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7 pips per day? is it possible?

  • #21
  • Apr 19, 2014 10:36pm Apr 19, 2014 10:36pm
The real challenge is not losing more than 7 pips in your process of trying to make them. The spreadsheets always look nice, but in reality, everyday you take 7 pips as soon as you get them, but on those days where your first trade goes to a loss, and then your second, and then your third... how far do you let your account slide before you give up trying to make it back and make your 7 for the day?

These threads are on every forum related to trading, everywhere. The fear of loss is astounding and why the markets will always continue to feed those that can remain stable and not emotionally compromised. Fear of losing is what makes you set stops to tight, take profit too soon, seek to obtain only minimal daily profit goals but take endless losses.

Learn to accept losing as part of the business and you will start to move forward, I guarantee it, as long as you don't trade over-levered. The Sonic thread (after being taken over by that hack) is a nice example of what happens when you are unwilling to accept losing - you end up adding to losing trades for months thinking you are on the right side of the market. That is 100% utter nonsense.

Embrace losing - it makes you one step closer to your next win. Seek to trade well, not be right.
  • #22
  • Apr 19, 2014 11:01pm Apr 19, 2014 11:01pm
Quoting hanover
{quote} Perhaps I've misunderstood you, but I respectfully disagree with the parts I've quoted. In my experience, the most difficult part is finding a robust edge that will deliver any kind of consistent profit over several years of changing markets, i.e. your entire trading career. If (and I stress IF) it's possible to find such an edge, and trade it at a high enough frequency, then provided that you have the nerve needed to trade large amounts of capital, there's no reason why you can't compound your way up to whatever limits are permitted by...
How do you test such an edge? Over several years of changing markets? How do you build up the confidence that your strategy will work regardless of what the markets do? And when you do build up that confidence after several years of testing the strategy, how do you know that it will work going forward?

At some point, you have to take a big leap of faith. The best way to do that is by managing your risk.

Besides, I have yet to meet someone who has never had long streaks of losses. If you wipe out your account in such a streak, it doesn't matter how much of an edge you have. You have no capital left to trade with.
  • #23
  • Apr 19, 2014 11:24pm Apr 19, 2014 11:24pm
Quoting card
{quote} How do you test such an edge? Over several years of changing markets? How do you build up the confidence that your strategy will work regardless of what the markets do? And when you do build up that confidence after several years of testing the strategy, how do you know that it will work going forward? At some point, you have to take a big leap of faith. The best way to do that is by managing your risk. Besides, I have yet to meet someone who has never had long streaks of losses. If you wipe out your account in such a streak, it doesn't...
Exactly!

The challenge is to maintain an average your 7 (or whatever) pips per day, each day, over a very long time.

Yet there are folk in this thread who are saying things like "any idiot can get 7 pips a day" and "why stop at 35 pips per week when you can get 80?".

But how many pips do they need to risk, to get their 7 pips?
And how big are the adverse swings that they need to ride out?
And for how long can they maintain their edge?

As the saying goes, amateurs focus on returns, while pros focus on risk.
  • #24
  • Apr 20, 2014 1:15am Apr 20, 2014 1:15am
Quoting hanover
{quote} Exactly! The challenge is to maintain an average your 7 (or whatever) pips per day, each day, over a very long time. Yet there are folk in this thread who are saying things like "any idiot can get 7 pips a day" and "why stop at 35 pips per week when you can get 80?". But how many pips do they need to risk, to get their 7 pips? And how big are the adverse swings that they need to ride out? And for how long can they maintain their edge? As the saying goes, amateurs focus on returns, while pros focus on risk.

In their defense, when you start off with $1K, it's hard to focus on risk. It's like playing the slot machines. You really care if you lose a few dollars? Add those $500 deposits over a few years and you've lost a good chunk of change. But, that's not the worst part. The worst part is that you've wasted valuable time.
  • #25
  • Apr 22, 2014 2:36am Apr 22, 2014 2:36am
So is it possible to say: 7 pips per day is easy, if you can win 100 pips every day by loosing only 93?
  • #26
  • Apr 22, 2014 3:39am Apr 22, 2014 3:39am
On average, sure. Instead of making 7 daily, make that four 35pips trades over the month and you are all set.
  • #27
  • Apr 22, 2014 9:21am Apr 22, 2014 9:21am
Anything is possible.

