10 Pips Per Day - Everyday

Quote from CFerret:

No, it's you seem to misunderstand the point:

do you understand an idea of AVERAGE PROFIT at all? AVERAGE of 10 pips per day DOES NOT mean someone is aiming for 10 pips on a single trade... It can easily be 50 or even 100 pip target trades which if applied consistently result in an average of 10 pips a day. One day profit can be 50, 60 or whatever, another can be -10, -20 etc but AVERAGE is 10 pips per day (if we talk about this number).

So no need at all in using 3 pip stop.... Though honestly I don't see anything impossible even in such strategy. Many people scalp futures with extremely tight stops and Euro FX is exactly the same thing as spot EURUSD, so why can't it be done there?

As for the question of "how" can it be achieved, it's already not the problem of possibility it's the question of a method applied... And there are plenty of methods around which if applied consistently and with discipline average around 200 pips a month or 10 pips a day per pair (if talking of FX methods)...
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I do not know much about futures so can not comment there.

But given your example of losing maybe 20 pips in 1 day and making 50 pips in another day, trading like this i agree can lead to sucess. I see no problem with a ratio like that however that is not aiming to make 10 pips a day lol.

I dont care how you decide to "view" it, we can view those 50 pips made in 1 day as aiming for 25 pips? its just a load of rubbish.

My point is that if you close a trade on 10 pips profit and you do this on a regular basis your strategy is flawed and destined for failure it really is as simple as that.

Any time you take a trade on the FX market you expose yourself to an element of risk. That risk being the potential to lose on your trade.

If your profits at any trade are only 10 pips, then you need many more winners then wipe out only 1 loss. Once you understand this concept you will realise that it is impossible.

You were better of not to trade then to only make 10 pips beacuse in the LONG TERM you will lose without a doubt.

A please dont keep saying if we make 100 pips blah blah,

my point is that if you take a profit of 10 pips this is the problem, and this is what the strategy suggests.
 
Last trade this year, shorted at 91 stop now placed 25 pips in profit,i should be taking profit, but started on the egg nog a little early. but will trail it down now to target.
 
Quote from austinp:

FX traders must let profits run in order to win over time.

but one cannot eat like a proverbial bird and fertilize like an elephant in this profession.
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lol, great quote, I think I'll use it as a monitor sticker!

I understand what you're saying and of course it makes perfect sense in an ideal world, but trading off a 15m chart (which is what I do) and watching a winning trade turn into a losing trade is not a good idea obviously. Winning over time means making more than you lose which is what I've been doing for quite a few years now, it's just I could make a heck of a lot more. Greed? Probably, but who doesn't want more if it's available?

The Cable trade I mentioned in that post is a prime example and was good for >100 pips, I took 1/5th of that, 20 pips. It was profit, I made money, great but not so great when I look at what I left behind.

My risk:reward is slightly skewed but my win:lose compensates, that's perfectly acceptable, but with an improved exit strategy and therefore a better risk:reward profits obviously increase significantly.

Any practical tips on holding onto trades are most welcome, as I say I have tried scaling out but it affects risk:reward.
 
Quote from cabletrader:

It's hard work for sure, they come in all guns blazing without first understanding what's being said!

One thinks 10 pips a day is a lot of money and rattles on about 5k accounts all the time, the other one thinks you need a 3 pip stop, sheesh :D
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This comment shows your lack of understanding.

if you aim to take a 10 pip profit yes you need a 3 pip stop if you are going to sustain this for the long term.

a stop higher then this makes your risk reward not worth it unless you are correct 80% or more of the time.

So you say you will aim for more pips 50 or 100? will then ask youself why would you ever limit your profits at 10 pips? it sounds absurd. You dont know the old saying "let your profits run" and cut you losses early?

At the moment you seem to follow " cut you profits early" and "let your losses run"

its ridiculous.


Cabletrader i ask you one question, how many pips are you prepared to lose per trade?
 
Quote from Acs:



my point is that if you take a profit of 10 pips this is the problem, and this is what the strategy suggests.
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Whose strategy, who is targetting 10 pips on a trade?

"10 Pips Per Day - Everyday", there's a difference!
 
Quote from cabletrader:

Whose strategy, who is targetting 10 pips on a trade?

"10 Pips Per Day - Everyday", there's a difference!
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I think we've establish that one.. he is a troll and two, he cant read or garner basic understanding of simple english....

But this has been refreshing and relaxing. Trading doesnt allow me to talk much. LOL. I have to concentrate...
 
Quote from giles117:

I think we've establish that one.. he is a troll and two, he cant read or garner basic understanding of simple english....

But this has been refreshing and relaxing. Trading doesnt allow me to talk much. LOL. I have to concentrate...
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Isnt this whole thread about aiming to make at least 10 pips a day?

so now you guys agree that making 10 pips is not sustainable for the future?
 
Quote from cabletrader:

Whose strategy, who is targetting 10 pips on a trade?

"10 Pips Per Day - Everyday", there's a difference!
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Please make up your mind, so you are now say you will not take a trade for 10 pips profits?

Please explain how 10 pips a day is even relevant then.

from what i gather you are saying you aim for 50 or 100 or more, and then you just say "great i made at least 10 pips today"

are you serious?
 
I never agreed to that. But then I have resolved that you cant read, nor can you understand simple english. :)


so now you guys agree that making 10 pips is not sustainable for the future?
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