DislikedIf I can please chime in here .... The more someone limits their definitions of things, the more they miss out on learning. Eg - For me ...... I do an average (!!!!) of 5-6 % per day that I trade. Now please keep in mind this is conservative and does not happen EVERY single day of the week. But I have found that this is doable at least 3-4 times per week on any given instrument. Once you understand the construct dynamics of any move, it is easier to determine what can be done. This is just my lingo but essentially = initial reversal then follow...Ignored
Let's make this SIMPLER for all the REAL trolls on this thread and elsewhere shall we ....
You have a $100 USD account (SO that the idiots in the crowd don't try to argue over primary account denomination).
And you want to aim to return 5% per day THAT IS WORTH TRADING. I'm NOT talking about a 5-7pips ranging day with very little volatility. Seeing as so many LOVE arguing over scalping issues and topics.
What is $100 divided by 5? 20. So you can have 20 pieces of 5 that evenly go into $100. This means that $5.00 USD is your 5% net target (or you could adjust this to be 5-7% to account for trade costs etc). Now let's choose say GBPUSD @ $1.30 or so per 10 PIPS gained/realized profit. So what is $5.00 divided by $1.30? 3.85 times rounded up. SO let's say it's an even 4. SO you need 4 x 10Pips (with a linear single ticket trade setup, or smaller market distance moved if you scale in and thus have multiple entries).
So, now look at the sessional average range. It's usually between 20-100 pips. Go check if you disbelieve. And now look at either a 15, 30 or 60 minute chart and zoom out and look at any given week to see and count up how many times it usually happens, where you get a strong opportunity that generates your MAX distance of 40pips.
It's as simple as that. The rest is down to tracking the market properly and doing your job as a trader.
PS....... For all the "wannabes", real trolls and "hierarchical traders" .....
Trading's for those who learn independently. Everyone else is just blind.