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Points or Profit?

  • 14-04-2009 9:54pm
    #1
    robmchl
    Closed Accounts Posts: 24 ✭


    If you are a trader, what is your goal/objective? Do you target points/pips or profit? My target is 50 pips a day consistently and I am very happy. If I make 50 pips a day on average consistently then the money follows automatically. If you make 50 pips a day, as your account size increases, so will your stake in time resulting in higher profit potential depending on the trade you are taking (S/L position etc.). If you for example made €100 profit for the week but were minus 70 pips in your overall trading, would this bother you?

    Also, what Risk:Reward ratio would you generally target. Is 1:1 enough for you or do you look for 2:1, 3:1? How do you calculate this potential? Where is the nearest support/resistance, daily,weekly,monthly pivot points, 1-2-3 play to the MA etc? How do you calculate this?

    What are your money management rules? 2%,5% risk for any one trade? Close half at 1:1 for a free trade and let the rest ride?

    What is your trigger for entry? Cross of the Moving averages? CCI's? Test of a former support/resistance level, inside bar, pin bar at support/resistance?

    Do you trade the London, New York open etc. or pay any attention to these?

    There are an absolute plethora of strategies used by god knows how many different traders so i'd like to see what some Irish traders are doing as I've never met any others (yet) unfortunately but hope to change that very soon and maybe meet up for a pint and a chat with people interested in the same areas.

    Best of luck,

    Rob


Comments

  • #2
    Idu
    Registered Users, Registered Users 2 Posts: 1,152 ✭✭✭Idu


    If you are a trader, what is your goal/objective? Do you target points/pips or profit?

    Points. P&L just blurs the lines of emotion. Remove that and as you say the consistency will lend itself to profits naturally
    If you for example made €100 profit for the week but were minus 70 pips in your overall trading, would this bother you?

    Is it possible to be down pips and up money?

    Edit: Obviously if you are trading across different products it is. For your question I just went with one


  • #3
    InReality
    Registered Users, Registered Users 2 Posts: 1,374 ✭✭✭InReality


    Hi Lads/Lassies !

    I don't think there are that many spread-betters around , I did a search on boards a while ago and didn't find much discussion.

    There is a irish guy who has a blog called 2k something , worth a look.
    & I found this uk site was the best on-line forum i found.

    http://www.trade2win.com/board


    I stopped trading about a month ago after loosing 5k.

    I had been trading profit not points, and was happy enough with whatever I got a day.
    I just traded the FTSE. Just looked at support /resistance for the day and then checked back the last few days , & month , seeing what the highs and lows were.
    Had no money rules , was generally doing 10% risk.
    Kept an eye on the S&P after it opened as the FTSE generally followed it.

    Had been doing well (about 1k from 2k in )at first so thought that did need to follow any "rules".
    Predicable result.
    Will probably be back when i've saved up a stake again.

    Cheers & good luck with it.

    P.s
    This in particular was a thread i liked/followed
    http://www.trade2win.com/boards/uk-indices/48390-message-ftse-traders-434.html


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