10 Pips A Day, Is It Possible?

Beginner Questions
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So, I’ve seen a couple forum posts about how much money someone can make specifically with $500 dollars or so. Most answers are saying to keep your expectations realistic. However, straying away from the money only aspect of profit taking. Is it really that hard to take away 10 Pips every day in your trading?
Forex really isn’t super complicated like I feel like most people are making it, so is it so crazy to make 10 Pips, relatively consistently, for a whole month. no matter how much you started off with?

On top of that, even if you started with $500. It would be leveraged to $25,000 (50:1). So 10 Pips would be $25, which is $750 for the whole month.

Maybe I am missing something but it doesn’t seem really that crazy that you can make some decent money with only $500. Unless you are assuming the person with $500 just sucks…and for that reason will fail.

Thoughts?

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HELL YEA 10 pips a day is possible lol it’s easy if you currently have a nice strategy. My goal is actually to achieve at least 10 - 50 pips each day, which I’ve been doing consistently for some time now, and I’m still on demo lol And $500 is a good starting capital, like I said as long as you know what you’re doing then 10 pips per day will be easy.

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It sounded achievable to me as well. For some reason the more experienced (apparently) traders in the forums may believe otherwise? In my personal demo I usually pull away 15 or so Pips a day. Sometimes its only 8 but sometimes its 23 so…Didn’t seem too too hard?
I appreciate the comment! Good info to know.

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No prob, I’m up 18+ pips on EURJPY right now, and 10+ pips on AUDJPY,trade on!

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good piece of advice is to focus on your own trading,never let someone tell you what doesn’t work, especially if it’s working for you

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every day? yes, it is

you might eventually be able to average 10 pips per day, but that’s a whole different thing, because of variance

and without understanding variance, and what it signifies about your position sizing, you’re not even ready to start

“pips per day” is a useless metric, anyway

it isn’t

there are 21-22 trading days per month, so $25 per day would be nearer $500 per month

on trading capital of $500, even that would be 100% profit per month

maybe this will help you to appreciate the reality - the proportion of new traders who ever get as far as steadily making 5% per month (that’s 5%, not 100%!) profit, without losing their whole account, is very, very low - most people say it’s only about 1 trader in 20 or less, who ever achieves that, long term

absolutely right

people do say that it’s really unwise to make assumptions

but if you’re going to make one, that would be a pretty damn good one to make

everyone sucks, at trading, when they start off

it’s way more difficult than anyone appreciates, when they’re starting

that’s why the overwhelming majority fail

the ones who do eventually succeed manage it through a combination of education, a long time practicing and learning, proceeding with great caution, and gradually beginning to understand most of the practical difficulties

good luck (you’re going to need a huge amount of that, given your starting position - i hope your mistakes aren’t too expensive)

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  1. Yes I know its an average, I was speaking just in general.
  1. Yes I understand there is not 30 trading days I was again speaking in general
  1. Yes I know new traders only get 5% and less before blowing their account. Im very self aware of the fact
  1. What have I missed?
  1. I appreciate the luck and the comment. But again, I dont think Forex, or any trading, is nearly as complicated as people make it out to be,

Im not saying im brand new to this whatsoever. And yes I simplified the question beyond reality just to get my question out there and make my point. But overall my question still stood and still stands.

I dont think its hard to (On average) make 10 pips a day.

Please give me some information if you believe otherwise. But If the only reasoning is “Because newbies suck” then okay. Thats fair. That answers my question and I am satisfied. Thanks.

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Hi @Zhadow45, Don’t take too much notice of Flamingproxy, he’s just one of the “Negative Nancies” that proliferate these forums telling everyone what cannot be done without actually supplying the OP with an answer relevant to the question.

Firstly $500 is a good amount to start with as a newbie as for most it’s not financial ruin if you do erode half or even all of your account. We all blow 1 or 2 accounts learning this game… just keep the losses small.

OK…10 pips and $25 per day is unfortunately not achievable with a $500 account, not because of your trading prowess, it’s a mathematics problem.

With 50:1 leverage (the issue), you will only be able to open micro lot size positions because of margin restraints ie: 0.05 - 0.1 lot sizes before you run out of margin available…

I’m estimating here, because every currency combination (and your currency) will vary the margin you will have available and the amount per pip you will be able to trade… but profit comes in somewhere around $14 - $20 from 10 pips, and this is using a large portion (unsafe) of your available margin.

You will really need to use 0.01 lots (0.05 maximum) to be able to trade safely, with enough margin intact to handle some inevitable drawdowns while trading.

You appear to be in the EU with low leverage so, once again I’m estimating but $2.00 to $8.00 seems a more feasible daily target to safely profit with the account size you are going to start with.

So even at $8.00 per day, $160 per month is a great result starting out and 10 pips per day is more than achievable if your strategies are sound. Some trades it will take 2 mins… some 4 hours… other days you may lose 10 pips so you’ll have to use strategies to gain those back and stay on target… more screen hours, make more pips… it’s up to you…

Now the the techniques required to make 10 pips every day is another 3-4 paragraphs at least, so I’ll leave it there for now.

I hope this goes some way to help answer your question…

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I appreciate the comment! But a little confused. Are you saying It would be difficult to trade 10 pips a day with $500 because i run the risk of liquidating my account with leverage, and therefor need to use smaller lots (micro specifically) in order to minimize risk? Or are you saying I physically cannot gain that amount due to broker regulations forcing me to only use 0.05-0.1 lot sizes?

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Yes

Your Broker won’t limit the lot sizes… Everytime you open a position it will use margin and with 50:1 leverage opening a 0.1 lot position will be (in say USD) $228.00 will be required, 0.2 lots $456.00 is required.

Available Margin ($500) is what will limit you position size.

This doesn’t leave much margin if the position should move against you… if you run out of margin your Broker will close your position at a loss.

Please watch this video which explains margin requirement in more detail.

Also you can use this Margin Calculator to work out what is required… Cheers

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10 pips a day, I think its possible, but all will depend on each trading skill, if not yet finding profitable method in trading, although has small target 10 pips might will possible get fail because enter when on wrong decision then the trend against order, forex trading is not easy at all, this business remain risky

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Got it. Yeah I understand that. It was explained pretty well in the babypips education course as well.
I just wanted to confirm. I suppose I will simply limit my losses and on top of it, deposit as much money as possible. Seeing as $500 seems to be a little tight. I really appreciate the comments.

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how many pips you can earn in a day , it completely depends on your trading strategy and money management.

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When you have a good trading skill then 50 pips will be comfortable with the consistency! But when you are trading with an ordinary trading skill then 1 pip is so tough (with consistent result).

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Just about anything is possible. The real question should be, is it likely?

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Welcome back @Ray; nice to see you after a decent break!

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Yes you can make 10 pips per day assuming your strategy targets a higher number per day and you eventually average out 10 pips/day however making $500 out of $500 account in a month with a 1:50 leverage is mathematically impossible due to broker margin requirements …

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Of course possible. It won’t be a big deal for a knowledgeable trader to ensure steady yet regular earnings. what he must try to do is: he should try to craft proper trading plan according to his financial ability and by this process a trader can ensure regular earning as per his plan.

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for beginners level it can be a big deal in practically but this target is more appropriate to earn easily for a knowledgeable trader by high trading analysis with money management.

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there is anyone who can earn 10 pips by means of scalping that brings profit in a sort time.

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