DislikedHi Malcolmb14,
You are absolutely right about making realistic target everyday..I said in the past post that 20 pips with several pairs can get you 100 pips average if you wait patiently for the call..I like scalping more now since I realized the compounding effect it has on my margin in the long term..GJ is the favorite for capturing big pips...I usually trade several pairs that are in correlation to the GJ and make 20 pips targets...I also, swing trade another account for the big trades...Everyday, I look at other pairs to trade to prevent me from overtrading GJ which is known to be a breast...
I started with a small account several years ago and I can say that compounding works..Take a small profit everyday and you will have in the long term a nice profits..
As your account gets bigger, it don't take much pips to reach a nice daily profit...
Here is an old post about compounding based on 10 pips day
THE STRATEGY
Study more, do not rush, do not get greedy, patient, patient…
The successful in FOREX is not how many trades you gain per-day,
neither how much pips you gain per trade, but minimum or NOT
losing any trade.
You only need gain 10 pips per day, consistently with minimum or
almost NO lost to make 150-200 K/ year.
You can do it if and only if you make 10 pips / day NO LOST.
The PLAN math: ( Based on major pairs)
You can trade for 20 to 30 pips on GJ everyday and achieve the goal even faster if you don't overtrade and do good MM)
It's patience and discipline..
Some traders on this board talks about it and it is the truth!!
You open an account for $1000.
You make 1 trade a day (2 in most but just say only one for sure),
and 2 mini lot, make $20/day x 5 day = $100./week/ $400/month.
Do this for 2 months—January & February
March 2008-acct. = 1,800, you trade 4 mini lots, make $800.
April 2008-acct. = 2400, trade 6 mini lots make 1200
May 2008-acct. = 3600, trade 8 mini lots make 1600
June 2008-acct. = 5200, trade 10 mini lots, make 2000
July 2008-acct. = 7200, trade 15 mini lots, make 3000
August 2008-acct. = 10,200 switch to standard account,
trade 2 STD LOTS; make 1000/week, 4K per month.
September 2008-acct. = 14,200 trade 3 STD LOT, make 6K
October 2008-acct. =20.2K trade 4 STD LOT, make 8K
November 2008-acct. = 28.2K trade 6 STD lot make 12K
December 2008-acct. = 40.2K trade 8 lot make 16 K.
Total for year, app. 56K.
After 1 year, from 1K , you make 16 K / month, 192K per year
( and so on if you want, and after 1 year experience, then you can
make 2 trades per day)
All of that is ONLY 10 PIPS/ TRADE/ DAY IF and ONLY IF you gain
100% ( or almost) 10 PIPS.
(I think most of us could live on this type of income--don't get
greedy)
http://www.forexfactory.com/showthre...81#post2237981
Ignored
I strongly agree
Greed is one that can consume us.
Better yet, close the platform once you attained 10 pips per day so that you will not be tempted to trade again.