My goal is to be able earning 250-300 pips per month.
Today, this number stands around 100, but it's improving. slowly, but improving as I'm getting more experience and learning from my mistakes.
I'm trading FX less than year.
Joined Mar 2006
Status: THANK YOU MERLIN,TWEE and FF Team
I do not aim for a pip count, because the markets are so dynamic. I aim for about 10% per month growth, does not mean I always get it. That is my goal. That could be on few pips or on many pips, depending on the %R and the expected TP of a given trade...
Year, i blowed up already three accounts but keep on tryin'. ;-)
w/o apprpriate money managment discipline it will happen again. Never risk in single deal more than 2% of your margin fund. Earning 5% per day ( that means ~100% per month) sounds impossible if you follow minimal money managment principles.
Joined Apr 2006
Status: There's a 'me' in team!
I target 1000 pips per month. I have achieved 11 consistent months in a row, close to that target (some months below, some months above).
I see the target as a round number, where I can aim for and achieve + or - 150 pips either way, around that figure.
However, I produced close to 2200 this month...the best on record!! (for me)
I think the people who have targeted 80-100 pips a month, are targeting too low for a full time trader. (depending what your trying to achieve from trading)
With effective strategies and systems, you can suck a lot more out of the market.
I have learned the hard way that goals, whether they are daily or weekly, pip or percentage are a bad idea. If I am far away from my goal, I am more likely to take a marginal trade or a poor one and end up losing money.
I have learned that the best approach is to try to take the best, highest probability, trades that I can find and avoid all of the others. That is my hardest challenge--to abstain from trading unless there is a potentially really, really good trade. If that is my entire goal, then I gain pips. From what I can see for the past 1 days, I have made over 6oo pips (we will not discuss what the beginning of the month looked like). When I was aiming for a goal, I did not do nearly as well.
For seasoned, very experienced traders a target may be a good thing, but I suspect that it causes grief for a lot of newbies.