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hi guys
i need a good strategy for earn 10-20 pip a day.
whta the best ???
please guide me
thank you
Breakouts... you won't win every day, but if you follow the rules and trade it religiously, over the course of time your average will be 10-20 pips per day. However, you will have to be prepared to withstand losses, sometimes for weeks in a row. That is when the boys and the men get separated, with the men going on to become successful traders. For the ladies on this forum, it separates the girls from the women
Breakouts... you won't win every day, but if you follow the rules and trade it religiously, over the course of time your average will be 10-20 pips per day. However, you will have to be prepared to withstand losses, sometimes for weeks in a row. That is when the boys and the men get separated, with the men going on to become successful traders. For the ladies on this forum, it separates the girls from the women
Just my Opinion and will concede that i'm still a raw newbie 'boy' myself.
I believe that it will be up to the trader to find the best system suitable that he / she feels comfortable with, Only the trader will know what will suit him/her. Such systems will be based on the traders own circumstances, How much of his income will he be trading, his risk profile, comfort level etc.
I've seen breakout systems that are in continuous draw down for YEARS on end as the market was continously fluctuating around giving false break out signals and the accumulating draw downs through relying solely on a break out system is surely to break even the most hardened trader I believe. In such a case I feel that it may be better to actually to supplement the breakout systems with a suite of others systems (essentially diversify) in order to soften and somewhat smooth out the impact of such draw downs.
There is no such thing as "the best strategy". You have to experiment several "classic" strategies with demo accounts, or create your own strategies. I have created some strategies myself, but I can't say which one is the best. There are strategies suitable for trending market and other strategies suitable for ranging market. One thing I can tell you for sure: You can't use only one strategy. If this strategy will get you profits in trending market, it will sure lose on ranging market. The biggest problem is to spot the market condition: trend or range. Once you do this, you can use the suitable strategy. Like Maji, I like breakouts, but I never enter a trade on breakout without the confirmation of rising TR( or ATR1) & ATR4 & ATR18 on H1 timeframe. All this 3 indicators must rise in order to enter a trade based on breakout. This kept me out of trouble (whipsaws) many many times.
You must also look at other pairs too. I trade mostly the cable (GBPUSD) and I allways look at the EURUSD too when I enter a trade on cable. Those two pairs have a correlation of 90-98%. I also look at the USDCHF because this is negative correlated to the cable (when cable goes up - USDCHF goes down). This also kept me out of many many whipsaws.
And the last "tip" for creating a good strategy: don't use small timeframes because you'll get a lot of "noise" and a lot of bad signals. I use H1 and I never keep open positions over night.
I hope you'll find this usefull. If you have any other questions or comments, please PM me.
There is no such thing as "the best strategy". You have to experiment several "classic" strategies with demo accounts, or create your own strategies. I have created some strategies myself, but I can't say which one is the best. There are strategies suitable for trending market and other strategies suitable for ranging market. One thing I can tell you for sure: You can't use only one strategy. If this strategy will get you profits in trending market, it will sure lose on ranging market. The biggest problem is to spot the market condition: trend or range. Once you do this, you can use the suitable strategy. Like Maji, I like breakouts, but I never enter a trade on breakout without the confirmation of rising TR( or ATR1) & ATR4 & ATR18 on H1 timeframe. All this 3 indicators must rise in order to enter a trade based on breakout. This kept me out of trouble (whipsaws) many many times.
You must also look at other pairs too. I trade mostly the cable (GBPUSD) and I allways look at the EURUSD too when I enter a trade on cable. Those two pairs have a correlation of 90-98%. I also look at the USDCHF because this is negative correlated to the cable (when cable goes up - USDCHF goes down). This also kept me out of many many whipsaws.
And the last "tip" for creating a good strategy: don't use small timeframes because you'll get a lot of "noise" and a lot of bad signals. I use H1 and I never keep open positions over night.
I hope you'll find this usefull. If you have any other questions or comments, please PM me.
Hi jsw2006
Linear Mode
