What's a good pip goal per month? - Page 3
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  1. #21
    Join Date
    Dec 2006
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    Well, I'm not sure i'd ever want to attach a hard profit goal to my trading. Although i agree that setting goals are crucial, they do not have to be set in stone. I personally find it a little dangerous to set too many daily, weekly or monthly profit goals. What if the market does not want to offer that to you at any given time? What if you decide to trade for a living and decide you need X amount of profit to live off, then X amount more to give your account potential for growth? Let's say the total X value is 5% per month. The danger with setting these kinds of goals for yourself is that as the end of the month approaches and you realize you may not achieve it or may not be able to pay your bill unless you make the profit, then you might also start to force your trades. You might mistime your trades, get impatient, start to overtrade, etc, etc...

    Don't get me wrong here folks. We all need to establish some kind of reasonable expectation of profit, otherwise what are we all doing. But those expectations need to be flexible, perhaps a profit range, based on more of an average over an extended period of time, rather than a rigid month-by-month basis.

    Since i hold a job and don't have anywhere near the kind of trading capital that is needed to trade for a living, i don't stress out over a fixed profit goal. Instead i think it is much more constructive to have a goal of consistency...consistency in following your rules to the letter. If i am profitable at the end of the month, then i am happy...even if it is only 20 pips. The question i ask myself is did i follow my plan, did i trade my plan? Is this distribution of wins to losses this month fit the statistical norm based on backtesting (it is normal from time to time to have sustain 5 losses in a row even with a 65% accurate system)? If i can honestly answer yes then i have achived my goal and i press on. I'm at the point where my goals are more internally directed (discipline, consistency) and not externally directed (set profit targets). I have long come to realize that the second you expect something from the market, that is the very moment the market will bite you in the ass and discourage you from following an otherwise completely sound approach to trading.

  2. #22
    Join Date
    Dec 2006
    Location
    Washington
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    213

    Default hmm...

    I think you make some excellent points pipbull. We all have our own personalities and specific goals work for our particular personalities. Personally I think consistency is a good goal to have but I need more. I thrive more when I have fixed goals, when I have a quota to meet I work harder. Usually adds unnecessary pressure and stress, but usually that pressure works out to my advantage. So really it is just a matter of having goals that fit your personality.

    You make valid points and I just want to point out that goal setting is a personal decision that we all have to make. All I am saying is that a 400 pips a month on EURvsUSD is a good goal for me that will push me to the next level and that will raise me up and above my expectations. However, that should not effect anyone else's goal setting.

  3. #23
    Join Date
    Dec 2006
    Posts
    2
    Well well I thought FOREX could get much more than 10% consistantly i a month.I am earning 10 - 30 % montly currently for fix period of 15 months.
    I expected to earn 200usd a day on forex. Can I pls comment N advise.

  4. #24
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    Dec 2006
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    Norristown, PA
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    450
    My only goal is to win more than I lose

  5. #25
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    Dec 2006
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    Washington
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    Quote Originally Posted by topgun_68 View Post
    My only goal is to win more than I lose
    A good modest goal that we should all have! Personally I take it one step further and say, I do not want a losing trade! I do this by moving stop loss to +1 pip when the price is 10+spread in my favor.

  6. #26
    Join Date
    Dec 2006
    Posts
    12
    Quote Originally Posted by investor View Post
    Wow... I just did the math... if you were to open an account with 10k with a leverage of 100:1, then you would have 1 million dollar as a leverage. So, if you earn 2% consistenly, you would have make 20k a month, which equates to 240k USD a year... that is not a bad job...
    Please do re read the last chapter of babypips FX school under " Leverage the Killer". If you do use up your laverage money 100%, you will be 'slaughtered' pretty soon. Well, not you, -as the teacher said -, but your account will.

  7. #27
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    Dec 2006
    Location
    Norristown, PA
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    450
    I usually move my stop to breakeven when I'm up as much as I risked. The thing that bothers me is that a lot of times the trade reverses and I breakeven instead of taking a modest 15 - 20 pip gain This is the reason why I am considering scalping those 15pips instead of waiting for the 30-80 pip trade.

    Quote Originally Posted by swordofrue View Post
    A good modest goal that we should all have! Personally I take it one step further and say, I do not want a losing trade! I do this by moving stop loss to +1 pip when the price is 10+spread in my favor.

  8. #28
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    Dec 2006
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    Washington
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    213
    Quote Originally Posted by topgun_68 View Post
    I usually move my stop to breakeven when I'm up as much as I risked. The thing that bothers me is that a lot of times the trade reverses and I breakeven instead of taking a modest 15 - 20 pip gain This is the reason why I am considering scalping those 15pips instead of waiting for the 30-80 pip trade.
    Well do you trade multi lots? If so you can cash out some profit and let a few lots run that way if it does reverse back and hit b/e you got something to show for it. But if it does go up to your other target profits then what you know you won't be kicking yourself because you cashed out at a lower target profit! Just a suggestion, what do you think?

  9. #29
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    Dec 2006
    Location
    Norristown, PA
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    450
    I haven't done that yet since I am still demo trading but it is definately something I should start doing to see how I do. I have been looking back on my old trades and thinking of ways to improve and that is one of them. I guess would have to split my normal lot size in half to keep the risk the same and when I cashed out one lot I would be trading at half the pip value on the other lot but it's still better than breakeven like you said.

    Quote Originally Posted by swordofrue View Post
    Well do you trade multi lots? If so you can cash out some profit and let a few lots run that way if it does reverse back and hit b/e you got something to show for it. But if it does go up to your other target profits then what you know you won't be kicking yourself because you cashed out at a lower target profit! Just a suggestion, what do you think?

  10. #30
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
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    327
    Quote Originally Posted by rasco5 View Post
    Well well I thought FOREX could get much more than 10% consistantly i a month.I am earning 10 - 30 % montly currently for fix period of 15 months.
    I expected to earn 200usd a day on forex. Can I pls comment N advise.
    If you get 10% a month, consistantly. You can set it for a living.
    Many traders have net losses, so at least you are winning.

    You want to make much more than 10% Resolution is:
    - Increase your initial capital
    - Change your risk reward system (But make sure your system still works for new settings)
    - Or trade bigger lot size ( I do not recommend this. Try not to risk more than 1% of your account in a trade)

    You excepted around 200USD a day
    Can you tell me what is the initial capital? Try to avoid putting pressure on your lot size to increase profit, this will increase losses.

    The valid solution is increasing your capital to increase Profit, given you didn't change your system rules.

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