Hi I’m Naren Raj from India, & trading fx since 8 years, I have explored various trading strategy, correlated currency pairs, different types of money management techniques,
Now I’m on a new mission,
I want to trade for 30pips a day,
Trading and taking profit from FX market are not EASY unless we follow strict money management.
I want to implement strict money management rule, and achieve 30PIP a day,
I believe in money management to become a successful trader.
If you believe you have a reliable trading system and strategy please do share.
I have a sell position at 1.0659 right now, hoping euros will take a minor pull back at retracement level. aiming for just 2 pips profit with the risk of 1 pip.
I know its not a great move, but i see an opportunity of only 2pip hence i have a taken a position.
I think I should rename my thread name or i should describe more about why this thread.
All I’m planning on how to achieve 30 pips a day,
i definitely agree to you there are more flat days like Monday and to achieve my target may be difficult,
I also agree that having monthly target is much better than daily,
There are 8 major currency pairs and minor, exotic pairs put together we have more than 55 currency pair to trade,
and 30 pips during flat days like Monday shouldn’t be a problem
I think that having a target is good, but one shouldn’t chase that target at all costs if the market doesn’t allow for it on that particular day. Also, welcome to the forum!
I am curios why there are so often threads about pips gain per day/month. If I go in the shop and want to buy something with the 150 pips a made this week will it be accepted. Pips profit without mentioning the volume you trade doesn’t give a clear picture of your targets/expectations = lexys is correct – it is not just the number of pips that matters
I do agree with you that pip profit without mentioning the volume doesn’t give a clear picture of profit.
There are two sensitive things to understand.
Firstly, trading without the target is equally dangerous to chasing the target, so 30pip a day or 150pips per week is my decent target as a trader and I also like to include many beginners.
Then comes money, your profit in DOLLARS is directly proportion to PIPs.
Just think as a trader, if the probability of winning is high in a trade, what would you do?
If I’m not wrong 150 pips with the LOT size/volume(10000) is $150, I hope you can list out what you can buy with that, Remember "your profit in DOLLARS is directly proportional to PIPs"
If you want more money increase the account size and volume and stick to the target.
All I want is a strategy and money management to achieve the daily, weekly, monthly target.
If you have a secret trading tool or strategy please do share
This is also very wrong. 1 lot at 10 pips is the same as 0.1 lots at 100 pips as 0.01 lots at 1000 pips.
Profit is directly proportional to leverage. But with high leverage comes increased trading costs and higher losses.
You see money management as the key yet you don’t understand some simple basics. I recommend going back to school. Clearly, even if someone was generous enough to offer you a legitimate strategy I doubt you would be able to execute it.
Targets are set according to current market conditions. If you can’t adapt well…
Hi Narenraj,
First thing: 150 pips with lot size 0,10 = 150$ (if you are trading EUR/USD), so you are not wrong here.
But second thing: See the following example where I make 30 pips profit for the day.
Let’s say I make 5 trades for the whole day. 4 of the trades are with lot size 0,10 and I close each one of them with 10 pips profit, which brings me 40 pips profit. But one of the those 5 trades is with lot size 0,50 and I close this one with 10 pip loss. Overall I have 40 – 10 = 30 pips profit but have I made real profit in dollars? I leave the answer to you, despite bobbi gave you a hint.
Cheers
Thanks for that clarification Carlos. I must have missed the correction. Now when I look closely to your comment I see in the quote that it was 1000 initially
Im well aware of pip calculation and volume, money management, hence im talking with a defined and reasonable target.
And you dont need to worry about my efficency to execution strategy,
If you are a trader, trading currently & making profit. you can share your ideas here.
I should probably re-name the thread name to "I want 30pip a day"
if you can comment without critic you can comment or stay out
You need to learn to you the search button bro. I have a valid strategy that if you can follow and implement you’ll be able to make your own and easy make your 30 pips.
But a pip holds no value in its own right. It is but a unit of measurement. Being able to make pips doesn’t guarantee you’ll be making a profit. Maybe that message just isnt getting through. So I waste no more time on you.
Today it has traded in a tight range of only 23 pips. How do you make 30 pips of this pair (yes - it’s an isolated case). But it illustrates a point. Having a target is all very good on paper. But as a trader, particularly an intraday trader, you have to be able to adapt your strategy to the current market conditions of the here an now. Please note how many of us have said concentrating on pips is a sure way to blowing up your account. Being able to adapt to the here and now is the only way to get a foot in the door of this game. Also, you need to learn it’s OK to be wrong.
There are many factors involved in making a profit. Pip count is not one of them.
Yeah, i understand what you are trying to explain me.
I’m happy you replied me back,
so I want to disclose my trade volume now
usually, my trading LOT size will be between 1 standard lot to 10 Standard lot.
(This trading statement I will disclose only in privatly) if required
and that’s why I’m keen and focusing on smaller movements
I want some more clarification from you.
I have chosen three currency pair to trade and they are EURUSD, USDJPY & USDCHF to achieve my target daily 30pips or weekly 150pips.
do you suggest to include EURCHF for scalping and achieve my target or stick to my existing trading strategy and generate on average of 4 to 5% per month.
Currently, i have two accounts.
on each account, i have different trading technique.
