hello, I just want some assurance, is it easy and very much possible to make consistent 10 pips per day? I believe there will be some losing days, but on average is it easy to make 10 pips per day?
I guess I’m fine if I can consistently make 10 pips per day. Or 50 pips a week.
But the question is, is it possible to do it consistently?
Absolutley no assurance of any success.
is it easy ? for some yes
is it possible ?again for some yes
can it be done consistantly ? depends on the trader
Would I bother for 10 pips a day? not a chance and nor should you.
Do not fool yourself into beliving that anything is consistent in the market. The nature of market is that it is NOT consistent.
First, you have to find yourself an approach which gives you an advantage over the market, which is not that easy, then you have to stick to your plan.
If you ask if you can make 10 pips every day, the answer i no! The problem with a goal for 10 pips a day is that one looser will eat in on all your gain from several trades, if you do not have some sort of a system to follow.
What I wrote was that one single trade would wipe out the gain from several trades if you do not have a system, and follow it. And a system which returns a consistent 10 pips pr. day, without getting faked out a lot of times during the day, is really not easy to find. How will the 10 pips gain per day look like?
Is it one time 10?
Or one time 100 - one time 90?
Or one time 40 - one time 30?
If it is the first then you would have to use stops at 5 pips - how many times would you then be stopped out during the day?
If you settel for 10 pips when they are there, because it is the goal, how will you then cope with a multi day drawdown period?
All what I am saying is that it is not that simple, and I think that pipsodent is in a better position if he knows that.
this is 10 pips per trade. So it just means the first trade of the day turns fine than you are done for the day. You can go home. If not and its a loss, then we need 2-3 more trades.
at a SL of 15 pips, it just means that losing 2, and winning 3 is just break even. But then if you have a system which wins 60% of the time, its is like winning 6/4 or 3/2. Break-even.
It will be much harder for you to lose with this system. You will not win much but its very hard for the market to get your money.
and is the best teacher. learn with it. the only way to make money is win more than you lose no matter the way to get there. if this work for you great
I believe that the more you trade, the more the broker’s edge will eat up at your profit. The less you trade the better. This is the same as playing in a casino. The more you play, the more the casino’s edge will slowly eat away at your capital.
Having a quota is a sure way to get stuck into overtrading. I’d look at it as its not impossible to ask for an average of 10 pips per day but it is a bad idea to be trying to actually aim for 10 pips per day. When scalping for such small gains for a consistent quota there’s plenty of days I’ve been trading just to break even much more than getting positive. If you’re asking these questions I’d aim to consistently follow a system rather than to consistently produce x results, that’s the hardest part of it for me anyway.
Trading is not easy, and thats why practically everyone fails. System that aim for 10 pip fixed targets (particularly if using larger stops) generally fail, due to the negative effects of the spread.
There are methods that work, but they require significant screen time.