Pips rush | Forex Factory

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Pips rush

  • #1
  • First Post: Jul 24, 2006 2:40pm Jul 24, 2006 2:40pm
Lots of strategies teaching how to make hundreds,thousands of pips a month. Do we need that much?
Aren't money the goal? Can't be 10 pips enough to live wealthy?

I think I run to much after the pips and I miss the goal.

Sholdn't we look more for higher chances and less trades that more pips?

A 20-30 pips per week can be enough, for every week.

How many pips do you need to say it's enough?
Try hard, think fast, die young
  • #2
  • Jul 24, 2006 2:43pm Jul 24, 2006 2:43pm
I'm aiming for no more than 50 pips a week... Slow and steady wins the race
  • #3
  • Jul 24, 2006 2:47pm Jul 24, 2006 2:47pm
Quoting Lifecycle
I'm aiming for no more than 50 pips a week... Slow and steady wins the race
I don't think it's about wining a race

It's about taking from the market as much as you need and can.
Try hard, think fast, die young
  • #4
  • Jul 24, 2006 3:08pm Jul 24, 2006 3:08pm
I think there's a lot of discussion about the number of pips to gain without a lot of discussion as to trading probabilities. For me, discussing pips without a discussion of trading probability is fairly meaningless. If I had a system that generates 10 pips a week, is that enough for anyone? Probably not for most. Well, what if I told you that there is a 99.99% probability of success that you'll gain 10 pips a week. Now it's a lot more interesting. But, what if then said that the .01% failure results in a -150 pip loss. Makes it a little less interesting.

So, I think there are a lot of factors at play when discussing pips. Let's talk about pips intelligently. I think it's a more interesting discussion that way.

stockwet
  • #5
  • Jul 24, 2006 3:52pm Jul 24, 2006 3:52pm
When I started out trading, I set out with a mindset of getting 10-20 pips per day. I've ditched that mindset and have just gone with the idea that focusing on finding proper set ups, and taking what the markets offer, is what works best for me.

Some days that may mean 5 pips and other days it may mean 100 pips. As long as I keep moving forward, I don't set expectations for reaching a certain number of pips each day. I find this clears my mind and allows me to focus on trading correctly, which in turn is what makes the pips.
  • #6
  • Jul 24, 2006 4:22pm Jul 24, 2006 4:22pm
If I could be sure to make 1 pip a day straight away after entered my trade (without having that trade go against me for even a pip ever), well..then I would make every day a 10.000.000 $ trade and have 20k end of the months...but is this posbbile ? ...
  • #7
  • Jul 24, 2006 7:26pm Jul 24, 2006 7:26pm
Quoting trucco
If I could be sure to make 1 pip a day straight away after entered my trade (without having that trade go against me for even a pip ever), well..then I would make every day a 10.000.000 $ trade and have 20k end of the months...but is this posbbile ? ...

No.. scrap the whole scalping idea, in the end nobody can sustain profitability through scalping, because of one thing, whipsaws.

To get that one pip, you actually need to gain the spread + that one pip. So if the spread is 3 pips, you need to make 4 pips just to realize that 1 pip profit, on the other hand if it goes 1 pip against you, and that is your stop, then you just lost 4 pips. So you would need to gain 16 actual pips which would net you 4 pips, for every stop loss (set at 1 pip below/above bid/ask) to be hit. In essence for you to break even after losing one pip (plus three for spread), you'd need to gain 16 more pips (12 go to spread) over four successful trades, it just doesnt add up. you'd need an 80% winning rate JUST to break even, and believe me with those whipsaws you'd be very lucky to get even 40% winners.
  • #8
  • Jul 24, 2006 7:35pm Jul 24, 2006 7:35pm
Quoting dof
Can't be 10 pips enough to live wealthy?

......Sholdn't we look more for higher chances and less trades that more pips?

A 20-30 pips per week can be enough, for every week.

How many pips do you need to say it's enough?
Agreed dof,

Right on point. Please see my comments today in the thread entitled "Risk Management...let's get something going here" on FF.
  • #9
  • Jul 24, 2006 8:04pm Jul 24, 2006 8:04pm
Quoting MoneyMa$ter
Agreed dof,

Right on point. Please see my comments today in the thread entitled "Risk Management...let's get something going here" on FF.
I think some of your posts inspired me to open this thread.

It's not about quantity, it's about quality, or at least it should be
Try hard, think fast, die young
  • #10
  • Jul 24, 2006 8:36pm Jul 24, 2006 8:36pm
Quoting MoneyMa$ter
Agreed dof,

Right on point. Please see my comments today in the thread entitled "Risk Management...let's get something going here" on FF.
Correction:

Still agreed dof, but a note to anyone reading - my comments were in the thread entitled "How Do You Trade the News?", not "Risk Management". Man, I hate to me misquoted, especially by me!!!!!
  • #11
  • Last Post: Jul 24, 2006 11:15pm Jul 24, 2006 11:15pm
Quoting ScottH
No.. scrap the whole scalping idea, in the end nobody can sustain profitability through scalping, because of one thing, whipsaws.

To get that one pip, you actually need to gain the spread + that one pip. So if the spread is 3 pips, you need to make 4 pips just to realize that 1 pip profit, on the other hand if it goes 1 pip against you, and that is your stop, then you just lost 4 pips. So you would need to gain 16 actual pips which would net you 4 pips, for every stop loss (set at 1 pip below/above bid/ask) to be hit. In essence for you to break even after losing one pip (plus three for spread), you'd need to gain 16 more pips (12 go to spread) over four successful trades, it just doesnt add up. you'd need an 80% winning rate JUST to break even, and believe me with those whipsaws you'd be very lucky to get even 40% winners.
exaclty what I mean
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