What is your daily pip goal? | Forex Factory

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What is your daily pip goal?

  • Poll

  • What is your daily pip goal?
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  • #1
  • First Post: Jan 8, 2007 4:22pm Jan 8, 2007 4:22pm
hello everyone,
Everyone should at least have a daily or weekly pip amount that they strive to make. Some of us become greedy and let winning trades turn into losers. I am guilty of that too. So, how many pips are enough?
Thanks for your replies.

Kingmaker
  • #2
  • Jan 8, 2007 4:56pm Jan 8, 2007 4:56pm
10
  • #3
  • Jan 8, 2007 4:57pm Jan 8, 2007 4:57pm
No offense, but I think that is exactly the wrong way to look at it. If your pip goal is 30 pips a day, and the market has only given you 15, you are apt to alter your analysis in the HOPE of gaining more pips. Vice versa, if your goal is 100 pips a day (first, you are out of your gourde), and the market is ranging tightly, you'll get your ass handed to you. I've never known any serious traders with pip goals per day. You have to take what the market gives you each day. Having a specific numerical amount that you demand from the market each day is you telling the market what to do...which is simply not the way it works.

-Liz
There's always money in the banana stand.
  • #4
  • Jan 8, 2007 5:28pm Jan 8, 2007 5:28pm
I read somewhere from here that you shouldn't focus on the "per" part of it and rather use "average". Instead of having a 10pips per day goal, maybe make it as average of 50pips per week....

Err, does it make sense?
  • #5
  • Jan 8, 2007 10:44pm Jan 8, 2007 10:44pm
Hello kingmaker,

I know of successful traders that concentrate on the number of pips and I know of successful traders that feel that the lot size with fewer pips is a better theory. I am somewhere in the middle. Money management determines lot size (#of lots) and I want as many pips I can snatch. The important thing is that you find a method that works for you and then practice, practice, and set a goal. When that goal is reached, # of pips or $$ gained, raise your standards.

Good Luck
  • #6
  • Jan 9, 2007 4:51pm Jan 9, 2007 4:51pm
Trade right each day, not X nbr of pips each day.
  • #7
  • Jan 9, 2007 5:26pm Jan 9, 2007 5:26pm
The way I see it: pips are not very important... the total amount is very important.. you can make 10 pips on 2 lots which will be 200 pips or you can do 200 pips on 0.1 lot...

I think best way of doing is by calculating how much do we need to pay the bills and such.. any extra will go to savings/investments + it will make your account bigger..
of course if you make 20 pips in total when your account is 500USD is one thing but if your account is 50.000USD and you make 20 pips.. would you be happy?
  • #8
  • Edited Jan 10, 2007 12:22am Jan 9, 2007 10:56pm | Edited Jan 10, 2007 12:22am
Quoting kingmaker
hello everyone,
Everyone should at least have a daily or weekly pip amount that they strive to make. Some of us become greedy and let winning trades turn into losers. I am guilty of that too. So, how many pips are enough?
Thanks for your replies.

Kingmaker
Setting a goal to trade with a strategy at all times (or trade the news) is one of the best goals I've heard of.

I learned so much from {link removed, see rule #2} (check them out) and one tip that has helped me make money off of almost all my trades is NEVER let a trade that is up 20 pips, turn and cause you to lose money. If you are up 20 pips, close 1/2 your trade and move your stop loss to your entry price. That way if you do get stopped out, you are still up in pips. And if you still think the trade is worthwhile, you can choose to get back in, sometimes at a better price or if not, you aren't out any money at all. If you get back in, because you believe in the strategy (which you should be using) then you have potential to make add'l money. I just did that with a trade I have open now. I sold it, it was up 20 pips...i closed 1/2, it went up to 50, I closed 1/2 again...kept my s/l at my entry price and it stopped me out at 0, but I made money. I still believe in the trade so I took the trade again....it hit 20 pips, I close 1/2 again and it's currently up 36 now. I'm thrilled. Had I just kept it open my pips would have waivered up and down over the past few days and I wouldn't have made as much money overall. Try it out. It's never a bad thing to put money in your acct!

