Modest Goal? | Forex Factory

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Modest Goal?

  • #1
  • First Post: Aug 20, 2006 9:12pm Aug 20, 2006 9:12pm
Hello everyone,

I was just thinking if this was a modest goal or not. I want to bag 50 pips a day. I am just starting out and I really do think this is a modest goal considering how many pips the EUR/USD fluxuates a day.

I think it is really important to have goals and what not, but it is just as important to have realistic goals. So perhaps a more realistic goal would be, Make consistent profitable trades. That seems more realistic to me, but what do you guys think? What goals did you set when you first started?

I wish to thank all of you that replied to my first thread, Lost, I am really great full to all of you and your support. The support you guys are given me is priceless and I hope to repay the community with my support, once I become a creditable source! ^^;
  • #2
  • Aug 20, 2006 9:32pm Aug 20, 2006 9:32pm
Quoting nathan
Hello everyone,

I was just thinking if this was a modest goal or not. I want to bag 50 pips a day. I am just starting out and I really do think this is a modest goal considering how many pips the EUR/USD fluxuates a day.

I think it is really important to have goals and what not, but it is just as important to have realistic goals. So perhaps a more realistic goal would be, Make consistent profitable trades. That seems more realistic to me, but what do you guys think? What goals did you set when you first started?

I wish to thank all of you that replied to my first thread, Lost, I am really great full to all of you and your support. The support you guys are given me is priceless and I hope to repay the community with my support, once I become a creditable source! ^^;
Possible, yes...probably, no...sorry, my friend.

It's easy to see this...this is the "draw"...this is how we suck you in. You see, we make it seem so simple...

it's nice to dream about it...but I you're focusing on the wrong thing.

Focus on making consistently good trades, and the pips will come. Do that, and you'll make more than 50 pips.
  • #3
  • Aug 20, 2006 9:37pm Aug 20, 2006 9:37pm
Quoting nathan
Hello everyone,

I was just thinking if this was a modest goal or not. I want to bag 50 pips a day. I am just starting out and I really do think this is a modest goal considering how many pips the EUR/USD fluxuates a day.

I think it is really important to have goals and what not, but it is just as important to have realistic goals. So perhaps a more realistic goal would be, Make consistent profitable trades. That seems more realistic to me, but what do you guys think? What goals did you set when you first started?

I wish to thank all of you that replied to my first thread, Lost, I am really great full to all of you and your support. The support you guys are given me is priceless and I hope to repay the community with my support, once I become a creditable source! ^^;
No. That's not realistic.

Given your experience, I would say 50 pips a MONTH will be a stretch.

Don't fret though! In about 1-2 years it may be possible to accomplish what you're discussing...
  • #4
  • Aug 20, 2006 9:37pm Aug 20, 2006 9:37pm
Yeah, that is what I thought. I was starting to question my first goal of the 50 pip goal and what not. Really it was just an arbitrary number, and what good does that do me?

I just be focused on making good trades and making a sound money management system. That what seems to be the key right there, yes?
  • #5
  • Aug 21, 2006 1:17am Aug 21, 2006 1:17am
As you're green, I would suggest trying to make a profit everyday first. Once you've achieved that, slowly start setting aims. Like 10 pips a day, once achieved, increase. =)
  • #6
  • Aug 21, 2006 1:38am Aug 21, 2006 1:38am
Quoting JodyOng
As you're green, I would suggest trying to make a profit everyday first. Once you've achieved that, slowly start setting aims. Like 10 pips a day, once achieved, increase. =)
Expecting to make a profit every day is, for most traders, and especially beginners, an unrealistic expectation. In my opinion beginners need to forget the words "daily" and "per day" and focus on longer term charts of 4 hours and above and take rifle shots at only the very best trade setups. Even if this results in only one or two trades per month for a given currency, the chances of success are much higher.

Dial
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  • #7
  • Aug 21, 2006 1:44am Aug 21, 2006 1:44am
Quoting nathan
Hello everyone,

I was just thinking if this was a modest goal or not. I want to bag 50 pips a day. I am just starting out and I really do think this is a modest goal considering how many pips the EUR/USD fluxuates a day.

I think it is really important to have goals and what not, but it is just as important to have realistic goals. So perhaps a more realistic goal would be, Make consistent profitable trades. That seems more realistic to me, but what do you guys think? What goals did you set when you first started?

I wish to thank all of you that replied to my first thread, Lost, I am really great full to all of you and your support. The support you guys are given me is priceless and I hope to repay the community with my support, once I become a creditable source! ^^;
I average 1000 pips a month at least.

So that is an average of 50 pips a day.

SO yes it is very possible.

My advice is, dont look at one a per day basis. Make the time frame more transparent and average it out over time. For example, like i said i aim for 1000 pips a month, instead of 50 pips a day.

Its just that you have to make your system compatible with making that many pips. I have a system which overlaps trades (3 trades on the one position, so i make 3 times the pips.)

However, i cannot achieve this without very sound money management principals in place

But as you are just starting out, i would take the advice of just concentrating on making good trades first, and sound money management - trying to figure out the market and getting a feel for it is also important - then you can probably start thinking about goals.

I hope this helps you, good luck in the future.


Cheers

Rusty
  • #8
  • Aug 21, 2006 2:07am Aug 21, 2006 2:07am
As per my personal experience I can say that 1000 pips per month is quite possible but not initially.

First goal of a newbie should be to save his capital bcoz it is more difficult.Once capital is saved, it will start growing.
  • #9
  • Aug 21, 2006 3:35am Aug 21, 2006 3:35am
Quoting nathan
Hello everyone,

I was just thinking if this was a modest goal or not. I want to bag 50 pips a day. I am just starting out and I really do think this is a modest goal considering how many pips the EUR/USD fluxuates a day.

I think it is really important to have goals and what not, but it is just as important to have realistic goals. So perhaps a more realistic goal would be, Make consistent profitable trades. That seems more realistic to me, but what do you guys think? What goals did you set when you first started?

I wish to thank all of you that replied to my first thread, Lost, I am really great full to all of you and your support. The support you guys are given me is priceless and I hope to repay the community with my support, once I become a creditable source! ^^;
Honestly I think a beginner should not be focusing on the number of pips he scores. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Sound capital management allied to constant quest for learning more about the market and the fundamentals of trading is the best way to go initially. Then just try to be more times right than wrong without ever being too cocky and greedy. I’m sure in no time you’ll be bagging 1000 pips a month, just don’t burn stages and keep in mind that 90% of the people loose their money because they think they are on top of the game, right?<o></o>
  • #10
  • Aug 21, 2006 3:51am Aug 21, 2006 3:51am
Quoting diallist
Expecting to make a profit every day is, for most traders, and especially beginners, an unrealistic expectation. In my opinion beginners need to forget the words "daily" and "per day" and focus on longer term charts of 4 hours and above and take rifle shots at only the very best trade setups. Even if this results in only one or two trades per month for a given currency, the chances of success are much higher.

Dial
This is the reason why so many new traders fail too. They can't just sit and wait for the best setups. They are so drawn to the shorter timeframe charts too.
When I started, my goal was to make more than I lost. I did not set a certain amount of pips that was a goal. I think about it as everyday though. That isn't a good way to do it, that's for sure. I would lose one trade and be down 40 pips and then think, man I gotta get that back. So, I would look for another trade and finally convince my self it was a good setup and take the trade to be down 40 more pips. Then, I would be down 80 pips and think man I gotta double up on my position size to make that up. Lose another one at a 40 pip SL and since it was doubled, it would amount to 80 pips. Then when the emotions really take over, that is very scarey to think about.
JOHN 3:16
  • #11
  • Last Post: Aug 21, 2006 8:59am Aug 21, 2006 8:59am
50 pips is an achievable goal but a little high for a beginner. Like many people said, set your goal on a higher timeframe. (100 pips a month for example)
I've been trading forex for a year but have traded stocks etc. for many years.
My current goal for forex is to be making 100 pips a week. (i expect to be there by the end of this year)
I think the best approach is to go for high percentage trades. When you get good at that, you can build your account quicker. If you can save up to fund an account with a decent capital to start, you can then trade multiple lots for each high quality trade. That way you can look for smaller profit targets (as far as pips go) but since your trading more than 1 lot you're making more money. Overtrading can be a trader's worst enemy.
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