10 pips daily isn't enough?

Hi Fx buddies! I m not expert trader but i have been playing with forex for about 1 year.It has been a fun for me.I have a little fx account as well.I m planning to invest 3000 usd after thinking that 10 pips daily can change my life.Investing 1000usd in e/u for 10 pips will bring 100usd/daily. waooooo! Obviously this is huge for me.Many ppl here gets less then 100 usd/ month. Anyway. I am looking for any strategy which will bring 10 pips/daily.lets share our ideas.tnx in advance.

Well, $100 for 10 pips sounds good. But it also mean that you lose $100 for every 10 pips the position goes against you.

I use this strategy: http://www.forexfactory.com/showthread.php?t=11854

Regards - Xaron

it sounds like 3000 usd is a lot of money in your country, therefore you should try more to protect them.by the way you sound, you're probably going to loose them all soon.

you pretend to have a 1 year experience more or less, yet you don't see to be aware of lot sizes, risk management and so on.


"Investing 1000usd in e/u for 10 pips will bring 100usd/daily"

Says who? By which rules? What lost sizes and what risk per trade? Nobody is forcing you to trade full lots and nobody is forcing you to take risks you're not ready for.

There are many systems here that can give returns of much more than 10 pips per day, if used correctly.I don't think you've actually analyzed things at all, otherwise you wouldn't have asked for "any strategy that brings 10 pips a day".

You'd better start treating things more seriously or it will be just like playing russian roulette with a loaded gun.

Well if you are sure that you'll get 10 pips a day with this system. Why not use 1:500 leverage and 90% of your margin?
See... there is nothing safe in forex.
You really need to learn alot more before going live.

don't tell me your SL is always 10 pips ?

all comes down to how much you play, how big your SL NEED to be.............so even with over 300 pips profit a week may not mean good money..............because your SL really need to be that big.

Mine is always 20 pips in the 5m timeframe.

ahh......yes....... i notice you're back with the 5min intraday, eh ?

somehow small SL make me nervous..........most of my SL around 50 pips and more but i avoid any over 100 pips.........
that's why even 300 pip profit a week for me is still not big money !

Yes, I've found my style. 20 pips SL works for me. I trade the longer timeframes as well, but the 5m is fun.

Regards - Xaron

It's true I am not good yet in techlical analysis, thats why i want to be sticky with 10 pips/day only. I have been playing targetting 10 pips daily and in 90% cases i got the success.Ok i m sharing how i trade.

1. At first I see news from economic calender from various sources to identify whic currency is stronger and which is weaker.I mostly focus on europian currencies such as Eu,GBP, CHF versas USD.

2 Suppose positive data may come for USD, Then I will look for better entry position

3.I concentrate to EU/GBP/CHf chart to find the weaker one.

4. Suppose Eu is weaker among Europian currencies. Then I concentrate on chart of EU/USD. I open candle 5 min, 15 min and 1h stick chart to find better entry position for going short. I think i can read candle sticks most of the cases.

5. Now I calculate pivot points to set S/L and T/P.I watch the chart and when i get 10 pips i just close the position.I am trying to learn other importent tools for better technical analysis.

hey buddy,

i was also aiming for just 10 pips sometime ago too as most of my entries always go 10 pips into profit at first but my SL was much bigger than 10 pips so you can guess a single loss will erase several winners..........

i would make several hundreds (sometimes in a day) only to give it back with 1 loss.........plus sometimes you'll be kicking yourself for not holding on to the winning trades.........

so i changed my plan by letting my SL be where they should be and then aim for at least a 1:1 return. of course, paying attention to where support/resistance are as they can be 'obstacles' to the TP.

i also used to trade breakouts from patterns.....you know those triangles, etc but i avoid them now becoz i found only horizontal support/resistance lines to be much more reliable. especially those where support turned resistance and vice versa.

go have a look at the trading systems > TEB63's 'world's simplest system' and you may like it as i find it to be simple and logical most importantly. the James16 thread is also most helpful.

10 pips a day is certainly enough. However, the big ugly fly in the ointment is achieving them with no losses. I think everyone has toyed with this idea and the overwhelming majority have quickly scrapped it. The smaller your pip goal, the more significant the spread becomes.
Where would you place your stop if you had a 10 pip target? Losing trades, and even a string, of them are inevitable no matter what system or method you are using. If there was a guaranteed safe way of getting 10 pips per day, day in and day out, we'd all be trading this way with huge highly leveraged positions.

Of course 10 pips a day is enough.

Different matter on how to keep them!

Pip count doesn't mean jack... 1 pip or 100, the money is in the lot size. But lot size doesn't mean jack, 1 lot or 100, you've got to survive those lean times to have a positive rate of return. But rate of return doesn't mean jack, 10% or 100%, the market goes in cycles... 100% one year can turn into -100% the next year if you're approach is too volatile.

So maybe the answer is in the volatility-adjusted return ratio, or Sharpe Ratio. But to have that you have to trade for years, then you find out that it oversimplifies a lot of the risks (especially in non marked-to-market or illiquid funds). So the real money is in longevity... surviving for the distance and beating those odds.

10 pips a day? Bah.

Give me 20 years of 50% average annual returns, a 5% max drawdown and a Sharpe ratio of 3 and I'll consider that "enough."

I agree with what many have said already. I would not be so concerned with the number of pisp you re going to make or the amountof money perday you paln to put away. Protect what you have by strategizing your risk managment. Know what you are willing to loose before you place the trade. And set your stops based on that. Also Make sure oyu have tested your techniques thoroughly enoughthat you are confident that you will not become emotionally attached to a failing trade, that oyu don't let go of it until it margine calls you or youloose everything. I would write out your strategy for negative situations before hand so you can react appropriately when the market bites back.

Good Luck

As long as I'm in profits end of the day, it's all good...however I try to reach 15 pips a day, most of the time I'll get away with more...

You know how it is when you hear something a thousand times and it still is a mystery to you but then there is that one person who will say it a certain way or oyu were just in the right frame of mind or something and all of the sudden the light comes on. Thanks Findcount I will be looking into the triangle method with the horizontal S&R levels in mind. I see how this could work wiht my strategy.

Listen my story. I m not a succesful trader though i have been in FX for about 1 year. actually I traded without much study. My deposit was very poor.I started several time with 100 USD and smaller ammount.But I could not sustain. Finally I started just just 2 dats ago (16th April)after some study. This time I my capital is 100 usd.Do u know wht is my capital now ? it is 257 USD. That is huge for any starter. I mostly used Ascending and descending tiangle, Double tops and other indicators.I use several indicators for same chart. When I see 90% indicators gives same signal and fundamentals are in favoure of my targeted trend then I pull the trigger setting 15-20 pips without stop loss and watch the graph. I am ready to close the position when it is anything after 10 pips. I specially wait for breakout of the trend.I made about 100 pips in three days.It is really tough for me to set a potential stop loss.

So true, when you realise that actually the simplest of things work in this market, e.g. S/R, you'll be kicking yourself for not applying it earlier.

Actually its not just all about pips ONLY. We have to look for the quantity of leverage used and then the percentile of profit gained. If the leverage is more than ofcourse the profit ratio will be more but incase, if the trend goes oppsite then loss is also an issue

I could realize that 10 pips is more then enough. what i needed is to maintain highlt strict money management rule.set up suitable S/L and target profit. To catch up real support or resistence wht pivots should i use? I mostly trade on 15 mins chart. of course most of the the time i have to carry the position for hours.I am really struggling to indentify real resistence and support. plz help regarding this.