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10 pips a day can make you rich quickly

  • #161
  • Feb 7, 2016 2:17pm Feb 7, 2016 2:17pm
It is also interesting for me to reach 10 pips per day. But if you want to have risk:reward 1:2 it is almost impossible.(tp 10. sl 5)
It is much easier to have 3:1. Risk 30 pips to win 10 pips because of volatility of market. Do you think that is possible on the long run?

And I would like to ask you one more thing. When you say let the profit run and dont be greedy I thing that those 2 things dont go together
You should take your profits quick if you are not greedy. Am I wrong?

I am novice trader and I am finding my own way to trade but it is really hard. I think I want to trade too often and I think if RR is 1:1 or higher it is really hard to hit TP because SL is hittet very quick. Can you advise me on that?
  • #162
  • Feb 7, 2016 8:16pm Feb 7, 2016 8:16pm
Quoting marjan6
It is also interesting for me to reach 10 pips per day. But if you want to have risk:reward 1:2 it is almost impossible.(tp 10. sl 5) It is much easier to have 3:1. Risk 30 pips to win 10 pips because of volatility of market. Do you think that is possible on the long run? And I would like to ask you one more thing. When you say let the profit run and dont be greedy I thing that those 2 things dont go together You should take your profits quick if you are not greedy. Am I wrong? I am novice trader and I am finding my own way to trade but it is...
For you to have a 3:1 risk to reward means you need to have a win rate of 75% to break even, so your win rate need to consistent have a win rate of over 75%. So consider when were you able to achieve this consistently.
  • #163
  • Feb 21, 2016 9:32pm Feb 21, 2016 9:32pm
it depends on your trading skills, to be rich in forex then you need to learn and practice many trading well. And you also need to be able to continue to hone a good trading psychology so that we will be successful in this business
  • #164
  • Feb 22, 2016 1:15am Feb 22, 2016 1:15am
Quoting gabanda
it depends on your trading skills, to be rich in forex then you need to learn and practice many trading well. And you also need to be able to continue to hone a good trading psychology so that we will be successful in this business

You're confused about the topic.... the topic says "10 pips a day can make you rich quickly" it doesn't specify about skills or spills or improving your trading. If you are able to achieve this you would become a millionare in no time just starting with a small capital.
  • #165
  • Feb 22, 2016 7:17am Feb 22, 2016 7:17am
I believe 10 pips per day is good but staying consistent with is what would put you on the rich lane .
  • #166
  • Jun 1, 2016 7:22pm Jun 1, 2016 7:22pm
This whole thread goes of off the fact that you make and take the 10pips. Most (if not all people) in this thread automatically assume that this is done with a daytrade. The problem is that most (if not all people) loose their shirt, shoes and socks trying to daytrade the FX market.
If the sultan of Brunei needs to pay or receive a billion dollars because of an oil transaction or if some airliner bought a fleet of new planes from Boeing for the amount of 800.000.000usd (just an example), they are going to do this regardless!! THAT ALL GOES IN THE FX MARKET. And then the daytrader gets pissed off that he/she just got spiked out of his "scalp".
Daytrading FX is much better done in the Futures. There you can actually look at 1minute charts. FX spot is much better for swing trading. Trade nothing lower than the Daily chart. Even with a smaller account this can be done.
  • #167
  • Jul 9, 2016 10:41am Jul 9, 2016 10:41am
My question is what is the stop loss size for the 10 pip target? Also why should the target 10 pip?

Why not 11, 15 or even 20 pip a day?
Life Is Good
  • #168
  • Jul 9, 2016 7:42pm Jul 9, 2016 7:42pm
Quoting Reiziger
This whole thread goes of off the fact that you make and take the 10pips. Most (if not all people) in this thread automatically assume that this is done with a daytrade. The problem is that most (if not all people) loose their shirt, shoes and socks trying to daytrade the FX market. If the sultan of Brunei needs to pay or receive a billion dollars because of an oil transaction or if some airliner bought a fleet of new planes from Boeing for the amount of 800.000.000usd (just an example), they are going to do this regardless!! THAT ALL GOES IN THE...
There's no difference in pricing given the above scenario.
If the said currency pair spiked in spot then the CME futs would follow in unison.
Price would be arbed very quickly if your scenario were to play out.

If you can trade one you can trade the other.
  • #169
  • Jul 9, 2016 7:48pm Jul 9, 2016 7:48pm
Quoting cowcool
My question is what is the stop loss size for the 10 pip target? Also why should the target 10 pip? Why not 11, 15 or even 20 pip a day?
Stop loss size is dependant on r/r and what keeps the account net positive.
You can shoot for how many pips you want taking into market structure, ADR etc.

