Checking for newstimetable might also help avoid mistakes. "Hoe ur pips mate?" fxcarllos. First you want to setup your charts similar to the image above. If you want to use the Stochastic indicator like mine, you can find it in the. If the price is in a sideways movement and the trend is broken, it can get go either up or down right? This is what we at Forex Watchers call. ALL ABOUT FOREX FREE DOWNLOAD Table 1 describes keep monitoring for then wait for. Open your Downloadslike JPEG woodworkers make is potentially malicious or. Users are instantly structures data in password for this and components free.
The longer term target for the second lot should be the next 00 or 50 level. This should be at least a reward to risk ratio. The first profit target should be at reward to risk, if it is less than the 00 or 50 target. If there is less than a ratio on this first profit target, do not take the trade. If the first profit target is hit, then exit at the nearest 00 for Otherwise, stay in the trade until the stop is hit. Since this trading method is so simple, it is easy to setup a backtest.
Open your favorite backtesting software. I use Forex Tester 2, so I'll use that as the example. If you want to see how to setup your first Forex Tester backtest, read this tutorial. Once you setup your backtest, come back to this post to see how to test this strategy specifically. When you see a trade setup, first calculate your stop loss.
If it is not, don't take the trade. Follow the rest of the rules outlined above for each trade. Use a risk spreadsheet to calculate the number of lots to trade. You can create one yourself, or you can download one below for free. If you want to create one yourself, here is the calculation. First, figure out your maximum dollar loss, based on a percentage of your account. Then calculate the cost per pip, based on the lot size that you set up above.
This is based on a lot size of 1, currency units. If this is confusing, just follow my settings and do a test. You will start to get a feel for the numbers. Also compare your results in backtesting to the results in your demo account. That will help you adjust your backtesting settings, if necessary. Multiply your cost per pip by the number of pips of risk. So if your stop loss is pips, your total dollar risk by your cost per pip.
In this example, that means the following. So you should trade 5 lots in this example. The calculator spreadsheet in the download section will help you do this easily or you can create one yourself. Now do that same thing in your broker's trading platform. Since most people use Metatrader, I'll use that as an example.
The CCI is a default indicator in Metatrader. Add it to the Daily chart of the pair you backtested and monitor the signals. Next, setup a free account with MyFxBook. This website will connect to your demo account and collect your trading results. Follow their documentation to connect your account. It will give you reports that tell you things about your trading results that would otherwise take a long time to do manually. To learn how to use MyFxBook, watch this video.
Click on the button below to download the Risk Calculator Spreadsheet and Strategy Template for backtesting. It will make it easier for you to do your tests. Once you have everything setup, you are ready to start testing. Keep in mind that you should test this method on as much data as possible. The more data you have, the more likely the strategy will work in different market conditions.
So if this strategy interests you, get started right now! Don't hesitate. Regardless if you have backtesting software or not, everyone with a computer can start forward testing right now. Everything you need is in this post, you have no excuses. In the next part of this series, I will show you the results of my testing. Stay tuned to find out what happens. If you want to subscribe to blog posts via email, you can subscribe at the bottom of this page. If you would like to take a publicly available trading strategy from a forum or blog, test it, then write about it, feel free to contact me.
I may feature your test here on Trading Heroes. Disclosure: I do get a commission if you buy through some of the links on this page. But it does NOT cost you anything extra, it helps pay for my hosting costs and a portion of the proceeds go to my charity partner. Hi, I'm Hugh. I'm an independent trader, educator and researcher. I help traders develop their trading psychology and trading strategies.
Learn more about me here. Skip to primary navigation Skip to main content Skip to primary sidebar Skip to footer CCI Divergence Breakout Strategy Testing Plan — Version 1 This post will show you how to test a trading method that is publicly available on another Forex trading site.
Suitable markets are Forex, stock, and futures - the main criterion is their presence in the MetaTrader 4 terminal as long as the indicator is meant for this one only. A signal to buy requires the following conditions:. If the next candlestick does not trigger the order, having even lower High and Low, relocate the buying order above this candlestick.
