring you down...just tell us your risk:reward, your win/loss ratio and the size you are trading and we can tell whether you are really good or not
Marwan2010
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just tell us your risk:reward, your win/loss ratio and the size you are trading and we can tell whether you are really good or not
excellent points , R:R is very very important, as is the trade management. Apart from 3 trades which got stopped out at 50 pips, but will manage it, as if the price is not doing what i expect it to do then I am out, as is evident with so many losing trades with loss of few pips.
My trade size varies, mostly with £10 per bet, but if i have very very strong reasons, then i will trade £100.00. overall average is around £35
if my equity keeps increasing, then i keep increasing the trade size.
All pigs are equal, I love it :clap:
I have no idea what reps are either, I thought I had loads of green and yellow dots through virtue of just being a member for years! Nevermind, it's like a video game trying to build up those blobs.
I personally think people shouldn't even talk about pips, it is an overused publicity tool that preys on all Newbies greed - a tactic overused by scam artists that litter the internet - my blood must come to the boil at least once a day when I see this.
I personally would only quote %'s, based upon account growth - and again would only consider account growth over the long term - monthly - as this would give a truer figure for performance.
I almost forgot the purpose of my message here, I thought I would post my result yesterday - forget 1000 pips a week, I actually made 949 pips Yesterday - but I'm not saying this to brag - I think many people catching yesterdays trend on 3 or 4 big movers would have also achieved this. The great thing about yesterday was that the stops required to acheive the profit was quite small, Risk/reward was huge.
When I enter trades I try to only take trades that offer risk/reward that are in line with my journal which accurately logs my % wins. This way I am able to pass up anything that could potentially reduce my stats. The other thing I do is try to milk my trades for every drop I can, but this only comes with practise as you have to let your trades breath.
Sorry haven't been around to defend my reps, Ive been too busy enjoying the markets. Reuters nicely threw Sterling through the floor today on a poxy rumour, suffered some slippage, but coming back now.
I have no idea what reps are either, I thought I had loads of green and yellow dots through virtue of just being a member for years! Nevermind, it's like a video game trying to build up those blobs.
I personally think people shouldn't even talk about pips, it is an overused publicity tool that preys on all Newbies greed - a tactic overused by scam artists that litter the internet - my blood must come to the boil at least once a day when I see this.
I personally would only quote %'s, based upon account growth - and again would only consider account growth over the long term - monthly - as this would give a truer figure for performance.
I almost forgot the purpose of my message here, I thought I would post my result yesterday - forget 1000 pips a week, I actually made 949 pips Yesterday - but I'm not saying this to brag - I think many people catching yesterdays trend on 3 or 4 big movers would have also achieved this. The great thing about yesterday was that the stops required to acheive the profit was quite small, Risk/reward was huge.
When I enter trades I try to only take trades that offer risk/reward that are in line with my journal which accurately logs my % wins. This way I am able to pass up anything that could potentially reduce my stats. The other thing I do is try to milk my trades for every drop I can, but this only comes with practise as you have to let your trades breath.
Sorry haven't been around to defend my reps, Ive been too busy enjoying the markets. Reuters nicely threw Sterling through the floor today on a poxy rumour, suffered some slippage, but coming back now.
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ExpertTradingAdvisor
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I find that it is best to have a risk reward of 1:1 or better. Otherwise if you are risking 100 pips to make only 5 pips then you will get nowhere. You would need to be over 95% accurate just to breakeven. Trading profitably always comes back to good money management.
Yesman, thats a very valuable and interesting contribution to this thread or perhaps you just see this as a great place to market yourself?
Fortunately I think even the newbies here will have seen through this and will be staying well clear of such activities. If you do have anything to actually contribute please come back and add some value.
ExpertTradingAdvisor
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I think it is possible to achieve 1000 pips per week. However it would probably be easier to do this trading on hourly charts or higher. A scalping system would be almost impossible to get that many pips consistently every week.
True, a scalping system could quite easily generate 1000 pips a week in commision to your broker though!
I like to see price action, even though I can make 1000 pips in a week I trade from 5 to 15 min charts - but I guess whatever works for you is the important thing.
