Quote:
Originally Posted by Quexos
Personally I don't think the issue is the amount of pips you make but the fact that you think you can make that much every day (unless you plan to make only a few pips a day, say 5 pips which you can from a lot of small zig zag graph movement) but 40 pips you can make once, even more than that but not daily or at least not likely
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They could be averaging it out, I've seen a site that said 1200 pips or some really obnoxiously high number like that. I'm assuming its total range through out some large period, like a year or so. The 'system' I bought suggest the euro gets 76 pips a day or so. Thats averaged as the daily 'run' from what I was able to understand (usually during the london session) and given the track record of some other students (who dont strickly speaking stick to his system) most of them try for about the full range (second or third level TP) but only average 100-200 or so pips a week. But thats going by pips, not by profit.
For example if you keep going up and follow the 1% MM rules, your profits going to keep being more and more. Following his system after 3 losses your done for that day, 2 and you cut your trades to 1/2 or so -- I think (could be sombody elses sytem
) When your doing good you generally put one trade in a day, sometimes two. You also dont trade sunday night/monday day's, or friday afternoons.
just1wade: I strongly suggest you demo some of your own systems, and wait untill you figure somthing out. I'm just at that point. I've traded other peoples systems incorrectly -- the system works, but it didnt when I did it. Not because of any one thing but because I didnt always understand some basic principals. So let me ask you are you after a 40 pip a day goal, or are you after 'just trading for some money'. Just some food for thought.
So far I've found it benificial to question every goal, or assumption I've had related to forex, espically those I had formed early on. Quite frankly now I'ld be happy with a consistant 50 pips a week! I'm getting there though
Good luck to you!