I hope this will help put money into your acct. and not have you focus on the pips or the pip value. {link removed, see rule #2} has so many things to offer all types of traders (beginners, fairly new, and seasoned) They even offer the opportunity to trade with them....I do that and I make real money with the news just about everytime! Check it out man!

Happy Trading!
  • #9
  • Jan 10, 2007 12:46am Jan 10, 2007 12:46am
Quoting LizardGizzard
No offense, but I think that is exactly the wrong way to look at it. If your pip goal is 30 pips a day, and the market has only given you 15, you are apt to alter your analysis in the HOPE of gaining more pips. Vice versa, if your goal is 100 pips a day (first, you are out of your gourde), and the market is ranging tightly, you'll get your ass handed to you. I've never known any serious traders with pip goals per day. You have to take what the market gives you each day. Having a specific numerical amount that you demand from the market each day is you telling the market what to do...which is simply not the way it works.

-Liz
Sorry, Liz, but I completely disagree. I have found it best to make a goal, commit it to writing, and pursue it. If it turns out to be unrealistic, if your trading plan and market conditions won't support it, then the goal has to be reevaluated. However, creating a daily goal is the first step in making out your trading business plan, which means you are treating your trading like a business, which means you are being professional with your trading, not just "going after a bunch of money."

Everyone here is interested in being professional with their trading, right? I assume you are all working on creating or pefecting your business plans?
  • #10
  • Jan 10, 2007 1:51am Jan 10, 2007 1:51am
20 pips and just let the rest run for a breakeven moving the stop as the price moves.
  • #11
  • Jan 10, 2007 2:13am Jan 10, 2007 2:13am
Quoting backinblack
Sorry, Liz, but I completely disagree. I have found it best to make a goal, commit it to writing, and pursue it. If it turns out to be unrealistic, if your trading plan and market conditions won't support it, then the goal has to be reevaluated. However, creating a daily goal is the first step in making out your trading business plan, which means you are treating your trading like a business, which means you are being professional with your trading, not just "going after a bunch of money."

Everyone here is interested in being professional with their trading, right? I assume you are all working on creating or pefecting your business plans?
Totally agree! Good Post!
  • #12
  • Jan 10, 2007 2:44am Jan 10, 2007 2:44am
Quoting backinblack
Sorry, Liz, but I completely disagree.
Sorry backinblack, but I completely disagree!!

I'm with Liz on this one.

Although it obviously depends how many trades per day your system generates. If you generally only make 1 trade per day, then how can you possibly set yourself a daily pip goal?
Ever alert for the call to action!!
  • #13
  • Jan 10, 2007 8:48pm Jan 10, 2007 8:48pm
Quoting LumoX
Sorry backinblack, but I completely disagree!!

I'm with Liz on this one.

Although it obviously depends how many trades per day your system generates. If you generally only make 1 trade per day, then how can you possibly set yourself a daily pip goal?
Research.

Public knowledge includes Average Daily Pip Range. If you go Long 10 pips below the Average Daily Range Predicted High, How much can you reasonably expect to earn That Day? 10 Pips would be a predicted supposition.

It's all very convoluted and interconnected which is why becoming a Professional Trader takes every bit as long as becoming a Doctor or Lawyer or Carpenter or Whatever. {Years}

Please don't punish yourself because you don't feel you are a "Skilled Craftsman" after having spent a whole year doing this FX thingy.

Personally I have been/was Trading for close to 30 years, 10 as a so-called pro {semi retired, no longer manage a fund} and still I have those Pi$$ Me Off moments when I realize I'm in a bad Trade.

I'm not sure where it falls in the Newb Steps but one of THE biggest leaps to becoming a real Trader is accepting that Sometimes, you Will be wrong.

Pips Ahoy
  • #14
  • Jan 18, 2007 9:09pm Jan 18, 2007 9:09pm
Quoting LumoX
Sorry backinblack, but I completely disagree!!

