I know it does sound extremly unlikely if you judge it as a % of my capital, a currently is at a very low amount,
but i wasn't saying that my current goal is to make 50% of my capital daily, as that would simlpy be extremly foolish to imagine!!
What i said was is that my current goal is to be able to earn 15pips per hour.
Yes, when you look at this in the longterm it is approx £30,000 per year, which is a nice amount, 2k above my other now backup career starting salary although roughly same number of hours per week.
But if you actually do stop and think about it for a minute, why is it so unlikely to be able to reach this target??
Im not sure how true some of the claims i hear from other members are about how they have just closed £900pip trades, or are up 670pips by lunchtime that day...,
But im always honest, direct, straightforward, and logical.
If i start trading at 8am on the Ftse for example and the morning trend direction correct i would often be on to a 25 - 80pip earner there alone!!
But ok lets take a more average day:
1. I start at 8am ftse (2pip spread), get the morning trend direction right, i would quite easily and comfortably then manage to take 15 to 20pips profit with a few minutes to maybe 10-30minutes, depending on steepness of trend.
2. You could then be a lil greedy and if the trend is still going strong you could hop back on and just take a another 10pips more, or its stopped and is now going downwards you could with 2-3seconds sell down and catch 5-6pips profit on the slide down, even if it only lasts 1-few mins.
And if you wait and watch the trend over the 2nd hour, with 3 trades you quite easily make 5pips per trade as this is between a few seconds to 1-2minutes volatility if you et the direction right.
3. However after 3rd hour the ftse will change from being its usual straight trend, to becoming more of a flatline with varied volatility noise intervals between 10 am to 2pm awaiting Dow opening.
if you chose to trade this noise, you are likely to endup having the trend change direction on you and so you will lose a few pips.., but if you have your platform's website open in a 2nd window in the demo account mode you can test the direction for a few seconds - 20secs and depending on your profit or loss you can trade the direction that 'would have or is giving you profit on the demo account'.
Doing this you should normally only hold for 10sec - a 1-2mins till you have earnt maybe just 3pips profit.
Or cut at 3pips loss if within the few seconds barrier after you made the trade the noise trend line changed against you.
I know that this can be very tedious and repetetive, especially if you are trading 1direction - cutting 30secs later with few pips profit - and then countertrading back down the slide if trend ihas changed direction is flicking back down.
But all you need is 5 trends with 3pips each and you've hit goal for the hour!
(More likely you will lose out a fair few times as trend in demo account wil change within seconds of executing trade, but so even if you make 19trades in the each hour 12=right direction 7=wrong, you still will have earnt 15pips profit in the hour providing you closed each wrong at max 3pips and took each right at min 3pips profit!
After lunch the Dow opens at 2.30 and starts to casue its impacts, you can either make an early trade on the Dow if its trending and can then make 15pips with a minute more often then not if you trade the trend direction!
Or alternatively you decide you want to have a long lunch and just watch the impacts its having on the other markets.....
And then after lunch you could have a look at oil.
If you test the trend with demo, and then counter with real account you can earn your 15pips within seconds, although you could also lose 15with a few secs so have to be very fast and alert, but using Tradindex i can open and close a position within a fraction of a second with just 1 click, not having to enter in any numbers or values like on Ig!!
If you manage to make 15pips with 1 lucky hit on oil your done for that hour, or alternatively you could do a few lil sclaps and take you 3sets of 5pips, or just as much as possible with cutting losses as quick as possible.
OR
If you haven't really got an oil fetish and prefer a more steady safer option you could test trade trade AUS/USD with demo, and then real trade for profit holding for a few minutes, and could also trade JYP/USD at the same time as it usually mirrors the opposite of AUD/USD.
If you trade both of these at the same time, providing you get your 1st trade in the correct direction (quite easy if you use demo account to test other direction at same time) and hold it for 7 to 8pips profit for each market, or even 2sets of 4pips profit for each you would be able to hit the 15pips per hour target for from about 3pm to 7pm.
Although it wouldn't always run that smoothly and you would may endup getting into a losing trend on a few of the hours, providing you cut at max 3pips loss, aif you held any of others for more than 8pips profit you would still hit the 15pip per hour target.
So at the end of the day, all pips added up, you would have hit about 150pips min for 10hours work!! :cheesy::cheesy::clap::clap:
Although you may not be able to do this every single day and some days you amy only make 20-30pips profit if you somehow have extremly extreme bad luck, you could often even exceed 150.
However if you just follow the numbers and disciplines ive written in my thread you should be averaging at about 15pips per hour profit, 3trades of just 5pips profit each.
:idea:
