10 pips a day can make you rich quickly | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Can you get rich quickly from forex trading? 389 replies

I don't get how 10 pips a day can make you rich? 71 replies

Percentage vs. Pips per Trade vs. Pips per Day/Hour! 7 replies

Once you can trade profitably are you rich? 43 replies

5 Times Leverage, 2% Risk Per Trade Can Make You Rich 21 replies

Attachments: 10 pips a day can make you rich quickly
Exit Attachments

10 pips a day can make you rich quickly

  • #21
  • Sep 21, 2006 8:36am Sep 21, 2006 8:36am
Wow, this thread has been done SO many times and honestly...it sounds so simple...but you get a loss in there and trust me, there will be some pain to feel.

Besides...I suggested a 1 pip method that would get you to your goal of $1,000,000 in 4980 trades while keeping the trade size reasonable (basically trading 1 mini-lot per $10,000 or 1 micro-mini lot per $1,000). And that's only 1 pip we're asking for. It seems like a slow process, but man, how difficult can it be?

;-)
  • #22
  • Sep 21, 2006 8:46am Sep 21, 2006 8:46am
Quoting ProdiG
i was bored the other day and was curious that if someone can get rich earning 10 pips at a time. i usually trade the asian session so i don't really get the 100 pip moves. i was curious if i started $1000 how much would i have using a strategy that could get me 10 pips a day. i was shocked when i finished this spreadsheet. im not sure how to attach files and also not sure if i can attach an excel file but let me know if you want to see it.
Here's my 2 pips (how cliche'!):
I'm sure you can do something like this but make sure you're ready to hang in there when you take a loss and give up a weeks worth of profits with 1 SL hit. I wasn't at the time a ways back when I was trading a 10 pip/day system. Once you start doubling and tripling your lots after a few successful trades/weeks, a 20 or 30 pip SL (minimum) can be thousands or so in one loss.
So, keep your head on straight and make sure you have a fairly high hit rate with your system. Also, how many times do you see an instant millionaire plan and/or spreadsheet (and there's been a few recently here on FF) with losses taken into consideration? Figure out your W/L ratio first and foremost rather than how much you can make with 10 pips profit per trade.
Good luck - looking forward to seeing you and others successful with this approach.
  • #23
  • Sep 21, 2006 9:01am Sep 21, 2006 9:01am
Just Zip your file and then select the Attatch Files To Your Post at the bottom of the edit post screen.

Would be interested in reading what you are doing, so I can better understand what you are discussing.

Thanks Scott



Quoting ProdiG
i was bored the other day and was curious that if someone can get rich earning 10 pips at a time. i usually trade the asian session so i don't really get the 100 pip moves. i was curious if i started $1000 how much would i have using a strategy that could get me 10 pips a day. i was shocked when i finished this spreadsheet. im not sure how to attach files and also not sure if i can attach an excel file but let me know if you want to see it.
  • #24
  • Sep 21, 2006 10:20am Sep 21, 2006 10:20am
some of you have a valid point in win loss ratio and that you can lose more than 10 pips on a single loss but i never stated that i stop at 10 pips it just means im comfortable with ten pips. in example i made 30 yesterday and 70 one day last week. as for increasing lot sizes as soon as you have a few winning trades, i don't increase them drastically very often. basically everytime i double my money and eventually stop increasing them for a while.
I can honestly say my biggest loss was like 12 pips. i may have a few 2 or 3 pip losses but usually make them up rather quickly. i stated in earlier thread that i trade the asian session and you hardly ever get killed there.
  • #25
  • Sep 21, 2006 10:58am Sep 21, 2006 10:58am
ProdiG, I agree about the Asian session. Do you think you could post the file you talked about in your first post? I would be very interested in seeing it... thanks scott



Quoting ProdiG
some of you have a valid point in win loss ratio and that you can lose more than 10 pips on a single loss but i never stated that i stop at 10 pips it just means im comfortable with ten pips. in example i made 30 yesterday and 70 one day last week. as for increasing lot sizes as soon as you have a few winning trades, i don't increase them drastically very often. basically everytime i double my money and eventually stop increasing them for a while.
I can honestly say my biggest loss was like 12 pips. i may have a few 2 or 3 pip losses but usually make them up rather quickly. i stated in earlier thread that i trade the asian session and you hardly ever get killed there.
  • #26
  • Oct 9, 2007 8:00am Oct 9, 2007 8:00am
It's been about a year since last post here. Anyone find a consistent way to get those 10 pips a day on regular basis yet ?
  • #27
  • Oct 11, 2007 8:40pm Oct 11, 2007 8:40pm
Making 10 pips per day sounds easy.

