Consistent 10 pips a day, easy?

Absolutley no assurance of any success.
is it easy ? for some yes
is it possible ?again for some yes
can it be done consistantly ? depends on the trader
Would I bother for 10 pips a day? not a chance and nor should you.

Do not fool yourself into beliving that anything is consistent in the market. The nature of market is that it is NOT consistent.

First, you have to find yourself an approach which gives you an advantage over the market, which is not that easy, then you have to stick to your plan.

If you ask if you can make 10 pips every day, the answer i no! The problem with a goal for 10 pips a day is that one looser will eat in on all your gain from several trades, if you do not have some sort of a system to follow.

Why is that? If your risk:ratio is good, there is no way a single losing trade could eat profits of more than 1 winning trade.

10 pips a day is not that easy, because you need to have a very small SL or a very bad RR ratio. and the both things are account killers

That would depend on the time frame. 5 pip stop loss on a 1 minute chart is acceptable, imo.

try it and you´ll see.

i use 5min charts to enter my trades and sometimes 1 min chart but i´ve never use a SL lower than 10 pips with good results.

what if a system with 10 pip limit and 15 pip stop loss. Is this feasible?

But if that system has 60% win/loss ratio, then it may just work isn’t it?

By the way, I don’t seem to get it, does the limit have to be much larger than the stop loss?

If your system wins 60% of the time, that means in 100 trades, you won 60 of them at +15 pips each, and lost 40 of them at -10 pips each.

60 x 15 = 900
40 x 10 = 400

900 - 400 = +500 pips :slight_smile:

If you’re good at reading candles, you could have definitely increased your profit margin by a metric ton.

What I wrote was that one single trade would wipe out the gain from several trades if you do not have a system, and follow it. And a system which returns a consistent 10 pips pr. day, without getting faked out a lot of times during the day, is really not easy to find. How will the 10 pips gain per day look like?

Is it one time 10?
Or one time 100 - one time 90?
Or one time 40 - one time 30?

If it is the first then you would have to use stops at 5 pips - how many times would you then be stopped out during the day?

If you settel for 10 pips when they are there, because it is the goal, how will you then cope with a multi day drawdown period?

All what I am saying is that it is not that simple, and I think that pipsodent is in a better position if he knows that.

As far as I can se, pipsodent suggested to use 15 pip as stop and 10 as limit, and that would give another result.

this is 10 pips per trade. So it just means the first trade of the day turns fine than you are done for the day. You can go home. If not and its a loss, then we need 2-3 more trades.

at a SL of 15 pips, it just means that losing 2, and winning 3 is just break even. But then if you have a system which wins 60% of the time, its is like winning 6/4 or 3/2. Break-even.

It will be much harder for you to lose with this system. You will not win much but its very hard for the market to get your money. :stuck_out_tongue:

yes the stop loss is greater than the limit. 15 stop loss and limit is 10.

The problem with that approach is that you will have days with only loosers, and you will even have more days in a row with only loosers.

Try this:

Day 1 + 10
Day 2 -15 -15 -15 and?
Day 3 -15 -15 and?

how many trades of 10 pips gain should you the have at day 4, to have your average 10 pips per day?

At least 11 winning trades in a row.

You can not settle for only 10 pips, and the close down your trading for the day, if ouu winn the first trade.

practice do miracles:D

and is the best teacher. learn with it. the only way to make money is win more than you lose no matter the way to get there. if this work for you great

My mistake. Read your post too fast and got them mixed up.

I believe that the more you trade, the more the broker’s edge will eat up at your profit. The less you trade the better. This is the same as playing in a casino. The more you play, the more the casino’s edge will slowly eat away at your capital.

the good thing about forex is that if you do it right, you´ll have that edge. and you slowly will eat the others capital

Having a quota is a sure way to get stuck into overtrading. I’d look at it as its not impossible to ask for an average of 10 pips per day but it is a bad idea to be trying to actually aim for 10 pips per day. When scalping for such small gains for a consistent quota there’s plenty of days I’ve been trading just to break even much more than getting positive. If you’re asking these questions I’d aim to consistently follow a system rather than to consistently produce x results, that’s the hardest part of it for me anyway.

Trading is not easy, and thats why practically everyone fails. System that aim for 10 pip fixed targets (particularly if using larger stops) generally fail, due to the negative effects of the spread.

There are methods that work, but they require significant screen time.

Quite simply, the market does not care about your system or the math behind it. Anything can look good on paper.