Hello, I’m pretty new to Forex, I’ve been studying and practicing for about 3 months. I was just wondering how many pips do other people make in order to get an idea on what I should try to get on a daily basis.
Also, please add how many months/years you have been trading (if you don’t mind).
Hello
The answer may not be the one you are waiting for. It depends on your approach, an intraday trader seeks a much smaller number of pips than a long term or swing trader. Other factor you need to consider is your own money management policy, basically that states how many pips are you going to risk on a trade, that number is going to be determined considering your account balance and your risk tolerance, for example 1%.
I am sure the results are going to way vary. A trade with a big account size would have a bigger pips aim than a trader with a relative or smaller account and as Paleopip said , the number of pips one can make a day would mainly depend on his money management , kind of trader you are etc…all these factors will have to reflect in your decisions of pips aimed for a day.
[B]Wrong question! [/B]
On their own, pips are meaningless. The value of pips varies across pairs.
You should be looking at how many percent you can grow your account, not how many pips or even how much money.
Traders, myself included, talk about gains/losses in pips because other traders trading the same pairs will understand if this is good or bad.
Spend some time studying at the free school on here before you begin trading, there is so much to learn
No offence bro but
This.
Very much this!
It’s not a useful metric, and isn’t a helpful approach at all.
Trading is about risk-management, not about profit-maximisation.
And apart from “numbers of pips” not being a very useful metric, “daily averages” are also very misleading anyway, because of the variability. A [I][U]monthly percentage average of your account[/U][/I] over the year means and signifies much more.
If it helps you to re-orientate your perceptions of this subject, many of the top full-time, professional traders (the ones with the two math degrees, the 10,000 hours’ experience, the full training, and so on) aim eventually to average out at around 6% profit per month, to earn their 7-figure bonuses.
Be aware that many people seriously overestimate what they can achieve quickly, while also seriously underestimating what they could achieve slowly, with education, skill, experience, patience and discipline. 