Hi everyone.
We need to talk. About consistency. If you don’t know it by now, I’ll tell you. FOR THE LONG HAUL, being consistent is the key. But, all things considered, protecting your capital is the utmost of importance. Then comes being consistent. So, I got to thinking. Let’s boil that down. The question I pose to everyone is this…
What is your consistent (pip or %) daily avg? I know we all are on different time schedules. Some work on the shorter times, and others work on little longer times. Like “weekly goals, monthly goals, or even daily goals”. But, no matter what time we are concentrating on, it can all be boiled down to a daily avg. I prefer to think of pips rather than % of acct. So I will be talking about pips now. What is my consistent pip value boiled down to a day? Is it one pip a day? I used to think that that should be so easy to attain. I’m sure if you ask a newbie can you be consistent with just making one pip a day, surely they would say yes no problem. And would be wanting to make that figure much more higher. See, I truly believe there is a big gulf between what we might think we can make, to what actually we make. If it is true that one can actually make one pip a day (BOILED DOWN), then why not put in a position size that’s really high, say 50% of your account? I’ve read much, and those elders out there say that pretty much within the first few years of being in the market, just to break even would be par. So, that means the pip consistent value boiled down to a day would be zero. Ok, so then a minus 1 pip a day wouldn’t be so bad. I think everyone (who keeps records) should know what that figure is. In fact, regardless of who you are that number is there.
So, my point is…
I’m gonna concentrate on finding out what my “boiled down consistent pip figure” is. I wish I would’ve kept track of that from the beginning. But, it’s so humbling to find out that I consistently make minus many many pips for a day. But…to make just one pip a day??? (actually) is really hard. Cause if I knew that if I could do that, without fail, then I would compound my position sizes.( And that is plus the spread also.) Like betting 50% of my account. Now, this all seems good, given if I was a scalper. But, I am not.
I would love to hear from you veterans out there. What is your consistent daily pip count? I know, you’ll probably tell me a percentage of your account that you attain. But, I would love to know what is considered really good. 10 pips a day turns out to be about 200 pips every month. I know, some months are better than others. And I also know that we know we will lose. “Let your winners run, cut short your losers”. But still, there has to be somewhere a boiled down avg per day.
And I do understand that counting pips has to do with being right more than being wrong, on trades. Which is a losing battle. But, I want to be right moreso, than accumulating an account.
Talk to me.
Set me straight.
Mike