There is always the question of averages. To make 10 pips per day means doing 200 pips per month.

Given that you may have 80/20 trades with 80 winning and 20 losing, you will definately have to make more then 10 pips each time.

I subscribe to the 10 pips per day regimen but I DO NOT take profits at 10 pips. I dont really know where to put my SL if I do so. So.. I work to average 200 pips per month.

This is more feasible as I do not have to trade everyday and I practice more patience in Stalking for a more confirmed trend. When a trend arises, I look to take 20-30 pips which is not too difficult once you have confidence in your indicators and yourself. There are times that I do not manage to get the 20 -30 but I will be definately on the ++ side of the trade. This adds up over time also.

This should be a game of patience and time will be on your side.

Making money in FX is all about discipline.
  • #28
  • Oct 11, 2007 11:40pm Oct 11, 2007 11:40pm
Quoting Tranell
Making 10 pips per day sounds easy.

There is always the question of averages. To make 10 pips per day means doing 200 pips per month.

Given that you may have 80/20 trades with 80 winning and 20 losing, you will definately have to make more then 10 pips each time.

I subscribe to the 10 pips per day regimen but I DO NOT take profits at 10 pips. I dont really know where to put my SL if I do so. So.. I work to average 200 pips per month.

This is more feasible as I do not have to trade everyday and I practice more patience in Stalking for a more confirmed trend. When a trend arises, I look to take 20-30 pips which is not too difficult once you have confidence in your indicators and yourself. There are times that I do not manage to get the 20 -30 but I will be definately on the ++ side of the trade. This adds up over time also.

This should be a game of patience and time will be on your side.

Making money in FX is all about discipline.
Very well said Tranell. One or two quality trades per month on the daily charts to get 200 (or more) pips is far easier, safer, less stressful and more reliable than struggling to get 10 pips per day.

In my opinion, one of the best things new traders can do for themselves, would be to eradicate their "per" mentality. For me, there is no "per day", or "per week", or even "per month". The word to use, as you did, is "average".

A daily average of 10 pips is easily obtained, while 10 pips PER day is not. Why deal with all the stress?

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #29
  • Oct 12, 2007 1:17am Oct 12, 2007 1:17am
Forget about "per day", at least start with per quarter.
  • #30
  • Oct 17, 2007 8:25pm Oct 17, 2007 8:25pm
http://10pips.com/

nice strategy....
{Promotion Removed}
  • #31
  • Oct 20, 2007 12:59am Oct 20, 2007 12:59am
What alot of people tend to overlook in this post was the amount of money he started with ($10,000) and something that was never mentioned, proper money management. He never said he doubled his lots or what ever. He never said how to make more money from just 10 pips. Given those variables a few people added their spin on what was basically a winning technique.
1. Never risk more than 2% of your account.
2. Don't double your lots, instead open multiple accounts , use the same system.
  • #32
  • Aug 10, 2010 8:40am Aug 10, 2010 8:40am
Quoting dvescio
I don't think anyone is going to blast you. Anything is possible in this business but if he goes for only 10 pips a day, no more or less, then with that kind of risk:reward he's basically right almost 95% of the time. He would have to be or he'd go bust very quickly. If he can do that, that is nothing short of a "Holy Grail". I'd be skeptical, but hey, proof is in the pudding and if you saw his statements then hop on for the ride with him, dude
I am thinking he gets in the trade at the daily opening, that is what I can think of.
  • #33
  • Aug 10, 2010 8:45am Aug 10, 2010 8:45am
10pips a day compounding can make you rich.