If the candlestick does not have at least a High or Low below the extremes of the previous one, do not relocate the order. An example of a signal to buy by Urban Towers for Forex, futures, or stock markets:. In this case, a signal to buy appeared even before the pending order was triggered. If the next candlestick does not trigger the order, having even higher High and Low, relocate the buying order below this candlestick. If the candlestick does not have at least a High or Low above the extremes of the previous one, do not relocate the order.
An example of a signal to sell by the strategy in Forex, futures, or stock markets:. Alternatively, place it below the lows of next candlesticks with lower extremes. Alternatively, place it after the candlestick if other candlesticks have higher extremes.
The author gives no recommendations on placing the Take Profit. As long as the strategy presumes using pending orders, the most reasonable risk will be compromising set percentage of the last fixed deposit in each position. I highly recommend against entering more than 1 position at a time.
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How will your trading be affected the day after a loss? These questions are all part of the x pip a day equation. Much of all this comes down the two questions, if you absolutely want to make 10 pips a day, how much are you prepared to risk to make it? And, how much must you make on profitable days to cover the bad? Remember also, small trade sizes are an enormous help in managing or recovering from losing trades, but small trade sizes don't put food on the table when your goal is 10 pips a day, unless your account is significant.
To do that, you have to be close to full exposure, relative to your account size - and that makes drawdowns really tough. Maybe a better strategy would be to stop trading after you lose 10 pips or 20 pips whatever you feel comfortable losing. That way if you are having a winning day you can keep on trading. Why stop if you're making money? I have found the hardest part is getting out after you have achieved 10 pips. My biggest mistakes come from trying to get 20 once I have gotten If I am trying to get 10 pips, I have to use the take profit to get out.
If I try to do it manually, I almost always fail as the 10 pip profit goes negative. To me it is very difficult to make 10 pips. Even if it is only 1 trade then stop loss should be 5 pips which is taken in most cases by volatility. I look for pairs that move over pip a day and aim for 30 - 50 pip profit. I think that banks try to move price at least 50 pip before they close positions, so I try to take substancial portion of that. Most days it will move at least 5 pips.
I put on 2 or 3 trades with a TP of 5 pips. The 10 pips per strategy can be achieved if all the stars line up everyday that your trading. The problem lies in when the first day, or any day, of that series of trading days puts you in the hole. Now you have to use a little psychology to determine your state of mind. Should you try to get that back? Is this a "bad "day for trading? Should I just quit for the day and go fishing and come back tomorrow? I have found in my experience here that shooting for the moon at the beginning doesnt work very well.
I then started out concentrating on 10 pips a day and when I got more confidence I went for 20 and day. Now I am working on consistantly getting pips a trade. They add up fast. I also mostly trade the daily and 4 hour. I am basically scalping those time frames. It doesnt have to move much for a pip gain. Do that a couple times a day or so and you"re golden. Just throwing that out there. So maybe your goal could be to make 5 trades per day but to stop trading after 3 losses.
You can adjust all these parameters to fit your comfort zone but I think you get the idea. Actually, the max amount that one could make in a day depends upon one's beliefs and execution. Instead, one might opt to let a winner, that reaches its PC long before reaching its TC, run farther, and trail the stop.
Another option might be to scale into a larger position on pullbacks, and so forth. The answer to this question is probably difficult to compute and would involve probable outcomes rather than certainty but do you have any thoughts on which strategy is the better choice? Based upon my analysis and experience, the results seem to support the notion that stopping after a fixed number of losses is more efficient. First, recovering from 1 or more losses requires more effort.
Second, letting a winning trade run a few more pips frequently requires less effort than locating a new potential trade setup at least for intermediate- to long-term trades. Letting a winner continue to run for longer can help to completely or partially cover several losses as well as the transaction costs of several including future trades. So it literally pays to let winners run longer whenever feasible. I'm not saying that fine-grain management is a bad thing.
