Forex is about making five net pips in an hour…
We have been abusing ourselves with reading, seeking and doing all that crap to make money from FX.
Pairs and Timeframes: EUR/USD 1min, for now
Ma’s: White over orange and orange over red
Trix: The first 4 green lights
The Trix should get signal after Ma’s are in order if we already have 4 green lights and then MA’s get in order it’s not an entry.
So when Ma’s are in order then we see 4 green lights we should enter at the start of the next candle. (shown in picture)
For short: The opposite.
I have a partial take profit at 5pip then I breakeven and go for the next 5pip then I put a 5-10 trailing stop for the rest.
I use 15pip stoploss or previous low/high, I know it’s strange: TP:5, SL:15, but this is a partial TP, most of the time the system gives 10-20 pips. So maybe the TP/SL ratio is not good but we have much more winning trades than losing ones, and that covers.
Do you indeed need indicators, algos, malgos, zalgos I don’t know codings modings to make 5 damn pips???
You need very basic forex skills…yes, basic skill to earn 5 pips and move out immediately!
5 pips is just simple and shortest movement of a God damned candle my friends. Yes it’s.
And can’t we really locate that movement during an hour?! We all can and we will!.
And if you think you still cant do it that means you are afraid of the market and must quit trading. Yes you must.
THINK ABOUT IT: you locate a movement up or down…open a position of 50K (0.5 lot), take those 5 pips and close the position. Then come back next hour do it again!
$25 an hour. enough.
I have been doing a lot of work on an EA to scalp the EU with a TP of 5 pips with an anticipated spread 2 pips giving me a net 3 pips per trade. SL is 7 pips.
I have never traded live, I am a professional programmer, and have an undying belief that the right EA strategy can win with a win/BE rate of 75-80%.
My test results are positive in a perfect world. But before going live, I would like to validate that this set of design factors can work in the real world.
I am using the M1 with the Trix Unity indie, and some proprietary indies based on Better Volume, Mtf Stoch, and FX Snipers famous triple ema Ergodic CCI. Trading only occurs from 1 hour before session open to 2 hours after session open on the Frankfurt, London, and NY.
Fundamental to my scalp strategy is to go to break even when I reach 4 pips profit to cover the spread of 2 pips
So the question is, am I smoking dope to think that I can actually end up with a pip or two or three when considering broker stop hunting, and slippage?????
Since I have so much free time in between my trades, I stalk for simple methods to kill my time and to keep my mind active, and this 00 level method seems will keep you on your toes every hour, haha. I am not trading it on live (yet) until I am sure it is worthwhile.
Here is the variation (original method applies here as well):
1) SL: 5, TP: 5 (reduce the recovery of losses). Better to take small loss rather than double losses. Easier to recover with one win later.
2) Direction of the hourly momentum; better to go with the flow. For this I use hourly Stochastic at (5,3,3). If original rules agrees, look at Stoch to cross up (for long) and cross down (for short). Skip the crosses if the cross is above 80 or below 20. Meaning chances t go up/down is limited.
3) Bid distance from the 00 level. Make sure it is less than 5 pips. For example, if signal is long, and bid is at 101.510, then the pending need to be at 101.60 as per rule. Meaning, pa have to move 9pips plus another 5pips to hit target. So best option will be bid to be between 50-90 level (for long) or 10-50 level for short.
This method will be less trades but first win will get the 2% easily.
Hope that was so easy!
If you have a system that give you for sure 5-10 pips everyday… Your rich. (5pip/day * 5 lot * 10$/lot = 250$/day really good)…
But its not so easy… Those that claim to do this… first they average there gain(ex.50 per week on one trade/5day).
And/or they apply strict rules and/money management.
Its harder mentaly to gain 5 than 50 (Its my opinion), Like ‘djudah’ said “Let your profits run”, after 5 pip you would said maybe i’m able to get 10, badaboom your dead…
With long term overview,you set and forget(Well its just a way to say this). Once you have made 25-30 pip you secure your position(Move sl to entry price, and let the reste go).
5-10 pip can be considered scalping
at least for 5 pips. But gain 5 time(5pip) and loose 1 time your sl 30 and your down…
To really gain 5-10 pip a day, yes you can do this, but you have to be a robot(No emotion)
Try to win 4 hard trade of 5 pip an then loose rapidly 30pip in 1 trade… Hard for the mind…
this goes true for me as well. As much as analysis goes, most of us can get it correctly. But making the analysis right does not equate to making money the moment we place a trade. Just as Jesse Livermore said, it’s not my brain that made me money, it’s my sitting tight! How many of us can time the market just as it turns, or just at the right moment? The thing about forex is, get your analysis right, place a trade, and sit tight! It’s true that Jesse Livermore said that you have to cut ur losses and let profits run, but it’s only applicable when your losses show that you were WRONG. So everytime if you’re getting a loss, re-think your analysis. Just as Martin Shwartz said in his book Pit Bull, if it gets so much till you wanna puke, double up!