I'm with Liz on this one.

Although it obviously depends how many trades per day your system generates. If you generally only make 1 trade per day, then how can you possibly set yourself a daily pip goal?
You may have a point here. Since I scalp, I'm generally in and out of about 5 -- 8 trades per session. However, if I was trading once a session, I would still have an expectation of how many pips I was targeting (actually, ticks since I prefer the currency futures market), and set up weekly and monthly goals.

Maybe I didn't say this before, but the single biggest reason I set a pip/tick goal, is to get out after I have made a reasonable amount, so I limit my exposure, and the potential to give it back on further trading.
  • #15
  • Jan 25, 2007 11:06pm Jan 25, 2007 11:06pm
I agree with the no pip goal theory.

There are simply good and bad days to trade. Best to have the discipline to stay out of the market altogether if necessary sometimes. I'm a day trader, and I've finally learned that a very slow or weird looking market is a sure sign that something weird is about to happen.

My goal is:

To be able to determine which are the best days (when the market is MOVING -- and moving with the trends of each pair I want to trade).

To stay with the trend.

To know the best times of day to begin and end each pair I want to trade, amd to have a good idea of how many pips i can SAFELY trade on each pair.

To know how to leverage my account properly so that I don't have too many trades on out at once, or too many lots on each trade for my account size.

To select ONLY the best trades based on trends and news. I trade all pairs except Aussies. I can't trade them all at once, so I choose the ones that look the best.

I've made as much as 15% of my account size some days, a much smaller % many days -- not a plug nickel on others. But the good days more than make up for the bad, when I just take them as they come.

I believe that a trade that hangs around in the market taking too long to complete is a trade that is tying up my funds, possibly preventing me from making two or more successful trades that would have have completed quickly.

I've made a few trades before that cost me time, headaches, sleep and even money -- just to make pip quota for a day -- that didn't work. So now my goal is making only the best trades.

(I hope that didn't sound too preachy).
  • #16
  • Jan 26, 2007 1:27am Jan 26, 2007 1:27am
Kingmaker, tx for the poll, you manage to get the answer I was looking for so badly

And it looks to about 50% of the FF members is in the 20 pips per day range, no mater of any factors, just pips

It is true that it depends on a lot of aspect (timeframe, method, currency etc), and that it must be average and not per day, but I got my answer, tx
  • #17
  • Jan 26, 2007 5:02am Jan 26, 2007 5:02am
3 trades and each for 10pips will be nice
  • #18
  • Jan 26, 2007 8:21am Jan 26, 2007 8:21am
Just a reality check .

In North America, $200.00 a day (~20 pips) is a below average Tradesman's wage. If that is your target, you may want to think about changing careers as there would {probably} be much less stress.
  • #19
  • Jan 26, 2007 9:11am Jan 26, 2007 9:11am
In my opinion a daily goal in pips is only for scalpers.

Personaly, I can be on a trade for one week. So you can imagine that a daily goal doesn't mean anything.

For me it would be more a monthly goal. But a goal for me doesn't mean that you stop when you have reached your goal. You have to apply the same method all the time no matter if the goal is reached or not.

Also I think that more important than a goal in pips is a goal in drawdown. What is the maximum drawdown you will accept without changing your system?

Quote
In North America, $200.00 a day (~20 pips) is a below average Tradesman's wage. If that is your target, you may want to think about changing careers as there would {probably} be much less stress.
I think you are missing something. Your calculation is true for 1 lot, but you can easily guess that a professional will not trade 1 lot
Once again the big question is the drawdown, but with a reasonable drawdown I think that anybody could sign for 20 pips a day in average. (I say in average and it doesn't mean that you target is only 20 pips away)
  • #20
  • Jan 26, 2007 9:18am Jan 26, 2007 9:18am
with basic srdc training www.forexsrdc.com beginners are averaging 5-25 pips per pair a day. Check this out, all you need to know to trade to foreign exchange. It has helped me tremendously!!

may the pips be with you!
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