Understanding this 10 pips a day

Beginner Questions
1

Hi guys, complete newbie here. Been doing a lot of reading for something I’ve always been interested in, and currently have a demo account messing about in there, trying strats, winning some, and losing and learning in others.

Reading a lot of forum posts, there is a heap of people going on about 10 pips a day to profit. I am struggling to understand exactly what this is in monetary terms. Ive been putting on trades with the usual 1% risk, setting a SL and TP within a ratio, and from what I am reading, people are saying you should make 10 pips per day, call it a day, and wait until tomorrow to being again. This will in turn make you profitable (mostly).

Do they mean 10 pips on a single trade and you should bank it and walk away? And 10 pips is like AUD13? If you have an account with say $10k in it, you only put up 1 lot on a trade (which is about AUD13), your trade comes in profitable, you take it out at the TP value of 10 pips, and you’ve made AUD13 on your original AUD13. Once you’ve made this money, you bank it and try again tomorrow?

Or does one of these constitute for a pip, and you do 10 of these (if youre really lucky and they all come in) then you turn that AUD13 into AUD130, and then this is the 10 pips and you save that and use it tomorrow?

From everything i’ve read, they say make 10 pips, and thats it. Which to me means 10 pips on a trade, AUD13, and thats all.

Sorry for the newb question, I really am having a tough time understanding this, and have scoured the forums looking for an answer, but it is never really identified.

Thankyou!

2

I dont understand what you are asking for. If 10 pips is good for you it is 10 pips Some people trade with SL of 100 pips and want 150 to 200 pips profit to have good R:R All depending what timeframes you trade on.

From a 10K account 1% = AUD 100 Why you have only 13? If your Risk = 5 pips = 1% of account = aud 100
Your profit is (Reward) 10 pips = 2% = AUD200 And you have a nice 1R:2R trade

You only have to take in account the cost (Spread) If this is 2 pips this is 40% of your risk

If you look for trades Risk =50 pip Reward = 100 pips the cost of 2 pips is relative small

If you win 50% of you trades with a 1R: 2R setup and lose the other 50% Then you average have
1% / trade

Every day 10 pips with 1% profit is 20% a month. I only can dream about that

3

10 pips a day does not mean you have to make only 10 pips on each and every trading day. It means that you can easily average 10pips/day per month and this is enough for a trader to earn consistently and easily as it makes around 220-240 pips per month which is highly achievable.