make 10 pips a day easy

[johnfox1234]

Ive been trading this for the last three months.

market - ftse100
charts. fxcm mt4 and IGmarkets advanced charts.
tf - one minute


when the market is bouncing in a small range trade the gaps on mt4 for one pip scalps only. a 10pip s/l will suffice as a catastrophic loss control. it will be rarely hit.

Before you start bombarding me with RvR of 10:1. I know that already.

But so long as you trade this when the market is ranging and you have checked for any uk related news not coming out, then you can easily pick off 10pips.

IF you see a gap on fxcms mt4 you need to confirm it on igmarkets advanced chart. It must be a minimum of 0.5 of a point on that chart too.

open a demo with fxcm, set the dealing window trading settings to 'single click' and limit of 1 (one). when price goes two pips away from a gap trade it. never trade for the gap to be closed. only to the edge of the gap. Often price will only come to the edge then bounce off.

This will make you money. i use it every day. from 10am-noon UKtime .
dont get greedy. 10pips a day is 50 a week and thats 200 a month. trading at a tenner a point gives you £2k/month. small bites at the cherry.

Have fun

 

[pboyles]

Ive been trading this for the last three months.

market - ftse100
charts. fxcm mt4 and IGmarkets advanced charts.
tf - one minute


when the market is bouncing in a small range trade the gaps on mt4 for one pip scalps only. a 10pip s/l will suffice as a catastrophic loss control. it will be rarely hit.

Before you start bombarding me with RvR of 10:1. I know that already.

But so long as you trade this when the market is ranging and you have checked for any uk related news not coming out, then you can easily pick off 10pips.

IF you see a gap on fxcms mt4 you need to confirm it on igmarkets advanced chart. It must be a minimum of 0.5 of a point on that chart too.

open a demo with fxcm, set the dealing window trading settings to 'single click' and limit of 1 (one). when price goes two pips away from a gap trade it. never trade for the gap to be closed. only to the edge of the gap. Often price will only come to the edge then bounce off.

This will make you money. i use it every day. from 10am-noon UKtime .
dont get greedy. 10pips a day is 50 a week and thats 200 a month. trading at a tenner a point gives you £2k/month. small bites at the cherry.

Have fun

You're doing that on a demo account, try it on a live account and see how you get on. You're wasting your time with this.

 

[forker]

You're doing that on a demo account, try it on a live account and see how you get on. You're wasting your time with this.

Agreed

 

[rathcoole_exile]

2k a month ?
what's the point of that ? hardly worth getting out of bed

especially the trading hours you recommend....who's going to give up the chance for a full-time job to risk earning just 24 large a year ?

 

[johnfox1234]

sheesh you guys are negative. give it a go. it isnt hard to do. dont knock a thing until you have tried it.

Pboils - i am doing it with a live account.

 

[bhindaas]

sorry, but can you elaborate on how you define the gap, maybe a chart image for both fxcm and ig if possible. thx

 

[johnfox1234]

sorry, but can you elaborate on how you define the gap, maybe a chart image for both fxcm and ig if possible. thx

attached is a chart from fxcm mt4. the data is all only one point so it is easy to see a one point gap. on igmarket charts it is a little more difficult as the scale is in tenths. so you need to measure and ensure it is at least 0.5.

These gaps arent something you can backtest. there are many many more gaps that appear which you trade but they wont show on the picture below as they have been filled. I only trade to the beginning of the gap. not for a complete gap fill.

 

[forker]

To state that a stop of only 10 pips will rarely get hit is a very bold statement. You have any evidence to back that claim?

 

[the hare]

To state that a stop of only 10 pips will rarely get hit is a very bold statement. You have any evidence to back that claim?

he's only looking for 1 pip, so the stop being hit will be rare. The problem of course with these asymmetric risk reward ratios is that it takes a very long time to build up a statistically valid sample of losing trades, and often the true expectancy takes a while to reveal itself. It always does does in the end

scalping for 1 pip seams like a very difficult way to earn a crust.

 

[forker]

He would need more than one pip though to cover the transaction costs.

 

[pboyles]

With threads like this who can say that T2W is being dumbed down?

 

[the hare]

With threads like this who can say that T2W is being dumbed down?

well I suspect he is a vendor without a badge... no hard evidence, just a feeling in my bones

 

[HalfChilli]

I was looking into it sometime ago and still looking into. Yes i had few points but only one wrong trade is enough to wipe you out. But Fib works very well and gives best result if you know how to use it with FTSE and i am practising it at this moment. I will share as i will get some more success.

