Hey people am new to forex And i have been trading for 3 weeks now but i make few pips and after many days so it’s not a daily thing for me to make profits which i expected coz i thought i could be making atleast 20pips a day but I can make 50 pips like on Monday and then i don’t make anymore until like the following week…i trade the 4hour time frame but am sometimes tempted to go look at the 1hr time frame where i see the market make big moves but according to the 4hr time frame it’s just a mere small movement not worth Trading…so how can I be more profitable? Please help me waiting is becoming disappointing😥
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Hi and welcome,
Many people recommend not to look at the short term, or have numerical goals related to daily, weekly, monthly, but to have an overall target for a year and ensure you are working towards it. Why? Because you will always have wins and always have losses, but most importantly, your wins need to exceed your losses on a continuous basis to make sure that you have a trading edge (meaning you make money, not lose money).
Now when it comes to a plan of when to enter a market, what market to enter, what is a good entry price and what is a good exit price, the more indicators you use to have a greater chance of a win, the less frequently the stars will align to give you that elusive “high probability trade”. So most newer actors think that if they can just find those winning trades ten times faster they will make ten times the profit. This is not the case, and you will find that the more frequently you trade, the less likely you are to maintain a higher win/loss ratio.
The key is to find the balance between the right indicators for successful trades, and choosing the right amount of money to have at risk on each trade.
There is no point in making 50 PIPs a day when you are trading $0.10 per PIP, when you could make 10 PIPs per day staking $1 per PIP. Provided, of course, that your bank available allows you to trade at $1 per PIP staking only 1% of that bank. In that case, if you wished to have a maximum risk of $100 per trade (stop loss 100 PIPs) and not to risk more than 1% of your bank, your bank would need to be 100 times the maximum risk of $100, or a $10,000 bank. If you were a really great trader, then 60% of your trades would win, and 40% of them would lose. So overall you would be staking 10 x $100 to win $600 and lost $400, so net earning is $200 from $1,000 staked, or 20% return on capital. If you did that every month, you would be quickly rich. If you start off only expecting to make that 20% in one year, you will last a lot longer than if you try to force trade to make that every month.
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Jumping between different time-frame charts is just going to tie your judgement into knots. Trade off the longest time-frame you can stand and at which you are consistent. Do refer to a longer time-frame than your trading selection to confirm this market is trending, trend direction and trend consistency. Do not look at shorter time-frames at all.
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Did you complete Pipsology?
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Trading requires patience, without patience it is not possible to become a profitable trader. I open 1/2 trade per month and maintain a 1: 3 risk ratio targeting 150 pips.
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It is very difficult to maintain profit in trading. This requires a lot of patience. And you need to trade with plan and discipline.
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everything will not work right away, all the same, you need to go to the goal, and in one day the desired profit will not be obtained
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I did just that when you start trading in a demo account things change coz there are time i see a day end with the market Moving 30 pips and i haven’t made any coz am waiting for a signal from the long term Indicators
You must be so confident in your trading plan that you act on it even when your mind tells you that you are wrong. But if you know that 6 trades out of 10 are profitable, and you just do it like a robot, without emotion. Then you are ready to trade efficiently and if you keep statistics, find your best setups.
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Trading is required patience and if you want to be consistent successful trader you must have patience and discipline when trade.
From your post you are all about making profits - which is the way to guarantee you will never make them
The only way to make profits is to forget them - focus instead on perfect trade execution - the profits will follow.
Unfortunately most beginners never get to grasp this - they either give up in disgust or are forced to give up.
So change your focus from monetary reward to trade execution. While it will never be plain sailing changing your focus will help you survive the learning curve and not being just another trading casualty.
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Oh the irony. It’s a strange thing, learning discipline. I’m still learning, myself, but I kinda feel like the key to trading isn’t being a better trader—it’s being a better you. Trading is an environment with no boundaries. It will expose all your fear and greed. A world with no boundaries will show where you have none.
It is a terrible yet beautiful process.
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Expectations crushed by the reality of trading life. Ignore the social media marketing hype, the majority of which is fantasy land promising gold nuggets by pressing a couple of buttons on a broker App. See all the happy, smiling faces on their iPhone 12 Pro Max, which lure you into actually blowing your account quickly.
You could become more profitable by aiming to be a competent trader by educating yourself, and understanding how you emotionally react to gains and losses. Do more of what works and less of what doesn’t.
It could take months, even years of hard work and persistence when trades go against you, as they will, like day follows night. If you trade the Daily down to the 4hr chart, don’t rush at it. Rome wasn’t built in a day.
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Thanks Steve for the advice I really appreciate the way you brought up your lesson 
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in forex, not everything comes at once, and one desire will not be enough here, experience of knowledge and many more different aspects that will affect your profit
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I hope you don’t give up despite your 3 weeks not being what you were expecting! Keep at it, there’s a lot to be learned with discipline and persistence!
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All you have to do is survive the losing streak. If you quit now, you will join the 90%+ who fail at trading forex. But, imagine if you figured out a way to keep going and eventually become profitable.
Do you keep a journal?
By the way, patience is important. Focus on understanding your mistakes. The money will follow.
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Trading is not something fast, it takes time, practice and attention. Other factors that affect the currency also depend on the currency. How long have you been trading?
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Never chase them, it will come in time. Key is not to get greedy
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Keep trading and keep trading journals. All the best
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