Just would like to second that you are on a good track with that line of thought. When I was first learning I made the mistake of thinking that everything I learned about the forex was applicable to my strategy. And that isn’t true at all.
Very much good rules which you have got, i would really stress on the rule to set the targets which should be reasonable enough for the traders to achieve it.
Hello Royal blood,
Thanks for your comment. Targets should be set according to the system’s rules and capacity… Each trader ought to carefully back test their system to determine potential take profit levels on their trades beforehand.
Hope you have done that already
Grix
Thanks for post, a lot of good points covered.
Your welcome, its always good to see senior members here
Thanks for sharing Grix 
Quick question: is there an acceptable profit in pips per day/week/month? I’m having difficulty establishing how much I can be comfortable with.
Is there a guide in the School? I’m still in Elementary and currently doing demo trades.
Thanks much!
It’s going to depend. Short-term traders commonly do well with having a pip goal and then stopping so they don’t over-trade. But their trades may only be handfuls to hundreds a week. Long-term traders generally only strive to find singular optimal set ups that they can take the maximum amount of return off of. They don’t worry about the number of pips because the quantity is far more out of our control.
The quantity of pips is going to depend on your strategy and frequency. As a person that primarily trades daily charts- I look to take at least one trade a week. Scalpers will make dozens in a day.
Another point- number of pips isn’t as important as the amount of currency. A pip can have any value depending on your lot size. So you can take 1000 pips valued at a $1 or 1 pip valued at $1000 dollars and still have the exact same amount of money. This point is important when you set stops behind candlestick formations. Because you may end up making $50 off of 50 or 100 pips depending on the stop size. Either way, you’re only making $50; the quantity of pips is irrelevant in measuring success.
Hello, The Relentless Lion. Thanks for your participation on the thread.
As I mentioned on the first page, my system can give me 60 pips in a trade and I only have trades in a week. My weekly target is 100 pips which is fair enough for me.
Having the target in pips is my ideal way because it enables me focus on the trades rather than money.
Please analyze your system and see how many pips on average your trade set up have given in the past. The average should be your target. Remember that focusing on the pips reduces the traders greed.
So there is no fixed amount that you have to be content with, only what your system allows.
Grix
Thanks for the advice stonecoldmichael & Grix much appreciated! On with the learning 
I’ve always been amazed that traders seem to concern themselves so much with pips. The amount of $ won or lost is a lot more important to me than pips.
What makes sense is a situation in which you aim to gain more than what you’re risking. It makes sense to risk $1 in trying to gain $2, but it doesn’t make sense to risk $2 in order to gain $1.
Break even is acceptable too in terms of risk. At times you have to go down to 1:1 R/R. Risking more and gaining less is a little illogical.
However lets keep this thread to the three issues in the first page.
GRIX
Good thread, I wont throw it off track, Hehe… But mannnnn, I sure want to add to this… But from here on out, My lips are zipped…
Yeah you definitely don’t want to drop below a potential 1:1 risk to reward ratio otherwise it’s just not worthwhile. You will lose trades and you will not pull ahead consistently. If a person is taking less than 1:1 on trades they would do well to find better entry criteria for a successful trade.
Hey Guys,
In the coming week, I will be releasing a new article that will allow for more participation. So MNS, just hold on a bit.
Grix
First of all, GRIX FX, thank you for sharing so selflessly with the community, it’s what makes this place great.
Secondly, the one thing this just proves again to me beyond a shadow of a doubt is that [I]there are more than one way to be a profitable FX trader[/I], this being one of the ways.
It would be wise for everybody to keep that in mind. I would never have the discipline to only trade one pair, so I have found a way that works for me.
Point being: know yourself, know your weaknesses, find a way that makes it the [I]least difficult to succeed[/I], stick with it.
Thanks,
A
Well Said Cyanidez.
The most important thing is to find the most stable system for your trading. In my case, this is what works for me. The reason why I shared this is because its been working well for more than three years.
Grix
Hello Traders,
Thanks for your support on the thread. Its good to receive the daily newsletter and see the thread featured there.
More articles on the psychology of trading on the way.
Grix
thanks for the best advice…
Your welcome,
Grix