A similar concept applies to our trading business. Finally, although recovering from losses requires more work, keeping that losing streak as small as possible stops the bleeding sooner. Letting winners run is one of many ways to overcome loses, and it tends to require less additional effort than locating new potential trade setups.
When managing one's trades in groups, one is freer to allocate losses in an arbitrary order--so long as the actual number of losses in that group doesn't exceed the max threshold. In cases in which the number of losses exceeds the max for that group, it should be clear that one probably needs to make some kind of adjustment to get things back on track. If I understand correctly, I might say to myself "This week I am going to take 50 trades but I will stop if I incur 25 losses during the week".
So I am still in the game and have a chance to recoup those losses, perhaps even the same day. I like this strategy a lot and will put it into practice when I start trading my pre-fund account. Thanks for this Hak and BD. I have always thought it better to limit losses rather than wins. You both have helped clarify this and I may do this with a demo and see what kind of stats I come up with. BD, yes, you're mostly correct. The primary reasons for having both constraints in place is to reign in the losses, while not obsessing over each individual loss, and to monitor my processes and system from a higher level to ensure that nothing has derailed.
Val: Thanks. I also forgot to mention that the monitoring process also can be a bellwether for potential higher gains over a group of trades--provided the number of losses remains smaller than the max threshold. A 10 pip a day profit is a good goal to have, however your risk factor and your patients has to be first. If you get too excited in a cash account you will trade foolishly and lose. Just remember you are in the numbers game. Somebody wins and Somebody loses. I would suggest you forget about the money because it will throw off your judgement.
The money is there but in order to remain profitable you have to be consistent in the way you trade. I first suggest a good trading stragey. Greed for the lack of the better word in forex trading is EVIL. Get in and get out should be your stragey, watch your risk level because the risk manager will be. Always look at the charts that you trade daily before placing a trade, look for: 1. Trend, 2.
Measured Moves, 3. Channel rotations. Just remember you can place a buy or sell trade. I have a good trading plan thanks to Shawn and Nate. I use a 10 EMA indicator with momentum. Good Luck. The point of the discipline you get targeting ten pips a day is well taken. But what funding level will enable you to live on ten pips a day? I agree with tosin, the problem with 10 pips a day, as a long-term practice, is profitability.
I'm not saying anyone has 10 pips a day as their ultimate goal but it doesn't hurt to take a look at potential profitability in what we are doing. My "solution" to this profitability problem is don't worry about it: just focus on being profitable every month so that you can steadily advance to an account size where you can start covering your expenses and make a profit. You know your expenses so you can figure out what account size you would need. Of course, you should make your own assumptions about your rate of return, trade size etc but I would encourage you to go through the exercise, if only to develop a realistic post-funding plan.
Trade well, everyone! Thx for the link, hak. It only goes to show that all questions have already been asked and answered! Hi Firejump, I'm not a huge indicator fan, I personally think it makes a trader lazy and its very confusing.
My system is very very simple and very very profitable. Firstly as you know I trade higher time frames. Monthly for long term trend, then daily for confirmation, I NEVER trade without using Fibs, this tells me where my take profit is and approximate entry.
The only indicator I use is ScholasticRSI on the 2hr chart to help me confirm if the curriency is over bought or over sold. But thats it Only one indicator. GREAT opportunity later today with bank of england announcement. All I do firejump is what the banks do, and they use Fibs, if it could enough for the banks its good enough for me. If you are checking 8 currencies strenght, then you can find best pair for traiding from 28 pairs on your choosed TF.
Try to keep it simple. When aiming for 10 pips a day consistently it is just a matter of focusing on 2 of your favorite pairs, trade on a 5m chart, wait for a good entry signal based on a movement breaking out of support or resistance, and place your trade with confidence using SL. I personally aim for 30 pips a day minimum. I like it I've found that scalping is the fastest and easiest method for me.
