Quote:
Originally Posted by TREVPICK001
I trade GBP/USD only reason I have the most experience with this pair and I don’t like looking at 2 many pairs rather just concentrate on 1
i just go for a target of 10 pips per day
That’s pretty much it
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What risk to reward do you employ?
Winning 90% of trades is no good if the 10% losers are so big that they eat up the profits from the 90%
Profit factor = (win trades % x reward) / (loss trades% x risk)
E.g.
60% x 50 pips = 0.6 x 50 = 30
40% x 100 pips = 0.4 x 100 = 40
Profit factor = 30/40 = 0.75
This example shows that every 1$ would return only 75 cents.
If the profit factor is 1 or more, then your trading method is profitable.
This kind of money and risk management is paramount. Good luck.