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How many pips is reasonable per day for a day trader

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  • First Post: Aug 17, 2009 12:03pm Aug 17, 2009 12:03pm
Hello people,
I am new to forex trading and honestly i have heard a lot about this market and the posibility therein. i really do not think i have the kind of patience to have an open trade for hours or days. in summary i think i fits into more of a day trader.
please i really need guidance from those who shared similar thoughts and are reasonably succesful in day trading.
HOW MUCH PIPS IS REASONABLE TO EXPECT DAILY WITHOUT BEING GREEDY. (Average figure would do)

why i believe that we all might not trade exactly alike i believe feedbacks from those who have travelled through this road will be most appreciated.

many thanks.

Austine
Welcome to your new obsession! You cant EXPECT a certain number of pips each day because you have zero control over the market. You take what it dishes out. Anyway, think in terms of pips x lots. Because pips in and of themselves are meaningless unless discussed in context of lotsize. Thinking in terms of percentage gain/loss of your account each day and week is more helpful as well. Good luck.

-Liz
There's always money in the banana stand.
In my opinion, it depends on what kind of trading system you use. Is it scalper, intraday or swing, 'cause those kind trading system has different pips target also. What kind of trader are you, if you trading intraday, 50 pips should be your target. But I'm a scalper, I quit trading in the day when I already tired and making profit hundreds pips.
Pips don't mean jack shit.

Trade 1: 20 Pips Risk - 40 Pips gained
Tade 2: 100 Pips Risk - 100 Pips gained


Which trade is better? The one that made 100 Pips? lol
I guess, you better searching for something else than pip, consistency... If you consistently profitable, then, the you have no problem...
Hi

I think I am in the similar position as Austin. Because of my full time in work and family, I think daily tf and h4 are better options to me. I prefer daily.

So, in daily, perhaps what I would like to know (if daily is for Austin), what are the appropriate settings for SL and TP, say for the most common pairs E-U, U-J, G-U and U-CHF?

When come to the next day, if the pair is "winning" and one stays on to trade, how would one normally adjust the SL and TP?

I hope FF friends can share their experience. Thank you for times.
Quoting austineejo
Hello people,
I am new to forex trading and honestly i have heard a lot about this market and the posibility therein. i really do not think i have the kind of patience to have an open trade for hours or days. in summary i think i fits into more of a day trader.
please i really need guidance from those who shared similar thoughts and are reasonably succesful in day trading.
HOW MUCH PIPS IS REASONABLE TO EXPECT DAILY WITHOUT BEING GREEDY. (Average figure would do)

why i believe that we all might not trade exactly alike i believe feedbacks from those...
10 pips at least!
If you want to win all the time without fail, PM me.
Quoting The Lord
If you want to win all the time without fail, PM me.
HA, if that isnt a setup....
Quoting austineejo
Hello people,
I am new to forex trading and honestly i have heard a lot about this market and the posibility therein. i really do not think i have the kind of patience to have an open trade for hours or days. in summary i think i fits into more of a day trader.
please i really need guidance from those who shared similar thoughts and are reasonably succesful in day trading.
HOW MUCH PIPS IS REASONABLE TO EXPECT DAILY WITHOUT BEING GREEDY. (Average figure would do)

why i believe that we all might not trade exactly alike i believe feedbacks from those...

The pips will follow, if you have a good system which you have back tested and you trust, combine with good trade money management and practice of dicipline and patience, this will be your ingredient to success.

The first time i started trading, i blew my account and lost 4k gbp, then i went on a 4 Week remote trading course with london traders, and their continous mentoring has helped me.

I am still working on becoming consistent, most people can take upto 6 months to 2 years to become consistent traders. The good thing is, my money management helps me make decison on taking position sizes in the market, and i only risk 1 or 2% of my account on a trade.

So pips is not important, if you are risking 60% of your account to gain 5 or 20 pips, and that 20 pips is only giving you 2 or 3%, then you have to be correct 20 times and wrong once, to even break even.

Now i have tools to help me work out the maths with my strategy, if it would work or not etc etc.

Trading can be done part time or full time, ot does not matter.
As much as the market provides J Sometimes you can more then you expect. Trailing stop are good instrument but you should be aware never to dash off in pursuit of the market.
As much as I can take..it's not a question of being greedy but if the trade moves in the right direction, I would want to take it all the way up..
It depends on your way of trading, but I'd like o point out one thing that most new traders fall for, is when thins are going your way you should know when to say thats it for today! specially if you are uncertain! there are time that you can get 200-300 pips a day, and blow it in one silly trade and that hurts
average of 25 pips per percentage of lots to your balance

some of them take position fractured to 0,01 lots 100 times, instead of one position of 1 lot (100*0.01=1)
when he earns, usually he get above 3000 pips!! this kind of cheat.

so it is very important to take into consideration "percentage of lots to your balance"
Be yourself
I think it doesn’t matter how many pips you earn. What matters is how much increase in your balance (in percent) you have every month. With some strategies you can earn 1000 pips a month with a few trades but you have to use a big stoploss, so if you risk 1-2% on each trade you only gain as much on a trade and that’s not a big deal if you have only a few trades per month. Some scalping strategies earn less than 5 pips on a trade, but the stoploss is small and it allows you to earn the same 1-2% on each trade and you do hundreds of trades a month. So I think stoploss size and number of trades are more important.
I think you need to do some research in to money management in trading. Trading for a certain number of pips is the wrong approach in my opinion. A better approach would be to risk a 2% of your capital at a given target. So, if you decide that that target is 10 pips away, 100 pips away, or 1000 pips away, it doesn't really matter. All that matters is your win/loss percentage and the risk to reward ratio you are using on those trades
Quoting LizardGizzard
Welcome to your new obsession! You cant EXPECT a certain number of pips each day because you have zero control over the market. You take what it dishes out. Anyway, think in terms of pips x lots. Because pips in and of themselves are meaningless unless discussed in context of lotsize. Thinking in terms of percentage gain/loss of your account each day and week is more helpful as well. Good luck. -Liz
Agreed but I guess you can look at the daily ADR and estimate but personally I would just be happy with what the market gives you. don't have any expectations.
Never counted earning pips of mine, it is never fixed for me. Sometimes it is good day and some times there is no pips to gain in account.
Quoting Butterscotch
Never counted earning pips of mine, it is never fixed for me. Sometimes it is good day and some times there is no pips to gain in account.
That’s the real scenario buddy; there is no fixed rule actually; no one can make a certain amount in everyday!
also remember not all pips are the same
so lets say you set out to make 30 pips per day thinking with 0.1 lot you make 30$ but you may trade an instrument that 30 pips will only make you $20
Quoting allinazi
also remember not all pips are the same so lets say you set out to make 30 pips per day thinking with 0.1 lot you make 30$ but you may trade an instrument that 30 pips will only make you $20
Of course, trading lots size matter! We should use the trading volume according to the rules of money management!
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