5 to 10 pips a day

[kohorok]

Hi pipsmates,

I am newbie, and want to ask for advice on building a trading system "5 to 10 pips a day"

Has anyone done that so far?

mind share?

[AndreasF]

Please have a look at the forum 'Free Forex Trading Systems' and you will find some systems targeting 10 pips per day.

regards


Andreas

[Yarcofin]

Many traders here are far exceeding the 5-10 pip per day goal, although it's a good goal for beginners to consistently make 5-10 pips per day.

I recommend you read about the Cowabunga system:
So You've Finished The School Of Pipsology...Now What? | Forex Blog: Pip My System

My "system" and many other systems are customized variations of the basics explained in this system (Stochastics, RSI, MACD, comparing different timeframes... all things present in most successful systems.)

I made over 100 pips today, and the only time I even checked my trades was in the morning before work and when I got home.... keep learning and practicing and soon you will be doing the same!

[skyraider]

I new to the 4x myself,,,,been doing it on my own for 2 months,, made some lost some,, suggest you read the baby pips till u are blue in the face. I am now getting 10 to 20 pips a day. I dont have a large investment in this so my margins are small and I get out as soon as I get 1o pips in a pair. Im real stingy and conservative at this time.

I trade the USD/jpy Aud/jpy and the GBP/ jpy,,,but thats me. Sometimes I think all this is voodo,, but it works,,,PS the trend is your friend,,and have tons of patience and I dont reverse directions unless im in a jam usually from inexpierence...Sky

[cadarkitek]

Whats a reasonable stop loss for 5 pips profit? Anyone? I'm curious because I think setting 5 - 10 pips target is crap.imo

[virtecs]

Originally Posted by cadarkitek

Whats a reasonable stop loss for 5 pips profit? Anyone? I'm curious because I think setting 5 - 10 pips target is crap.imo

ya, a 5-10 pip stop loss will get hit pretty easily. I believe this is the problem with wanting small gains. Because you'll need a larger stop loss to potentially cover the small swings...

this just means that unless you're wins far exceeds your losses, then you could end up making a couple good 5 pip trades but having 3 or 4 larger 10 or 15 pip losses, meaning you're in the black.

If you want to make 5-10 a trade, develop a plan that you feel confident you'll come out on top of 70% of the time, that way even with a couple losing trades you'll be out on top.

[skyraider]

Originally Posted by cadarkitek

Whats a reasonable stop loss for 5 pips profit? Anyone? I'm curious because I think setting 5 - 10 pips target is crap.imo

i dont use stop loss much,,im here all the time and watch the screen and take notes on levels rsi time every 30 minutes,,,unless i go out for awhile,,,,dont do overnite trades at all unless i set alarms on cell phone ,,but u cant sleep much,,,lol

[maroon]

not getting any sleep?? lol. you should rest once in a while. it's good for you.

[kohorok]

thanks bros for the replied

[Yarcofin]

If forex is affecting your sleep, it is too risky of an investment for you and you can't handle it, you should probably get out and find something safer, for your own sanity.

Now that I think about it, 5-10 pips per day is basically how much you go for on a single scalp trade. If your targets are 5-10 pips, your trades should be closing within minutes. Stop-losses would be impossible.

Personally I do not use or recommend using stop-losses, but if you feel you need to, I recommend you make your T/P at least twice as much as your S/L. If you can't meet this criteria, don't make that trade.