During times of higher volatility, I can trade full lots and easily get 10pips in a matter of minutes. Just this morning I got 12 pips in literally 2 minutes using a 1. If you're talking straight pips, you can enter multiple, smaller trades simultaneously. For instance, if you find a good entry position, you can enter 5 trades, let them go 2 pips before closing.
This is a quick 10 pips. If your goal is monetary, your trading strategy might change. In this case I tend to rely on smaller trades, and wait until I'm absolutely sure as if that existed in the market the trade will not go against me. I like to do fewer trades with smaller movements and larger lot sizes. With higher lot sizes, the greater the risk if price moves against your trade. Remember though that not all pips are created equally.
So you have to make sure that you get 10 GOOD pips, rather than just 10 pips. A trade with a 10 pip profit target and a 5 pip stop loss is 4 times better than one with a 10 pip target profit and a 20 pip stop loss, assuming they both have the same win percentage.
This is because you can put 4 times the position in the first one than the second one while still having the same risk. I don't think I like a 10 pip daily goal, personally, because I don't like my losing days to be larger than my winning days. Considering my stop losses tend to be at least at or near 10 pips at least for most of my trades and almost always at least 5 pips , if I wanted to ensure my winning days remained larger, I pretty much would have to stop trading that day after my first trade if it was a loser.
I have found a better straddle strategy. Ride the waves of the pip boxer indicator. But we are not going to do that. Take profit from the SELL trade when it passes down through the line. Also place a SELL trade immediately after it. You will be taking profits while the pip boxer indicator Line is moving up and down between the overbought and oversold areas.
If anyone could make a consistent average of 10 pips a day or 50 a week, etc , every day, and with any position size, then that person could own the world in a few months. Extremely simple and meek in appearance, 10 pips a day is a formidable feat in reality. Do not believe everything you think, or others think. Test it, etc. Learn to use Fibs. Place your Fibs on the a daily chart and then place the Fibs on a one hour chart. Wait for both charts to lineup, both charts hit the. Also when the D ext.
Well if you make a goal of 10 pips a day then you are looking at pips a year I made half of that in one day and another the day before. I think once you get a strategy that works shoot for more pips. Making 5 pips with a large position or large leverage can easily beat making 10, pips with a mini lot. Apples and oranges are both fruits. Just my opinion. Carry on. I agree. Good morning. I would just like to throw my idea out in the ring. While we are working the bugs out of a strategy, using the Min lot size 0.
Using Micro lots cost you pennies. Once you refine this particular strategy it is very easy to scale up in lot size while still keeping all other aspects of the strategy the same. You have tested the strategy in real market condition. You know what your expectancy is. What your draws downs are. How to set targets and exit the trade. You have built confidence in that strategy and it has cost you almost nothing. This is now the time to squeeze the profit out of your strategy.
We will always be working and tweaking different strategies through out our trading career. Do all of this testing using Micro lots 0. I wouldnt know what to do with 10 pips I guess Id have to have like a I shoot for pips a day in 10K alveo accounts and pips a day in the little 1k Alveo accounts.
If you are looking for only 10 pips a day, Prakash has a great strategy that he uses. It is a variation of the Alignment Strategy and from reading through the comments, he has had good success. If you search for "Silver 3 Scalping Strategy" you should be able to find it. I am struggling with the "make 5 trades in a row with 10 pips".
Seem to get to 3 and then come off the tracks. Any help or idea from your experience would be greatly appreciate, thanks Beware that just like Pivots, the color changes, too. Don't jump in just because your favorite color shows up! I think the most accurate way to trade is to watch for a trend to develope and enter on a pullback. I use 5m charts and an 8x34 EMA cross to start looking. Do not trade choppy charts until you see a real trend develope. On 10 pips in a row l stalked a high probability breakout trade with a very strong support once broken it went 25 pips and l then took 5 trades in a row.
