20 pip system

Hi - I am looking for a system that will generate around 400 pips per month or 100 per week 20 per day, you get the jist..

Does anybody out there have any thoughts or ideas; I am also looking for a small stop loss around 15 to 20 pips.

All advise welcome.

wickstedfx,

generally speaking its not good to apply these ideas of I need atleast X pips per day at X stop loss because the market is always changing in volatility.. by looking for only 20 pips in a volatile market your stop will be hit more often and you maybe cutting off 1/8 of the pips you would get if you had different distances for stops and tp's.. pips is not a good measure of daily success. the money that is either won or lost is. you can be up 20 pips for the day but down in your account because youve adjusted a position size or one currency doesnt exchange the same way as another.. a pip thats worth 1buck a pip on the eur/usd wont be worth 1 buck a pip on the usd/mxn..

I think the question maybe you should ask is.. I know that some days the market will be more volatile than other days so I wont set the amount of pips i need to make daily.. instead I will focus on a system that has a long term positive expectancy that will when averaged net X positive profit per day.

I recommend the favorites here the thread by James16 and the other by jacko.

the systems traded on the daily may not give you 20 pips every day directly to your trade account.. but over the long term trading they have a positive expectancy and will do much better than 20 pips a day on average. They will also offer a great risk to reward such as james' pin bars they can sometime have a R;R of over 10-15-20 : 1

Thanks NCF Trader I appreciate your comments, I will follow your recommendations

I am a newbie having only studied forex for 4 months and demoing now for about month. I set my goals like you did and it doesn't work. I am "training" now on gbpusd so what happens when I am profcient enough to tackle two pairs at once? Three? The spreads are different and the volatility varies. Hell, just this morning I learned I can be stopped out without the market ever reaching my stop loss because of the bid/ask prices! That was an EXCELLENT learning point, and it's a good thing I am demoing and more than 6 months away from going live.

So, what I've done is change my goal format. I want to earn so much $xxxxx.xx after one year of live trading. I further break that down to a monthly total and then finally a daily percentage of my account. All of that is combined with how much I am willing to draw down and how much risk/reward I will accept--what I am willing to risk loosing in order to earn so much $$$ in any given HIGH PROBABILITY TRADE.

I hope this helps as I am just learning this business as well. Protect your capitol and happy trading!

NFCTrader is right as there are no guaranteed system that generates 20 pips a day. Since I have trading a system called daily20pips, I usually incurred losses and quite impossible to earn 400 pips in just a few months of trading the system.