I’ll try not to sound belittleing - but that really means nothing ! It all depends on your trading style and timeframes and drawdown maximum and Stop-loss distance and money management.
We have a trader on the forum who doubled his real (but small) account by multiple bets and fairly aggressive money management by scoring LESS than 100 pips in total ! - would he repeat that with say $100,000 account ? I say that is not going to happen because the guy is a real trader with a brain !
Other people can make a profit of 500 pips most weeks - yet they only profit a few $'s and also have quite large “drawdown weeks” !
As a newbie, or even an “Intermediate”, your first concern should be to lose as little as possible during the week on any single gamble !
By the time you can say “I have more money in my account on Friday night, than I had on Monday morning” - regularly, then you are on your way ! (But there are significant Caveats ! )
I think that that is the the wrong measure. It is very rigid and doesn’t tell you anything about the resulting PnL which would depend on lot size, for example I have taken higher profits on trades with shorter pip moves.
If you are going to set a weekly goal then I would suggest that it is a soft target and based on PnL. A soft target to ensure that you are trading based on favourable prevailing market conditions only rather than on hitting an arbitrary goal.
Jorgemontero,
To be successful, you don’t have to make 100 to 300 pips a week if that is what you perceive that professionals make around that much a week. You could consistently make 1 pip a day and be considered a successful trader. For instance, if you used a standard lot (100K), which would equate to $10 for each pip move and there is around 260 trading days in the year (525=260), then you would make a profit of $2,600 for the year (26010=2,600).
Until you pay $7 commission for the trade, A spread of 5 points and suffered a 2 point slip. Stacy’s mom needs someone whom knows how to pay the bills.
both weekly goals, and goals measured in terms of numbers of pips, are inappropriate and misguided
quite a bit of what’s posted in the forum about goals, in general, is actually pretty misguided - forex trading isn’t about how much you can make, it’s about how you learn to manage risk
one of the reasons for the 95% failure rate is that so many people think in terms of weekly goals
I think that is a very subjective thing, that depends on one’s level of skill, available time to trade, account, etc. There’s no right answer to fit everyone.