I don't get how 10 pips a day can make you rich?

consistent profit in trading is possible only in algorithmic trading when you have an edge in speed or math calculation against other average traders. For traders like us there is no consistency in winning

If you're aiming for just 10 pips a day you're going to get your --- handed to you.

Instead of trying to get 10 pips per day, I would suggest learning a good system that teaches you precise entry and precise exit and then just get whatever the market gives you, whether it be 5 pips or 200 pips.

I would like to throw in some food for thought.
It's not really about the system. It's about the trader.

If you think about it, a simple MA strategy works pretty well. Even a simple MA cross strategy will work for you.
But you need to follow the rule and have a good money management rule. Same goes for MACD or other Indicators.
Now don't get me wrong. Traders often try to modify things and tweak the rules here and there and adjust the rule
to own liking. You end up changing your own system. This will lead to unconsistent profits.

I personally prefer naked charts. I like horizontal lines. I don't need more. But I could trade MA systems as well. Only
if I know how to use it, and don't change it when I come accross losing trades. Losing is part of this business.

I'd strongly suggest everyone to understand how the tools you use work. If it is MACD then it is MACD. Try not to make
MACD fit all market conditions. If it is a Simple Moving Average strategy than it is a Simple Moving Average strategy. Do not
try to tweak the system to all market conditions. It won't work everytime. If you know when it works, you are a step ahead.
If you know when it doesn't work, you are even more steps ahead.

Wmn

I would recommend you to start observing market and "understand" its's logic

it doesn't matter if you make 10 pips in 10 minutes 10 days or 10 seconds. Its all about risk management.

well taking a trade that gives you 10pips take profit with a 5 pip stop loss is a 2-1 risk to reward.. if you risk 1% per trade that's 2% per day. 2% consistently will make a lot of money for you..especially if you had a 100k plus account

Why not take it a step ahead. If you know your system gives you 10 pips, why not risk 100 % of your capital. You'll be rich in no time.

We never know what the reward is when we enter a trade. We only know after the facts.

Good trading, y'all

Wmn

Because risking 100% of your account increases your chance to lose everything immensely, while 10 pips a day is a lot more prudent approach.

10 pips is very little! but something good to start on! But the problem is the stop loss would be to low. And sometimes your trade might go down a little bit then go up.

That should be the focus from my point of view, get a good system that has proven itself worth it over some time with good entry and exit which is very crucial, then grab whatever the market gives either 10 ,50 ,100 pips. But it doesn't and wouldn't hurt a fly to aim/target for a set amount of pips per a day. This way you kind of discipline yourself towards your set target .

Listen, being a consistent trader is always challenging! 10 pips daily means 200 pips in a month, it’s quite enough actually! I see, only pro traders are consistent here! So, 10 pips as a regular performance is not easy.