I like your motto Ace. " Dream big and dare to fail ".
Daily targets are for scalpers/day traders.
2% ($100) daily average is possible, not easy though.
Scalpers need to be very sharp on entry timing.
SL is a must for scalping. One trade without a Stop Loss can wipe one month profits.
Small SL is more frequently hit. The smallest SL I personally feel comfortable with is between 10-20 pips depending on the pair traded.
To get $100 daily on my $5K account I would:
Daily targets are for scalpers/day traders.
2% ($100) daily average is possible, not easy though.
Scalpers need to be very sharp on entry timing.
SL is a must for scalping. One trade without a Stop Loss can wipe one month profits.
Small SL is more frequently hit. The smallest SL I personally feel comfortable with is between 10-20 pips depending on the pair traded.
To get $100 daily on my $5K account I would:
- trade usdjpy and eurusd on a low-cost/ecn broker.
- make 5 to 10 trades per day
- use 0.5 lots per trade.
- target 5 to 10 pips on each trade, netting +20 pips for the day.
- don't trail stop or move it to break even. If you lose confidence in a trade then close it at the current profit.
- check news calendar to avoid big news and important speeches.
- trade pullbacks in the daily/session direction, if they are not in same direction stay out. I consider LO open to NY open as one session, and NY open to LO close as another session.
- wait at least 15 minutes after a win, and at least 30 minutes after a loss.
No guts, no glory
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