How many pips do I need? | Forex Factory

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How many pips do I need?

  • #1
  • First Post: Aug 11, 2009 3:56pm Aug 11, 2009 3:56pm
Hi all,
I'm a compleat newbii to anything that have to do with trading; but I would put a lot of effort to learn Forex; I open a demo with FXCM, UK brach. I'm up a couple of hundred pips in a wek and half. I have a few questions for the more experience traders in the forum.
which is the best pair to start trading? I'm trading EUR/USD since I live in the USA I could follow more closely the USD.
second how many pips per day do you gain in order to make between $300 to $500 per day; I know I have a huge amount to learn; but I'm just curious.
also how many lots I need to play to achieved these amounts and at what leverage. Please excuse my bad English
Thanks in advance
  • #2
  • Aug 11, 2009 8:16pm Aug 11, 2009 8:16pm
http://www.babypips.com/
  • #3
  • Aug 12, 2009 10:53pm Aug 12, 2009 10:53pm
Quoting opufo1
Hi all,
I'm a compleat newbii to anything that have to do with trading; but I would put a lot of effort to learn Forex; I open a demo with FXCM, UK brach. I'm up a couple of hundred pips in a wek and half. I have a few questions for the more experience traders in the forum.
which is the best pair to start trading? I'm trading EUR/USD since I live in the USA I could follow more closely the USD.
second how many pips per day do you gain in order to make between $300 to $500 per day; I know I have a huge amount to learn; but I'm just curious.
also...
EUR/USD is a good pair, it has a character that over time you can become familiar with. Good liquidity and generally adheres to trends well.

As for $300-$500, that could be 30-50 pips on full size contracts ($10 per pip).
"I made all my money by selling too soon"
  • #4
  • Aug 13, 2009 5:58am Aug 13, 2009 5:58am
thanks Bleek for good advice; I know is silly to ask how many pips would take to achieve X amount of $ but it helps in the confident factor; if while I'm in demo mode I could figure out a syetem to achieve average pips of 30 to 50 a day or better yet to average 600 to 1000 pips per month I'll be a happy camper. I know I have a long lerning curve ahead of me.
  • #5
  • Aug 13, 2009 7:00am Aug 13, 2009 7:00am
Quoting opufo1
thanks Bleek for good advice; I know is silly to ask how many pips would take to achieve X amount of $ but it helps in the confident factor; if while I'm in demo mode I could figure out a syetem to achieve average pips of 30 to 50 a day or better yet to average 600 to 1000 pips per month I'll be a happy camper. I know I have a long lerning curve ahead of me.
Pip stands for percentage in point. A pip is equal to 1/100th of 1 percent.

So, a Micro Lot is 1 cent per pip, a Mini is $1 and a Standard $10 per pip.

I'd suggest starting on Mini lots in the demo, you can size them to suit your trade, for example 10 mini lots would equate to 1 standard lot. It gives you the flexibility of downsizing trades and taking profit at levels.

$1 a pip may sound small but the market can easily run 20, 30... 50 pips in minutes, sometimes even further. A few losing 'Mini' lots and the cost stacks up.

Start small, aim for 10 pips a day, or even 5. Get a feel of direction and getting it right.
"I made all my money by selling too soon"
  • #6
  • Aug 13, 2009 8:31am Aug 13, 2009 8:31am
Thanks so much Bleek for your sound advice
  • #7
  • Aug 19, 2009 6:43pm Aug 19, 2009 6:43pm
Quoting opie999
http://www.babypips.com/
Hi all, new here & to FOREX, however i am hooked and want to learn as much as possible. Thanks for the site opie999, I am going to start "school" here and there!

XTrade
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8
  • Aug 24, 2009 7:30pm Aug 24, 2009 7:30pm
Hi, im also new to Forex too but i been learning to trade since i was 16. People are been trading for years still said they have more to learn because everyday u will learn something new about the market and about yourself. as the art of war book said yourself is an enemy. also myself is a new to forex but i been research read all i can, got a lot of help from professional traders. Thanks all of them, one of my best teacher who took my hand and and helping me in the road to success. I have just only 2 advises to give you, pick 1 or 2 or 3 leading indicators and master it. master your tool and master yourself. Dont over leverage yourself. learn the good money management and position sizing (book: trade your way to finnancial freedom) Dont rush to the business when you dont have enough capital, knowledge and experience. Sorry for my English. Hope you all good trading !
  • #9
  • Aug 24, 2009 7:55pm Aug 24, 2009 7:55pm
I would like to give all the newbies here a welcome

And a bit of advice, before you really think about "pips to earn X" or anything like that, consider risk/reward, money management, if you start an account of $5000, trading in standard (1.0 or 100,000) lots can be very destructive to your account as a market can move 100+ pips in a matter of a few minutes, if a trade goes against you and you have a standard lot in play and it moves against you 100 pips, that's $1000 of the $5000 that is now an unrealized loss leaving you with $4000 in available equity.
  • #10
  • Last Post: Aug 24, 2009 7:59pm Aug 24, 2009 7:59pm
editing really is crap.. I just can't ever edit a post, it always times out...

Anyway, what I was going to edit into my last post is this

on a lot size of .1 you need to gain 500 pips to earn $500
on a lot size of 1.0 you need to gain 50 pips to earn $500
on a lot size of 5.0 you need to gain 10 pips to earn $500

The amount of pips required is completely determined by your money management allowances.

I strongly advise against trading in lot sizes larger than .1 if your a newbie.
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