Forgive me if I sound rude, but you have been a member since 2009 and the questions you ask are that of someone new to trading.
You need more training and learning.
Best wishes on your journey
  • #170
  • Jul 11, 2016 8:01am Jul 11, 2016 8:01am
It's all about percentages and using your lot size and leverage properly. 10 pips per day can be the same as 100 pips a day if you manage your risk correctly.

Get on your demo and start playing with trade sizes.
  • #171
  • Jul 25, 2016 3:01am Jul 25, 2016 3:01am
Number of gained pips does not matter. Number of opportunities matter and risk set per opportunity. There is also a catch - short term movements are not so valid, entries has to be timed well and movement are very quick. It is very easy to burn out. If you are newbie you definitely don`t want to chase short-term moves.
  • #172
  • Jul 31, 2016 2:54pm Jul 31, 2016 2:54pm
10 pips profit on first day and 30 pips loss on second day, its need 2 definitive non probabilistic day got 10pips for breakeven. if having a know somehow that the move definitively exactly non probabilistic non random will moving 10pips or above yeah sure.
the gambler
the devils apprentice Return Today: na
  • #173
  • Aug 16, 2016 3:22pm Aug 16, 2016 3:22pm
This post started in 2006 so it has been 10 years now, i wish to see some words from the initiator, would make us all newbies interested.
  • #174
  • Jan 26, 2017 1:36am Jan 26, 2017 1:36am
It is fantasy making a goal making 10 pips each day. There will also be days with 10 pips loss and those days you will get frustrated and suddenly overtrade to get in line again with the plan. And then the big losses and wiping out accounts start.

Now after many years of trading currencies a lot and a lot without having yet found the holy grail of a system to get consistently profitable it is as I see it longterm trends which can give one an edge and a chance to be profitable. Of course that is also a difficult job to do finding the right entry points and then to stay disciplined to let the trade run all the way to the planned profit taking level. I am in a trade now of that kind. I will do an effort to let it do its own job for at least two weeks or more.


Happy trading readers and fellow traders.
  • #175
  • Jan 26, 2017 6:44am Jan 26, 2017 6:44am
I think that one can be disciplined even if they’re only looking for 10 pips a day. The number of pips doesn’t really matter much, as long as one sticks to their trading plan. And a good trading plan should account for losses.
  • #176
  • Mar 14, 2017 2:54pm Mar 14, 2017 2:54pm
I'll have to say that using martingale came out good for me after sometime, 10 pips a day has to be used with huge cation and adequate amount of increase each time so during the months the fortune will build slowly

Remember: no greed allowed
  • #177
  • Mar 28, 2017 7:29am Mar 28, 2017 7:29am
Its much more easier to say than getting it done. 10 pips a day for 365? Lets say u trade 300 days, and aiming to earn 10 pips every time u trade. Okay, what the RR would be? How much capital u put in at the start? Yea i know, it does sound pretty incredible with the compounded profit, but it aint that easy my man, sad but true
Risk comes from not know what you are doing
  • #178
  • Mar 28, 2017 10:45am Mar 28, 2017 10:45am
The problem with compounding or with its expected result to be precise comes indeed down to the consistency over a given period, in this case daily. The shorter the period, the shorter (and subsequently more frequent) your trades need to be. There are no daily winnings with trades that run 7 days - it should be common sense yet for some people it's not. So the question if 10 pip a day (on average! I repeat: ON AVERAGE) is possible comes down to the question whether short term precision trades are your thing or not. They're mine due to several reasons, some of them are my choice or at least in my control while some others are just that sort of coincidence I like to call luck. Keeping a trade over night on the other hand is something I could never do. Not looking over my trades? Impossible. There is a second laptop on my loo (I'm not kidding).
Looking on the minute chart, looking at reversal signals and how predictable the price turns at certain points, 10 pip a day really isn't that hard. It obviously becomes much harder if you call it a day after exactly 10 pips but only a fool would do that.

There are however other problems with daily compounding but whether you reach a certain goal (be it 50k, or 100k or that million) in one year or two, really shouldn't matter that much and that also gives you some room to lose a day or two or simply pause compounding for a few days.
  • #179
  • Apr 6, 2017 6:12am Apr 6, 2017 6:12am
It might be silly to ask this question but since i'm new I am really curious about how the calculation works in MT4..
So let's say i have $100 in my balance then I open a trade with 0.01 volume.. Will my change in equity be the same as if I have $10000 and then opening a trade with 0.01 volume?

Sorry for the newb questions.. Because I was reading this 10 pips a day thing and just wondering how much 10 pips a day can actually lead to..
Thanks in advance =)
  • #180
  • Apr 6, 2017 7:48pm Apr 6, 2017 7:48pm
I believe making 10 pips a day can help you be a really profitable trader. At the same time, losing 10 pips a day can make you lose a lot too. It works both ways. Ultimately, to target 10 pips a day, you would need to adopt a scalping approach and probably a really high probability one.
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