Average 500 pips weekly

[Pip Maker]

Dear friends, I will be sharing here my trades with you and see if I survive long enough making 500 pips weekly. Sharing my trades and performance with you will make me better at controlling my self and not entering a market at the wrong time.

This week as of today I made +336 pips so far. I want to continue my journal here. I don't think I will post here my trading statement but you will be able to track my performance when I enter the market and when I exit.

My target is anywhere from 20 pips to 50 pips, sometimes I close the position earlier few pips if the trade is almost hit target but I have another good opportunity to get in to trade with different pair.

My stop loss is about 100 or more pips. Why I put stop loss is only to prevent unexpected move of market. But if my position goes agains me 30 pips I open another lot, it goes agains me more I open another lot and if I get to the point where I will be positive total if I close all 3 positions even if the first one is negative then I will do it. I didn't meet any big draw downs neither any big losses.

If there is something you know that I need to change please let me know.

Currently open positions:
USD/JPY Sell 83.17 Target 82.80
USD/CHF Sell 0.9683 Target 0.9640
GBP/JPY Sell 133.98 Target 133.48

PREVIOUS CLOSED POSITIONS:
EUR/JPY Target hit +37
EUR/USD Target hit +46
USD/CHF Target hit +28

 

[Citizen2007]

Dear friends, I will be sharing here my trades with you and see if I survive long enough making 500 pips weekly. Sharing my trades and performance with you will make me better at controlling my self and not entering a market at the wrong time.

If you can enter at the right time by sharing you can do it without .

Something tells me your not quite there yet. Still a piece of the jigsaw missing.

 

[Pip Maker]

ADDING NEW POSITION:
Buy NZD/USD 0.7615 Target 0.7645

 

[Barramundi]

Have you considered what will happen when you are on the wrong side of a strongly trending market?

 

[SpiritBeing]

ADDING NEW POSITION:
Buy NZD/USD 0.7615 Target 0.7645

what was your net pips for the day?

what style do you use?

 

[Hotch]

If there is something you know that I need to change please let me know.

I think a change of perspective would do you good.

500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.

Look at it this way, if you're buying and selling one can of coke at a time, and you make a grand in a week, then you've done a good job, if you're buying and selling 8 bedroom houses, it's less impressive.

 

[SpiritBeing]

I think a change of perspective would do you good.

500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.

Look at it this way, if you're buying and selling one can of coke at a time, and you make a grand in a week, then you've done a good job, if you're buying and selling 8 bedroom houses, it's less impressive.

Well said Hotch...but only he can know

 

[Barramundi]

500 pips is a large amount by most standards, but if your stop is 100+ pips your return on risk is <5. I would advise you focus less on pips and more on return on risk.

Good advice, but it might also be worth condisering the risk vs return per trade also. If he's adding additional lots every 30 pips as trades go against him, and bailing at 100 pips in a worst case scenario, he's actually risking 100 + 70 + 40 +10 = 220 pips per trade, to potentially make just 20 - 50 pips (say an average of 35 pips). So for every big loser he has to have 6 winners. A very risky way of trading IMO.

 

[Hotch]

Well obviously if you're adding up multiple positions as one trade in terms of profit , you have to do the same for risk.

 

[Barramundi]

Well obviously if you're adding up multiple positions as one trade in terms of profit , you have to do the same for risk.

Yes, but the problem is, it appears he is not adding multiple positions to the winning trades, only to the losers.
The whole money management strategy he is using seems to revolve around avoiding the unavoidable - having a losing trade.
Better to maximise winners than maximise losers. This is Trading 101 stuff.

 

[MajorDutch]

isnt this a kind of martingale system (which will eventually lead to ruin). like going into a casino and place £1k on red losing then putting £2k on red losing then £4k on red and so on. Either you run out of money or you hit the casino limit or the casino security escort you off the premises!

 

[Barramundi]

isnt this a kind of martingale system (which will eventually lead to ruin). like going into a casino and place £1k on red losing then putting £2k on red losing then £4k on red and so on. Either you run out of money or you hit the casino limit or the casino security escort you off the premises!

It's a slightly different variation but is likely to lead to the same result, yes. I think he already suspected his fate when he said in his opening sentence 'see if I survive long enough'....

 

[Pip Maker]

USD/JPY +3 -16 still holding
NZD/USD -4 -46 still holding
USD/CHF closed at -19 +29
GBP/JPY closed at +59 +53
So far +122

 

[SpiritBeing]

USD/JPY +3 -16 still holding
NZD/USD -4 -46 still holding
USD/CHF closed at -19 +29
GBP/JPY closed at +59 +53
So far +122

These lot on T2w thought i was crazy ......i know i can make 500-1000pips a month.

THIS AMBITION DROVE PEOPLE CRAZY....now here you are talking of 500pips a week.

HOW COME ALL YOU CHUMPS FROM MY BLOG ARE NOT CHOPPING PIP MAKER DOWN?

Pip Maker your ambitions are admirable!...

for the record:

$10000 account (compound every time you make 100%)

500 pips per week.....1 contract($10 per pip).... = $30000 PROFIT

if you made 500 pips you would turn $10000 into $40000 in one month...GO GET EM

GOOD LUCK!!!!!!!!!!!! it will be needed.

 

[neil]

These lot on T2w thought i was crazy ......i know i can make 500-1000pips a month.

THIS AMBITION DROVE PEOPLE CRAZY....now here you are talking of 500pips a week.

HOW COME ALL YOU CHUMPS FROM MY BLOG ARE NOT CHOPPING PIP MAKER DOWN?

Pip Maker your ambitions are admirable!...

for the record:

$10000 account (compound every time you make 100%)

500 pips per week.....1 contract($10 per pip).... = $30000 PROFIT

if you made 500 pips you would turn $10000 into $40000 in one month...GO GET EM

Well, I can make £73 per week spreadbetting £20 per point -after deducting losers which is closer to reality than the above waffle:whistling

 

[Pip Maker]

My leverage is 50:1 not 400:1 so out of 10K account I can only trade $1 per pip only if I have few positions open, if I am planning to have up to 10 positions open then $0.50 per pip, even with 10K account $10 per pip and having only one position open your margin would be about 10%-15% and thats A BIG RISK.

Buy EUR/USD at 1.3514 Target 1.3545

 

[Pip Maker]

Buy USD/CHF at 0.9634 Target +20 pips
Previous EUR/USD 2 positions closed +37 pips

 

[Pip Maker]

USD/CHF closed at +20
GBP/JPY 1 position target hit +20 second position +95 because my broker only allows to put Target on first position only so I woke up with one position target hit and second position +95

I HAVE A PROBLEM WITH MY PLATFORM, once I open it this is what pops up and doesn't allow me to open my account.

 

[Pip Maker]

USD/JPY still open
NZD/USD still open

So far +294 for the week

I didn't put the trade here for GBP/JPY, I don't always have time to put up trades here but I do it once in a while. Too busy with my own life. Enjoying it.

 

[Pip Maker]

EUR/GBP sell at 0.8429 Target +20
GBP/CHF buy at 1.5442 Target +30
USD/CAD sell at 0.9851 Target 0.9800
Sell eur/usd at 1.3569 Target +15 pips
Buy usd/chf at 0.9596 Target +15 pips

NZD/USD closed all positions with total -30
USD/CAD closed at +10

USD/JPY closed +15 all positions
EUR/GBP target hit +20
EUR/USD target hit +15

Total for the week 324