10 pips a day?

Thanks for good advise, I always welcome good advise's.
I don't open trade without stop loss, my stop loss is 30 pips But I may close trade if doesn't mature for 10 pip loss or 20 pips atmost if not in my direction.

I don't trade if market not moving OR sometimes I don't trade full day if i don't see any trade, normally I see 10 pips in a pair,

Well as I don't have any strategy to share except so many things I monitor in a day , if anyone is ready to put so much effort for 10 pips, He can earn and no dependency

1) News, News,News from so many sources twitter, follow politics in many countries election time etc and impact on market

2) Articles on reuters,bloomberg and zerphedge to understand if a move happen why it happend

3) Long to short ratio OR SSI on different pairs

4) Where are most stop losses which market will try to take

5) Try to take trade at key only .. like 1.3020 to 1.3000 or 1.0480 to 1.0500
One trade like this is not difficult to fins

6) Follow SPX to see EUR/USD.. strangely, this is off track last week, hope this will come back.




Sometimes I end day in loss, I I don't try to recover

CoolK if you have time, look for a book called "Asset Pricing under Asymmetric Information". When you're dealing with that much information it helps to have a framework to model it in.

You have ate a dictionary!

Forget trading, what school did you seriously go to?

Problem is to take 10 pips you'll almost always be risking more than that in order to not get stopped out so you'll be upside down before you start ..

Trying again..

Hi

One silly question in wrong forum.

I learned trading myself 2 years back learning from babypips, forexfactory and following lot of gurus.
What worked to recover out of mess is my own logic, trading style, no indicators nothing, just I see S&P 500 nothing else , rest is intution which
may be wrong more than right.

I started with 10K - 2 years back with oanda with 1 pip 1 dollar.. than leverage it.. lost full account after gaining good, added another 10K opened a very big position of USD/INR for 300k , to save it I added another 10k, to average it added another 10k.
My account grown to 60k all my money with 45k loss , rest to save position, I holded position for 1.5 years and then luckily I got out with zero loss 2 months back. Interest earned per day was 50-70$ which helped to recover with self created mess.

I started this year with 10k , added another 20K, now I have profit of 10k, so total 40k.
Withdrawing 10k today so it will be 30K in my a/c.

I may be doing something right and something wrong(may be more wrong)

I want to make 100$ daily with this 30K with average of 10 pips a day which I tried earlier it worked for a month But when loss happen it wiped almost all profit as stop loss of 40 pips on 10 pips target is not right.
It should be other way roung with 1:2 at least loss/profit.

What lot size should I trade with this amount?
Yes I am greedy, I want to make atleast 2k/ month, I can add 20k more to this a/c if require to maintain position.

Do I need to go to basics and risk 2% of my account at any time.. Does it help..
Also do money grow with this logic or its good in only books?

I lost , I won, last month loss was 7500$ on one position and profit of 11K on another so I have appetite for both.

Now I would like to do in a right way as above is random with some luck also.

Thanks
Kaps

the classic rule is 1% risk

now do whatever you want

Yup! 1% is a good way to trade and on the pips per day, you may want to hone on those trading skills. Trading, is rarely random - sure the market is hard to predict but there's a reason for every single movement, from Brent crude rates to Euro debt crisis. On the eating dictionary part, LOL.

Hi coolkaps4u,

10 pips per day is possible. For example if you catch one ot the large 200 pip move of the EUR/USD recently.
Its possible, the difficult thing is to spot the setup, which generated such moves.
Your approach sounds more like scalping. For that my opinion is:
If you want to make 10 pips a day, you actually have to generate 30-50.
For example you stopp loss is 30 pips and you have a loosing day, you need three win days in a row to break even.

cheers

i do 20-30 pips a day doesn't conflict with concentration in work... it really depends on what system you are using and your lifestyle.

10 pips a day is easy, place buy or sell order when Sydney open, it will hit on your TP before Tokyo close,

-trade this in demo don't trade in high leverage

I do the similar tactics good luck to us both!

Is that "place buy OR sell order"? Or are you hedging? What pairs are you trading in that session? The questions are for both jone and bRobby. Thanks.