10 pips

[jones247]

I don't understand why some believe the question posed by the OP is "amateurish" or "ignorant". As a matter of fact, Don Bright has stated that most of the six figure & seven figure traders at Bright average less than 10 cents per transaction share. Moreover, he originally stated that the net for each share per trade was about 2 cents. The key is the VOLUME traded.

The biggest challenge with scalping for 10 pips in forex is the fact that many brokers are "bucket shop" and have a reputation for "stop hunting". Nonetheless, a momentum scalp play with a 1:2 risk:reward ratio works. The key is patience... wait on specific set-ups (high probability trades).

Walt

 

[cabletrader]

Quote from jones247:

I don't understand why some believe the question posed by the OP is "amateurish" or "ignorant". As a matter of fact, Don Bright has stated that most of the six figure & seven figure traders at Bright average less than 10 cents per transaction share. Moreover, he originally stated that the net for each share per trade was about 2 cents. The key is the VOLUME traded.

The biggest challenge with scalping for 10 pips in forex is the fact that many brokers are "bucket shop" and have a reputation for "stop hunting". Nonetheless, a momentum scalp play with a 1:2 risk:reward ratio works. The key is patience... wait on specific set-ups (high probability trades).

Walt

How is volume going to make an unprofitable strategy profitable? If a strategy is profitable then it's easy enough to scale up. The OP was asking if anyone has a 10 pip goal. The point is that whether it's 10 pips or 100 pips is not the issue, it's whether the risk:reward and win:lose ratios stack up to make the strategy profitable in the long term.

There are plenty of traders scalping the forex market with bucketshops, in fact scalping is extremely popular because it offers instant gratification, but what the majority of losing scalpers seem to fail to understand is the simple math that 100 trades which produce 10 pips each, interspersed by 20 trades which lose 70 pips each is just death by a thousand cuts, the end result is delayed but it's inevitable.

 

[Nashequilibrium]

Quote from jones247:

I don't understand why some believe the question posed by the OP is "amateurish" or "ignorant". As a matter of fact, Don Bright has stated that most of the six figure & seven figure traders at Bright average less than 10 cents per transaction share. Moreover, he originally stated that the net for each share per trade was about 2 cents. The key is the VOLUME traded.

The biggest challenge with scalping for 10 pips in forex is the fact that many brokers are "bucket shop" and have a reputation for "stop hunting". Nonetheless, a momentum scalp play with a 1:2 risk:reward ratio works. The key is patience... wait on specific set-ups (high probability trades).

Walt

Cough! Cough!......uuu bullshit!
Cough! Cough!......uuu bullshit! Why do i even bother sometimes.......the same thing has to be explained and then a trader will argue for their life that something is correct, but i have learn't to just say you are wrong and move on. At least one thing has improved.......we no more see the guys who make 10% a week or a 100% a month and then those with 1000% a month but we still see those who swear on their kids that they can make 50 pips a day!!