10 pips per day is easy if your entry point is perfect. I make 10 pips just before start of London session or when some news is coming ( I trade after the news has happend) I’m new n still learning so hopefully when my entry point will become better I will increase the target.
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What is the value of those pips?
If they were worth $1, then in five days that would be $5, which is worthless for even buying a large coffee at Starbuck’s… $20 a month would be like slave wages. So, it may be possible but: would it be worth it? What leverage would be applied on those 10 pips?
Tbh the value of the pips is worthless to me. 10 pips a day on average is 10 pips a day on average.
I can always put more money into my account, I can always grow my account to where it actually it giving me relevant returns. But I dont really worry too much about the money, more so the pips profit.
But in my specific example, the answer to your question would be $2.5 each pips. $25 a day on average.
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Thanks @Zhadow45.
On EurUsd, for example, $2.5/pip means a 25k position: what is the account size? Would the position size grow relative to the account size or would you keep opening 25k positions regardless?
Yes you might if you know the right support and resistance lines
check this site it might help you
they give you daily support and resistance prices for all major pairs
end 2018 with Support and Resistance
I think @Trendswithbenefits has summed this up with the position size and margin requirement answer. If the profit of each pip doesn’t mean anything to you why don’t you open a micro account and open the smallest position size available then see if you can make those 10 pips a day. It’s the best way your going to find that out for real.
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Some good points made here especially from TrendswB, lets keep in mind its not a race but a marathon and survival.
rule #1 protect you capital
rule #2 Don’t forget rule number 1
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Where can i get the daytrading system to try?
where can i find your profile? i am an beginner from germany
Yes it is possible but you should not put that pressure on yourself to start off with.
100% correct
It is definitely possible but try not to focus on that. Focus on using the correct strategy and maintaining the consistency.
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Your maths regarding leverage is wrong!!! Unless you want to blow up your account. It’s not about using the full amount of your leverage. Leverage is a double edged sword, you can make quick gains but you can loose your shirt too. Use a risk calculator to properly understand lot sizing and stop loss setting. Always set stop loss. Have better than 1:1 preferably 1:3 risk:reward ratio. ie. 20 pips stop loss 60 pips take profit. Quite debatable but most people say never risk more than 2% of your account balance. But no matter how you set your strategy risk management is all about preserving your capital.
I am not sure if you still check these sites/forums as I have just recently signed back in after a while of being away. If you are, then hello. I looked at this thread again after all this time and kinda chuckled at my old self. It’s like looking at yourself as a child almost. And yet, It was just a year and a half now.
Quite a lot has changed in my life. And I will say:
Blockquote
Maybe I am missing something
haha, yeah. Yes I was. For context, I am only now consistently profitable. And even then, barely. I average 4.5% a month and I haven’t even used a single penny yet of real money.
I would like to say thank you for your help from so long ago. My mistakes were not too expensive fortunately. Although reading my question “is 10 pips a day really possible” sounds quite silly. Of course it is. but also, its quite relative. 10 pips for which pair? which market? Why did “younger” me even care about that as now its something I dont think about too much.
Interesting going back and seeing how different I was. I will keep working to better myself. Hope you are well.
-Zhadow45