Sorry backinblack, but I completely disagree!!Originally Posted by ;
I am with Liz on this one.
Although it clearly depends upon how many trades daily your system generates. Should you generally only make 1 trade per day, then how can you possibly set yourself a daily pip goal?
Research.
Public consciousness includes Average Daily Pip Range. If you go Extended 10 pips below the Average Daily Range Predicted High, How much could you reasonably expect to earn That Day? 10 Pips are a predicted supposition.
It is all very complied and interconnected that's why getting a Professional Trader takes every bit as long as getting a physician or Lawyer or Carpenter or Anything. Years
Please don't punish yourself since you don't feel you're a Skilled Craftsman after having spent a year doing this FX thingy.
Personally I have been/was Trading for close to 30 decades, 10 as a so-called expert semi automatic, no longer afford a fund and I have those Pi$$ Me Off minutes when I know I am in a bad Trade.
I am not sure where it drops in the Newb Steps but among the greatest leaps to becoming a real Trader is accepting that Sometimes, you Will be wrong.
Pips Ahoy
You might have a point . Because I scalp, I'm generally in and out of about 5 -- 8 transactions each session. But if I was trading once a session, I'd nevertheless have an expectation of the number of pips I was targeting (actually, ticks since I favor the currency futures market), and put up weekly and monthly objectives.
Perhaps I did not say this earlier, but the single most important reason I decide on a pip/tick aim, is to get out once I have made a sensible amount, so that I limit my exposure, along with the capability to give it back on further trading.
I agree with all the no pip goal concept.
There are only good and bad times to trade. Best to have the discipline to keep from the market entirely if necessary sometimes. I'm a day trader, and I've finally heard that a very slow or odd appearing market is a sure sign that something bizarre is going to take place.
My aim is:
To have the ability to ascertain which are the best times (when the market is MOVING -- and going with the tendencies of each pair I want to exchange ).
To remain with the fad.
To know the best times of day to start and finish each pair I want to trade, amd to have a good idea of how many pips I can SAFELY trade on each pair.
To know how to leverage my account properly so I do not have too many transactions on out simultaneously, or a lot of lots on each transaction for my account size.
To choose ONLY the best deals based on trends and news. I trade all pairs except Aussies. I can not trade them all at once, so I select the ones that look the best.
I've made as much as 15 percent of my account size a while, a much smaller percent many days -- not a plug nickel on others. Nevertheless, the great days more than make up for the poor, when I only accept them as they come.
I feel that a trade that hangs around in the market taking too much time to complete is a trade that is tying up my funds, possibly preventing me by making two or more successful trades that could have have completed fast.
I've made a few transactions before that cost me some time, headaches, sleep and even cash -- only to earn pip plan to get a day -- that did not work. So now my goal is producing only the best deals.
(I hope that did not seem overly preachy).
Kingmaker, tx for Your Survey, you Can get the Response I was looking for so badly
Plus it Seems to about 50% of thenigeriaforextradingmembers is in the 20 pips per day range, no mater of Some Variables, Simply pips
It is true that it depends on a lot of aspect (timeframe, Strategy, currency etc), and Also that it must be average Rather than per day, but I got my Response, tx
3 Transactions and each for 10pips will be nice
A simple check.
In North America, $200.00 per day (~20 pips) is a below average Tradesman's wage. If that is your goal, you might want to consider changing careers since there will probably be far less stress.
In my opinion a daily goal in pips is only for scalpers.
Personaly, I can be on a exchange for one week. So you can imagine that a daily goal does not mean anything.
For me personally it would be more a monthly objective. However, a goal for me does not mean that you cease when you have reached your objective. You need to apply the same method all the time no matter if the aim is attained or not.
I also believe that more significant than a goal in pips is a goal in drawdown. What is the maximum drawdown you'll accept without altering your system?
I believe you are missing something. Your calculation is true for 1 lot, but you can easily assume that a professional will not trade 1 lot
Once more the big question is the drawdown, but using a sensible drawdown I believe anyone could sign for 20 pips a day generally. (I state generally and it does not mean that you target is only 20 pips off )
With basic srdc training http://www.forexsrdc.com beginners are averaging 5-25 pips per pair a day. Check this out, all you have to know to trade to foreign exchange. It has helped me tremendously!!
Will the pips be with you!
In my opinion placing a daily pip target is not a good idea in any way. I really don't know why you even bother to do this. It is far better to get a good trading plan ahead and stay with it. The money will appear very soon and you're going to enjoy the money you gain.
Good Luck,
Al
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