How Many Pips Should We Target Per Day?
About once a week I receive an email from an aspiring Forex trader telling me that part of their trading plan is collecting a consistent 10-20 pips a day from the market. Or they might just ask me flat out for a strategy that only makes 10-20 pips a day. There is a glaring problem in thinking of trading in this way. Not that it’s bad to set goals, but it’s bad to set unrealistic goals like this. Unrealistic Expectations The problem with setting a goal of X amount of pips per day is that the market changes every day and no strategy will be that consistent. We must accept the fact that we will have losing trades, ... (full story)