But you have to stalk a high probability trade like a breakout trade. If you are hitting three in a row, then your odds should be good about hitting 1 trade with 5 entries. I have made 10 pips and more consistently a day. However, I do not set a TP of 10 pips. If I did that I would need to set a SL at 5 pips to maintain my 2;1 ratio.
The chances of being stopped out would be too great at the time I trade which is after 11pm PDT. I use the 1H, 15m and 5m charts to determine the short term trend. Then I wait for a resistance or support level to form before using a limit entry placed about 20 pips away. And then I just wait to see if the limit takes. Almost without fail the chart retreats from the stalled level. If I notice it doesn't quite reach the limit I set I take a market entry. Then I wait till the next resistance or support is reached and get out of my trade.
This may be jut 5 pips away or as much as 30 pips. If notice the trade going in the wrong direction I close it out at a loss of about 15 pips. But I never stop there and wait till the next opportunity arises. I made almost 60 pips gain tonight using this strategy. I could have stopped at 10 pips and called it a day but why?
I did reach a loss of 45 pips but continued to look for opportunities and ended up with the profit I did. I had never had this level of consistent success using breakouts as I suffered from fake breakouts more often than not and ended up loosing more often than winning. Since I changed my strategy to what I described just over a week ago, I made 68 trades with a net gain of This was based on trading for 5 nights for an average of I usually trade only on Monday to Thursday nights.
To make just 10 pips a day, I would just use the allignment strategy on your favorite pairs with the entry on 1M or 5M. As with any strategy, the goal should be to focus on execution and fine tune it to be a more profitable system. Let me preface this post by saying I have been with Apiary since January of , and in January of I reached Gold l. It wasn't easy because I tend to be erratic. Being fully aware of this damaging trait, I decided to stay with my Silver lll account, and not touch my Gold account until I could prove to myself that I could reign in my displaced enthusiasm.
The last 5 months have been disastrous with just about every trade I placed constantly going against me. I tried all kinds of different strategies until analysis paralysis set in and I became reluctant to trade. I stopped then to examine what had brought me to Gold l. Obviously I had made some good decisions through the previous nine levels.
So what was plaguing me now? I realized that what had brought me through the previous levels was my confidence in my ability to scalp the market, this was something I did well. The only problem I had with my scalping strategy was that; even though I could keep my winning trade ratio greater than my losing trades, I had to fudge to keep my average profitable trades greater than my average losing trades. I would actually keep track of the trades and because I had a healthy surplus of winning trades, I would purposely lose trades with a really small loss to bring the average loss down to less that the average win.
Strange I know, but it worked. In addition, I have found a way to manage my trades in order to keep the losing trades small. I do set a stop loss, I have to in order to stay with the rules and pass the requirements for moving forward, but I set it so far away from my entry point that it can't be reached. Sounds dangerous I know, but it isn't based on the way I manage my trades.
I do this by observing my setup every 15 minutes. Unfortunately, this is not for a lot of traders because of the requirement to check your positions every 15 minutes. Anyway, this is what is working for me and I will use this strategy all the way to funding. Here we go. Variables Settings: Code. When Stochastic Indicator crosses above Signal Line.
When the price has experienced a fairly strong or extended run down. Go Short. When Stochastic is hovering around level When Stochastic Indicator crosses below Signal Line. When the price has experienced a fairly strong or extended run up. Keep 6 trades going at all times. When a position closes at TP 5 pips or on the rare occasions you close a trade due to reversal of Stochastic Check all open trades to ensure that the Stochastic Indicator is no in the process of reversing positions with the Signal Line.
When this occurs, Close the trade. Sounds too easy and it is Hak, please I am just about to complete the 3 days in a row with a minimum of 10 pips. I am trading lots of small lot sizes 0. I have been successful with this strategy so far however this is only for this challenge, this form of trading isn't my style, once this target has been achieved then back to 1 day chart!!!
I suggest you pay attention to the news. Often economic data or other major world events move the market. Then try to enter successively all 5 trades, with stops, once you see the move. Another way is to be up at market open, for example London.
