20 pips a day!

Beginner Questions
1

Hi,

I recently started and My plan is to make on an average 20 pips everyday the market is on. what would be my strategy?? I have been trying to make some pips(3-4 pips) during the small ups and downs(avg diff 20-30 pips), but i endup entering the market at the wrong time!! always lose money!! I use 5 minute timescale!!

I am located in US and cannot trade during office hours!!so what would be the best time

It would be gr8 if anyone out there can guide me or show me a strategy

2

Yeah how about checking out the Cowabunga System (open the blog section of babypips), monitoring times isnt that bad. You should have a look at it then configure it here and there to suit your time.

Personally I’m on long run (4-12 months range) rather than daily for now because of my busy time, though I’m able to get the Asian and European time if I wanted to . But I think the Cowabunga for your style might work.
Dont force yourself eh, if you cant live or sleep in peace, means that system is not for you.

3

Without trying to berate you, let me change your wording. You said your plan is to make 20 pips a day. What is would be your strategy?

  1. 20 pips a day is your goal.
  2. Your plan and your stragety is the same thing.
  3. I think it is best for you to find your own stragety.
  4. If you want to scalp then you should trade off of the eur time frame which means that you have to wake up at 3:00am est.

I have tried this for a few weeks, and here are my results. When I was off work during x-mas I made $700 in just 2 weeks. Trading $1 pip. When I went back to work I was not able to pull a profit and I was too tired to goto work. So you might want to look at a longer trading plan. Hold a trade for a day up to a month.

Also the strategy doesn’t matter it is all in the money management. Goto the “lets do an experiment” post for proof of that.