OzFx System :) 100-800 Pips Per Trade

[OzFx]

	Quote:	cowpip
	OzFx, congratulations on finding something that works for you. You apparently have the edge that so many seek. Way to go! If I may make one suggestion - it would be more realistic to people reading your thread if you converted your "total pips" earned into pips equivalent to the full size you are using. For example, if you are trading 7 lots and booked profits as follows: +50 on first lot, +100 on second lot +150 on third lot +200 on fourth lot +300 on fifth lot +400 on sixth lot +500 on seventh lot Since you are using 1/7th of your entire position in each scaleout: size = 1/7 The actual total amount earned as if you held the full 7 lots to the very end would be: (50*size) + (100*size) + (150*size) + (200 * size) + (300 * size) + (400 * size) + (500 * size) which equals 242.8 pips of profit on 7 full lots. Please correct me if I'm wrong, but the method you are using simply adds up all of the pip sizes of the various scale-outs (in this case, it would be: 50+100+150+200+300+400+50 0 = 1700 pips). Stating that your total pip profits is 1700 pips sounds a lot more impressive than 242.8 pips, but it is misleading (particularly to people new to forex). I personally have always preferred people who have computed the total pip profit or loss that is translated into equivalent full-size positions (if we know the size used). It's far more realistic. Just a thought...

The way I post pips is that I add/subtract the maximum pips you could have won/lost on a pair. If a trade makes +300 pips I don't add 50+100+150+200+300 = 800 pips. I only record 300. Same goes for losses.

If I do the way you think I am do it then it would result in more than 10000 pips

hope it make sense.

Oz

[cowpip]

	Quote:	OzFx
	The way I post pips is that I add/subtract the maximum pips you could have won/lost on a pair. If a trade makes +300 pips I don't add 50+100+150+200+300 = 800 pips. I only record 300. Same goes for losses. If I do the way you think I am do it then it would result in more than 10000 pips

I still need a little clarification, if you don't mind.

Let's take this as an example: You trade 3 lots and close one lot at each of the following profit targets:

First lot: +100
2nd lot: +150
3rd lot: +500

How would you calculate your total profit? Would it be +500?

Thanks.

[OzFx]

Hello Friends,


What a great Friday we had. We were able to bank +550 pips in 3 trades which were opened the same morning. I expect these pairs to consolidate a little bit before falling further next week. I am holding all my positions for now.


Friday was a great day to end Feb. We achieved a total of +1865 pips which is more than Jan. Last month not only was short but we also faced slow market movement for first 12 or so days due to Chinese New Year holidays, plus I had my personal 3 days off. I hope everyone achieved similar success.


If you would like then please leave a feedback here


Currently Open Positions:

1. EUR/JPY - Short - 3rd lot closed at +150
2. AUD/JPY - Short - 4th lot closed at +200
3. NZD/JPY - Short - 4th lot closed at +200
4. EUR/GBP - Long - Already had 3rd lot closed at +150


Have a great weekend.
Oz

[OzFx]

	Quote:	cowpip
	I still need a little clarification, if you don't mind. Let's take this as an example: You trade 3 lots and close one lot at each of the following profit targets: First lot: +100 2nd lot: +150 3rd lot: +500 How would you calculate your total profit? Would it be +500? Thanks.

Thats right. I would only add 500 to total pip count. Same for losses. It basically shows that how much you could have made/lost using the system regardless of MM method you using.

[BlowFish]

Im kinda confused how much you make (or loose) is a direct function of the MM you deploy isn't it?

EDIT: Having said that your MM is clear so if you report +300 that means that price has hit T3 or greater before hitting your stop? But then was stopped on the remainder?

[cowpip]

	Quote:	OzFx
	Thats right. I would only add 500 to total pip count. Same for losses. It basically shows that how much you could have made/lost using the system regardless of MM method you using.

Ok, thanks for the clarification.

The only problem with your method is that people will get an incorrect idea of how much money they can make, especially if the people who are interested are new to forex. For example, many newbies will simply multiply the 500 pip total by the dollar amount per pip that they are trading to derive a possible income. But as you and I both know, that's not the way it works in reality, because anyone worth their salt will employ money-management techniques that involve removing portions of the entry from the table (scaling out), to protect the entry and ensure profitability. That's why I prefer the method I explained earlier. It gives a realistic indication of how much profit you have actually made and doesn't inflate reality.

Your system seems to have some merit, but everyone should convince themselves with a good prolonged period of testing on their own before they commit any cash to it.

Kudo's to you for your willingness to share.

[BlowFish]

Re-Cap from post 1:-
_________________________ _________________________ ____________
Money Management:

* Trade with 5 Lots with Stop Loss 100 pips away
* Take Profit on 1st Lot at 50 pips. Move Stop Loss to Break Even (BE).
* Take Profit on 2nd Lot at 100 pips.
* Take Profit on 3rd Lot at 150 pips.
* Take Profit on 4th Lot at 200 pips.
* Let the 5th Lot run until you see an opposite entry signal.
_________________________ _________________________ ____________

So when you report +100 it is
2/5@ +100 | 3/5 Scratch

Makes sense now

Cheers.

[OzFx]

	Quote:	BlowFish
	Im kinda confused how much you make (or loose) is a direct function of the MM you deploy isn't it? EDIT: Having said that your MM is clear so if you report +300 that means that price has hit T3 or greater before hitting your stop? But then was stopped on the remainder?

If the price is hit 300 then we have closed 4 lots and fifth lot is at 300.

[OzFx]

	Quote:	BlowFish
	Re-Cap from post 1:- _________________________ _________________________ ____________ Money Management: * Trade with 5 Lots with Stop Loss 100 pips away * Take Profit on 1st Lot at 50 pips. Move Stop Loss to Break Even (BE). * Take Profit on 2nd Lot at 100 pips. * Take Profit on 3rd Lot at 150 pips. * Take Profit on 4th Lot at 200 pips. * Let the 5th Lot run until you see an opposite entry signal. _________________________ _________________________ ____________ So when you report +100 it is 2/5@ +100 | 3/5 Scratch Makes sense now Cheers.

When I report +100 it means that first lot closed at +50 and second closed at +100. 3 lots still in play.

[OzFx]

	Quote:	cowpip
	Please correct me if I'm wrong, but the method you are using simply adds up all of the pip sizes of the various scale-outs (in this case, it would be: 50+100+150+200+300+400+50 0 = 1700 pips).

The way I post pips is that I add/subtract the maximum pips you could have won/lost on a pair. If a trade makes +300 pips I don't add 50+100+150+200+300 = 800 pips. I only record 300. Same goes for losses.

Cheers,
OzFx