10pips a day compounding can make you broke as well...
  • #34
  • Oct 12, 2011 11:17am Oct 12, 2011 11:17am
Hi, kindly show me the spreadsheet for 10pips a day.
Am also giving it a try.
Quoting ProdiG
i was bored the other day and was curious that if someone can get rich earning 10 pips at a time. i usually trade the asian session so i don't really get the 100 pip moves. i was curious if i started $1000 how much would i have using a strategy that could get me 10 pips a day. i was shocked when i finished this spreadsheet. im not sure how to attach files and also not sure if i can attach an excel file but let me know if you want to see it.
  • #35
  • Dec 4, 2011 12:12pm Dec 4, 2011 12:12pm
If you can make 1 pip a day on average over extended period, you will find yourself in the top 5% of successful trader, let alone 10 pips a day.

Why I say so?

To achieve 10 pips a day for 1 day can be easy for many traders. Try achieving an average 10 pips a day for 3 months period, for 6 months period, for 1 year period, for 5 years period, for 10 years period.

Since we are told that 95% of traders are not profitable over extended period of trading, we can deduce that they make less than zero pip on average per day (net pips (which is negative) divided by number of trading days). Those who make more than zero pips, even average of 0.00001 pips per day, will make it to the top 5%.

This is a perspective that I would like to share to show that counting pips can be meaningless knowing that even an average of 0.000001 pips per day over an extended period wil make you rich.

Therefore, the focus should instead be placed on how to be consistent in your performance over extended period. If consistency can be achieved over extended period, then the next focus should be on the max drawdown incurred (the cost) in achieving this consistency. The risk (drawdown cost) that you incurrred in achieving a consistent equivalent profit (not absolute profit) will differentiate you among the top 1, 2, 3, 4 and 5% of trader.
  • #36
  • Dec 5, 2011 1:05pm Dec 5, 2011 1:05pm
Would certainly like to see that happen..sure traders can make good money but here's the kicker..on a ten pip move, you can only make as much money as there's in your margin [re: lots, leverage, etc]
  • #37
  • Dec 6, 2011 8:33pm Dec 6, 2011 8:33pm
first most important thing is the pips and correct technique first. u must be able to catch some positive pips consistently per week i'd say, not analyse per day because some days are ranging

id say 70-80 pips per week is fine enough that should be the goal.

i think its hard to get more than than this because of the fact that SL eat into profit fast. one full SL is 25 pips, so if u get 4 SL then you are down 100 pips. so you need a good positive expectancy system and good no. of trades per week is better for compounding.

trades must be patiently taken that have good risk reward ratio - pointless trying to short at support or long at resistance, best to wait for mr. market to give u the opportunity, let the market come to you, i notice by trying to force market u get bad result, waiting for market(e.g.. to overbid or oversell a particular asset) i have found some good opportunities.
  • #38
  • Dec 7, 2011 3:59pm Dec 7, 2011 3:59pm
I believe that two 5pips trades are easier to obtain than one 10pips trade, and two 10 pip trades are easier than 1 20 pip trades and so on...

You just need to think back and remember how many time you have given away 10pips thinking that it will lead to a big win but failed.

I think greed is the biggest enemy in trading.
  • #39
  • Dec 7, 2011 4:22pm Dec 7, 2011 4:22pm
That "Noah Effect", I believe its all to do with the risk to reward ratio.

The fact is this, greater the risk to reward ratio, harder the trade (i.e. less often the trade will work out), when people mention risk to reward ratio they usually fail to mention this. I believe risk to reward ratio is an absolutly useless concept, in that you can do perfectly well chosing which ever risk to reward ratio, if you know what kind of trades to pick and what kind of pitfalls to avoid for that particular risk to reward ratio.

If you want to win often chose lower risk to reward ratio and if you want to lose less chose higher risk to reward ratio.
  • #40
  • Dec 9, 2011 12:42pm Dec 9, 2011 12:42pm
I guess it's been a long day for me or I am a little bit more slow on the take than what's usual. Hope you can provide some clarifications on the - "If you want to win often chose lower risk to reward ratio and if you want to lose less chose higher risk to reward ratio."
Think the sentence has gone awry..
2 traders viewing now