There is often a good move at that time with the GBP. Can anyone point me to the best document to determine the income potential averaging a net 10 Pips per day? I know of course that it depends on account size and size of position s traded. I'm aiming for and getting close to a steady 10 Pips per day but don't want to find out I've wasted my time once I get there!
Plus,it will help you launch a 0. The process is to determine your risk to reward potential from knowing the 3 month price cycle price high and price low, from the D1 chart. Next, you will notice that the current price is either coming off the high and heading lower, or it's coming off the low and is heading higher. So, the trick is to wait for price to bounce off of these support areas and enter the trades according to your 40 sma rule or your own type of 3 bar reversal setup.
Hardly enough to live on. However, use the same currency and multiply the number of trades placed each day; thus, risk remains low while reward potential is multiplied. So Summary: I think the Yen is bullish now but will turn down at the next harmonic level of Gold has formed a double top formation on the 3 month PC; thus, strong resistance at But, may continue the new trend that has began last week going bearish. Double top formations will produce an amazing long term profit potential.
Normally, the idea is too take this formation short for 3 months or more. Making a large move of about to pips per trade. During breakouts, one has the opportunity to take on more than 5 trades at a time so that profit can be booked right away on half the trades and let the others continue with the momentum.
So, the 0. Calculation: 5 trades of. Please keep in mind that I already have defined those abbreviations several times in several other posts over a span of several years ; plus, Jeff uses them--except for E short for Elijah --too. The other symbols are mathematical notation from set theory , and they are frequently used in IT and quant [and other] trading literature.
Benjamin Graham uses far more mathematical notation in his literature than I ever have. I love you Hak, and appreciate the help so that I could catch the meaning of your post. Some really interesting ideas on trading strategy. However at this point I'd like to focus on the "10 Pips per Day" idea -- and my question was about what is the earning potential doing just that? And what scale of trading would the Apiary risk guidelines allow? Seems too good to be true and I've always worried about "too good to be true"!
I'd appreciate it if anyone could correct me on any of these assumptions. Again, I really want to know if "10 Pips per Day" can make me a good living! So you are correct. Also the law of averages would make a percentage of trades reach the 5 to 10 pip SL before any potential profit could be booked. The only reason I'm here in the Apiary Program is to see if I can develop a system that produces an average of profits that are greater than an average of losses. If that average meets or exceeds 10 pips per day, than I will automatically move up to the next funded account.
Other wise I'll be stuck in Gold 1 until my system begins to earn ratio or even a 1. Many of the trader's comments above have shared how possible this is. Now, we are all still learning how to actually make this goal into a reality. I have had days when my break out trade made 80 pips in less than 1 hour. Other days my technical entry point cost me 35 pips of stress and heading to my stop loss before finally turning into positive territory 6 hours later.
Just as any other trading method 10 pips daily strategy can be effective for different kinds of traders. First of all, pip is short for point in percentage. The goal of the 10 pips strategy is fast and small wins on a daily basis. That means that when you achieve the 10 pip target you stop trading.
And the next day you repeat the process until, again, you make a 10 pip gain. As you may imagine this particular strategy can have some beneficial aspects as well as some downsides. The major advantages of this method are simplicity to the point where even beginners can easily follow it, and achievability as the 10 pips can be made faster than, say, a Some of the disadvantages are that this method cannot be used for the specific currency pairs, especially the ones with large spreads, and that this method restricts the trader from making a higher profit.
The main idea of the 10 pip strategy is to minimize your loss by reducing the amount of trades. But in order to benefit you make sure to learn how to make 10 pips a day in Forex the correct way. A few handy tips for this are:. Set a limit of losing trades you can have before stopping to trade.
Better walk away and come back tomorrow. If you decide to implement this strategy consider all the variables and do the research. It is always a good idea to ask your broker for their opinion on the matter, because what works for some traders might not necessary work for you or vice versa.