Learn what is probable.
  • #28
  • Apr 25, 2014 6:50pm Apr 25, 2014 6:50pm
Quoting hanover
"All of the professional traders I know, whether they trade forex or futures markets, do not make "so much per day". That is a phrase used by marketers, because they know what beginners are looking for, and that is a steady income so they can get rid of their jobs. Money from the market that you can count on does not come steady or nicely "so much per day". Real traders make profits, budget their expenses, save some profits, add some profits to their accounts for further building of the account, etc. Just like any business, which is what real trading...
hanover, you're great!
thanks for posting this stuff!

as hanover already said, it depends on your profitability and the leverage you use to skyrocket 7 pips/day.
a 55% profitability will get you a certain amount to risk with a certain leverage.
66% will get you something else.

to give you an example taken from my immediate experience.
i wanted to risk all I knew and considered to be correct for a 64% profitable system (that's a solid edge nevertheless).
mathematically it was correct and I felt comfortable betting in accordance to my criteria.
reality is tricky tough. I woke up from a bad dream.
64% became 45-46% because of the bad variance, although my sample was ok (thousands of trades itemized).
I realized this only after 100-150 trades.
In fact, I was overbetting and performance-wise I felt it in my bones.

answer is: you can make 7 pips, but will you have any money left to win your 7 pips?
hanover's post explains without doubt the rationale of this business: lose less, win a little more.
  • #29
  • Apr 30, 2014 2:17am Apr 30, 2014 2:17am
Quoting HelpMe
For all those who said making 7 pips a day is easy or anyone can do it, try to do it everyday for a year then. Look at the trade explorers, there are people who can easily make few hundred pips in a few days or a thousand pips in a month. But look at the whole year and average it out among all their wins and losses you will realize they barely even breakeven a month on average in terms of account building If you could just make 7 pips a day on a almost certain rate everyday, you would already be a millionaire in no time provided u also have some...
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Totally agree average of month or year is the point.
  • #30
  • May 1, 2014 10:33am May 1, 2014 10:33am
I am not sure that you can make 7 pips a day but I think you can make huge money if you have good knowldge and also have good skills about Forex.
  • #31
  • May 2, 2014 6:12am May 2, 2014 6:12am
In my case, I got 10pips per trade over 10 times secuentially.

But last trade caused losing all money.

Getting money is long and tough time. Losing money is short but feel better

Anyway my conclusion is that it's not a important to get money. It's more important

not to get a stress from trade so that you can trade long time.
  • #32
  • May 3, 2014 9:57am May 3, 2014 9:57am
7 pips per day is extremely easy to achieve, heck even a total noob could do it. Search for TEB's 5,13 ema crass with rsi 20 trading strategy on this forum. It's probably the type of system that noobs start with as it is easy to trade, even on smaller time frames. Hope this helps GOOD LUCK with your trading.

-Paul
  • #33
  • May 4, 2014 6:40am May 4, 2014 6:40am
If 7 pips/day is considered as achievable, then traders could actually make big money if they trade with big lot size, isn't it? For instance, a lot size of 1.00 with a gain of 7 pips would be 700 USD. 700 USD daily, what a big amount of money. :/
  • #34
  • May 6, 2014 7:20am May 6, 2014 7:20am
Quoting card
{quote} In their defense, when you start off with $1K, it's hard to focus on risk. It's like playing the slot machines. You really care if you lose a few dollars? Add those $500 deposits over a few years and you've lost a good chunk of change. But, that's not the worst part. The worst part is that you've wasted valuable time.
Well said, most people who are trying out forex have secure jobs and can (I hope!) afford to lose the bit of money they put in over time. But it's the time your wasting if you aren't learning from your mistakes while you're doing this.
  • #35
  • May 7, 2014 1:27am May 7, 2014 1:27am
Hi eurusdthb,

focus on good trading first and not on the money you can make. If you are trading good and you can do it repeatedly then you will make money. With a growing account you will have to overcome emotional hurdles that you didn't have before with a smaller account size. Stay cool and take your time to learn the complete trading thing (technical skills and controlling your emotions) before you risk too much of your hard earned money in the forex market.

Mike
  • #36
  • May 8, 2014 3:53am May 8, 2014 3:53am
07 Pips is truly possible. But You have to scalp if you are going to target 07 pips. That may not be the suitable strategy for you.
  • #37
  • May 13, 2014 4:02am May 13, 2014 4:02am
Great advises from hanover!
Flappy Pips - How to keep your hard earn PIPS
  • #38
  • May 13, 2014 5:01am May 13, 2014 5:01am
You have to respect your plan, that's all. Most important isnt x pips/day but am i able to respect my goal as a trader?
  • #39
  • May 15, 2014 2:54am May 15, 2014 2:54am
Quoting Profile
You have to respect your plan, that's all. Most important isnt x pips/day but am i able to respect my goal as a trader?
Another rule is Self discipline most important in trade , 7 pip achiemvment is not hard but survive in market is key point.

3 rule for not be dead in market forex and stock is : 1 - Self discipline 2 - Money management 3 - Have strategy all the time
  • #40
  • May 15, 2014 3:54am May 15, 2014 3:54am
365 - 78 = 287 * 7 PIPs = 2009 PIPs annually.

I have read many of the posts, from my perspective, achieving 2009 profitable PIPs is not difficult.

More importantly, what does your trading plan suggest? This is the only pertinent question at this point, nothing more. If you do not have a trading plan, research, and write a plan which will define your trading , risk and money management methodology.

A plan is a road to long term success, this should be your objective.
Gregory D. Alexandr
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