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Do you think 200 pips per month is fine?

Quoting nasko
I agree with your last post. I am sure that the lot size does matter, but that's not the way my trading system works. I was recently looking at the post by Tkimble: "Part-time wealth building system- Weekly Scalping" and was wondering whether any of you guys here have tried it. If so, was it successful for you...? It sounds pretty awesome and easy, but without backtesting it, I am willing to think that it's going to give many whipsaw signals. On the whole, it looks more like gambling to me. Do you agree or I might be misunderstanding the concept.
Thank you again
You disagree with which last post?

If it was mine, you are new to forex. If you have 10 pips and your trading 200 lots... do the math.
Quoting nasko
OK, let's transform my question percentagewise: Do you think 40-50% monthly return is a fine return. I am wondering, because I've recently found this forum and everybody here seems to be making enormous pip gains. I know it's about the percantage, so that's why I am putting it that way. So, what do you think about 40-50% monthly?




Thanks

This last statement surprised me. If you are wondering if a consistent 40-50% gain monthly is enough, then you have a lot of studying to go....... Do the math and compound the 40% monthly increases for only 3 years. a small account turns into a Large account quickly.... Remember if you are to make it in this business, do Not think get rich quick...

Take Care
Rsq955
Hello ycomp,
you think books say that's too risky. Imagine an account with $1000. I am putting a S/L 30 away from the beginning of the trade, buying 2lots, risking $60. This is 6%, and we all know that 5% is what is resonable to risk in one trade. So, I am risking 1%. Risk-reward is 60-400, which is rouglhy 1:7. As I said earlier I am initiating around 2 trades per month, which can result in more or less than 200 pips. But I don't think the risk-reward ratio in the books is much much better than what I am using. What do you think ycomp?

I agree with you dude,
happy to share the same view, though I was a little confused when I first read this forum. But probably you are right that's just human nature.

Cheers
You just said the essentials of FXTrading. "Patience is a virtue", stick to that rule no matter how much temptation there is on the market. In the end of each month give away 10% of your gains.

I think that is the secret to happiness, not greed.
Hello rsq955,
I guess my patience is not very strong yet. Probably just three years were not enough for me to polish every skill, but I have a lot to learn more. I am only sure that whatever you do, if it brings you joy and you can help other people with your skills, then don't stop. Thus, I am going to improve my tactics and patience.
Thanks for the great comments guys.
  • Post #28
  • Quote
  • Edited 9:29am Jul 31, 2007 9:18am | Edited 9:29am
nasko... please look at my profile to see what I think of books

http://www.forexfactory.com/member.php?u=6098

IMO, risk should be judged not by % but by the certainty of the outcome. (i.e. If I was fairly certain I had a winner, I'd be willing to risk more than if I wasn't. Again this is just my opinion.)

Everything depends on your style of trading and how good you are at it. Personally I think the question someone should first ask is not how many pips can be made, but whether or not it is possible to be successful consistently in forex.

Now that you know it is, then the next question is how do I become good at trades... forget money management and everything else.

Once you are good at making trades then it is easy enough to make everything else fall into place. But without knowing the characteristics of your style of trading, how can you know what MM approach to use?

disclaimer: do not listen to anything I say... they are just my opinions... others probably have differing ones.

Quoting nasko
Hello ycomp,
you think books say that's too risky. Imagine an account with $1000. I am putting a S/L 30 away from the beginning of the trade, buying 2lots, risking $60. This is 6%, and we all know that 5% is what is resonable to risk in one trade. So, I am risking 1%. Risk-reward is 60-400, which is rouglhy 1:7. As I said earlier I am initiating around 2 trades per month, which can result in more or less than 200 pips. But I don't think the risk-reward ratio in the books is much much better than what I am using. What do you think ycomp?

Hello friends.
I have started a thread about making minimum 100 pips a week, so since this thread is dead and if you're still interested you can keep an eye on my journal and see how far I get.
Lybi lydey, lybi vragov.
With enough capital, and a solid trading plan, 200 pips a month is enough. Anything beyond that is gravy. Avoid scalping and Day trading!
Learn from your mistakes and march on.
1. Pips is not a good unit of measurement for success in forex trading. Since you can be pip + and lose money and vice versa. The real question you should be asking is what is a good return in % per month, and even that is relative.

2. Focus on not losing money first, money management and figuring out what style of trading works for you the best. A lot of posts on here telling you what to do or.not to do, there are a million ways to trade and yours will be slightly different from everyone else on here. So just find out what works for you and don't lose money. That's it.
I think its definitely doable. You just need to make sure you are applying you trading plan whether you hit 200pips in the first week and stop or breaking that amount up. You need to stick to your rules and you need to be disciplined in applying them
200 pips at @ $1,000 per pip = $200,000

Yeah that should cover the bills
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step All Time Return: -1.0%
I think it's great. But having this amount of pips is not quite easy I guess. I try Pipswin and it's really providing me some fresh predictions I guess. Overall, a good amount of profits I can earn from them.
Does it make sense to switch from the winning strategy to the new one?
In most of the cases traders claim that long-term trading is much more profitable than short term trading. More than that, you spend less time before the computer screen if you trade long term. I don't really understand people who prefer doing scalping for all day ling. I have no idea how they withstand such physical and psychological pressure. Why aren'y you satisfied with 200 pipis a month? do you really think that scalping will bring you more profits? I really doubt that.
If you are just curious, I advise you to make the second account for scalping and do is along with the long term trading. However, I would concentrate on the winning strategy and polish all the minor drawbacks of it in order to improve the results of my trading.
Its possible to make -neg pips in a month, yet still be profitable in that month though
  • Post #37
  • Quote
  • Last Post: Aug 11, 2021 4:37am Aug 11, 2021 4:37am
Quoting nasko
Hello guys, I am a trader since 3 years and right now am wondering which way to take- the long run or the short (scalping) way. Long run for me is when I open a long/short position, I leave it open for between 1-2 days. This strategy brings me roughly 200-300 pips monthly, trading mainly EUR/USD, GBP/USD. Actually, I initially started scalping using candles for a prediction. Now I am back to scalping, but mainly using divergences with RSI. WIth this method I am breaking even, but am using it since 3 weeks, for I just cannot wait when the market...
Dear friend, I will gladly give my right arm to make 200-300 pip every month for the rest of my life.
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