 

[Jason101]

To the last five posts, I must have read it differently to you, from what I read the 10 pips stop was a disaster stop and he was looking to close the trade if it went 2-3 against him?
Agree that he could be a clandestine vendor though.

 

[piggybridges]

2k a month ?
what's the point of that ? hardly worth getting out of bed

Just increase the stake size. instead of 2k per month at £10 per pip, trade £100per point and make 20k per month :idea:

 

[Lightning McQueen]

To the last five posts, I must have read it differently to you, from what I read the 10 pips stop was a disaster stop and he was looking to close the trade if it went 2-3 against him?
Agree that he could be a clandestine vendor though.

i read it that way too.

"biggest stop is 20, usually 3-10pip stops."

on the vendor front we'll simply ask i simple question that remains an unanswered post on another suite of forums.

"And the cost of joining your trading room?"

 

[johnfox1234]

To state that a stop of only 10 pips will rarely get hit is a very bold statement. You have any evidence to back that claim?

It is indeed a bold statement. but a true one. I don't know what evidence i can share with you. All statements can easily be photoshopped.

All i can say to you is. Try it with a demo for a week and see how you get on.

In fact , that is what i would tell anyone who is checking out something new. Demo trade it for a while. Even if you subscribe to a new service, you would be very foolish to jump in at the start with a live account until you proved that you can make it work for you.

 

[bbmac]

There used to be similar lags between brokers back in the day - they got wise 'trading inside the price' is how they describe it and the latency dried up - there was a famous ' lag ' between 2 brokers in particular that I won't name as I for one took advantage of it- postings like this don't help the edge you describe and the question therefore is - Why would you share it ?- if it does exist as you suggest and everyone starts doing it - the edge will dissapear, small though it is. As some one else so well explained in another post on another thread here - there is no reward for the loss of liquidity ?

Ive been trading this for the last three months.

market - ftse100
charts. fxcm mt4 and IGmarkets advanced charts.
tf - one minute


when the market is bouncing in a small range trade the gaps on mt4 for one pip scalps only. a 10pip s/l will suffice as a catastrophic loss control. it will be rarely hit.

Before you start bombarding me with RvR of 10:1. I know that already.

But so long as you trade this when the market is ranging and you have checked for any uk related news not coming out, then you can easily pick off 10pips.

IF you see a gap on fxcms mt4 you need to confirm it on igmarkets advanced chart. It must be a minimum of 0.5 of a point on that chart too.

open a demo with fxcm, set the dealing window trading settings to 'single click' and limit of 1 (one). when price goes two pips away from a gap trade it. never trade for the gap to be closed. only to the edge of the gap. Often price will only come to the edge then bounce off.

This will make you money. i use it every day. from 10am-noon UKtime .
dont get greedy. 10pips a day is 50 a week and thats 200 a month. trading at a tenner a point gives you £2k/month. small bites at the cherry.

Have fun

 

[Lightning McQueen]

There used to be similar lags between brokers back in the day - they got wise 'trading inside the price' is how they describe it and the latency dried up - there was a famous ' lag ' between 2 brokers in particular that I won't name as I for one took advantage of it- postings like this don't help the edge you describe and the question therefore is - Why would you share it ?- if it does exist as you suggest and everyone starts doing it - the edge will dissapear, small though it is. As some one else so well explained in another post on another thread here - there is no reward for the loss of liquidity ?

i didn't think this was about lag anywhere? the second broker feed is to be used to confirm the gap, and not to identify any price differential, have i read it wrong?

 

[johnfox1234]

nothing to do with 'lag' just to do with equilibrium. The markets always need a balance. To me its as simple as that. Learning 'price action' techniques will give you a trading edge which you can take advantage of. that doesnt mean that the price action will change because people are making money from it. Apologies if i misunderstood you.

Re- the clandestine vendor thing, i get it. Really, i do. i see it all over these forums. Yes i run a daily trading room, yes i charge for it. The reason i started it was because people requested it off me. I really am offering this thread as a way for you guys to improve your trading styles and hopefully to prevent new interested people from losing too much in their learning process. I blew a lot before i learnt to trade properly as most people do. but most people give up. and usually after they have accumulated a lot of skills and often just before they can turn their trading into a profitable venture.

So please dont be too negative, constructive criticism please. And lets work on honing out trading skills.