20 Pip Challenge: Join Me?

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renner1984
13
renner1984  

Hello all! I've been brainstorming to create a system which makes 20 pips a day. Doing this at ratio of 0.1 lots per $1,000 and compounding it can add up to a very large account. Doing this right could take a $1k account and pulling in 6-figures every month in just 20 months. My goal is ambitious, maybe even very "newbish", but I'm determined to make it a reality!

Now, I know it is not possible to win every trade; however, I am looking for a system which can net such amount of pips each day. Given proper R:R and the spread, a better way of looking at this might be 100 pips a week, or 400 a month.

For those still reading on, my foremost thought is money management. Given a proper R:R, one does not have to be correct most of the time. To me, an R:R of 1:2 or greater is crucial, since losing streaks do occur and this goal depends on consistency (considering the compounding).

A system like this would also have to stand the test of time; one based on price action seems to be the most realistic. Market conditions change, though some things like price action, oscillation, response to moving averages, and patterns generally don't.

I'm sure I'm not the first person to contemplate such a feat; to put it into reality is quite another. I welcome anyone here who cares to join me in attempting to make this a reality. I'm also versed in MQL4 and am open to programming any ideas.

I'm sure there will be well-meaning veterans or the "experienced" who shoot this down or scoff at it. However, I seek those who share my ambition. Thanks all!

jason
226
jason  

We all share your ambition but you are right some of us who have been at this a while know how hard it is.

A few things to think about

1) First you have to find a consistant system

2) In order to average 20pips a day..you are more than likely going to have to win at least 40pips on your winning trades to offset your losses.

3) Compounding is great but, what about un expected losses? What about withdrawals for paying yourself? Something that you think will take you 20mths will take many times longer in reality.

Personally I have never been able to compound for longer than a couple of months before it gets effected by one thing or another. But that said I have had some great years but also so poor trading years.

But I think first and foremost, the system comes first. Without a solid system

you won't get very far.

Good luck.

WhiteRabbit
28
WhiteRabbit  
renner1984:
Hello all! I've been brainstorming to create a system which makes 20 pips a day. Doing this at ratio of 0.1 lots per $1,000 and compounding it can add up to a very large account. Doing this right could take a $1k account and pulling in 6-figures every month in just 20 months. My goal is ambitious, maybe even very "newbish", but I'm determined to make it a reality!Now, I know it is not possible to win every trade; however, I am looking for a system which can net such amount of pips each day. Given proper R:R and the spread, a better way of looking at this might be 100 pips a week, or 400 a month.For those still reading on, my foremost thought is money management. Given a proper R:R, one does not have to be correct most of the time. To me, an R:R of 1:2 or greater is crucial, since losing streaks do occur and this goal depends on consistency (considering the compounding).A system like this would also have to stand the test of time; one based on price action seems to be the most realistic. Market conditions change, though some things like price action, oscillation, response to moving averages, and patterns generally don't.I'm sure I'm not the first person to contemplate such a feat; to put it into reality is quite another. I welcome anyone here who cares to join me in attempting to make this a reality. I'm also versed in MQL4 and am open to programming any ideas.I'm sure there will be well-meaning veterans or the "experienced" who shoot this down or scoff at it. However, I seek those who share my ambition. Thanks all!

When there is a will there is a way...

What's your timeframe... and do you know how to draw S/R...

GeroldWacker
8
GeroldWacker  

try to make only 10 pips, and risk 1% and calculate by 0.65% per day, so you have a buffer for loss trades.

scalp only in small TF, best M1 and check the micro trend in higher TF

cheers

renner1984
13
renner1984  

Thank you for your posts. To follow up, yes, of course I know how to draw support and resistance. Basic price action, trend lines, and S & R are the most reliable. The challenge is finding a solid system, with a clear set of rules, and setting a known, consistent R:R every trade. I would not go for 10 pips because it would not allow for good money management (i.e. terrible R:R). For me, in this challenge, consistency is everything since there would be compounding.

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