Greed and how many pips is enough? -
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thread: Greed and how many pips is enough?

  1. #11
    In case you can make 20 pips a day average you will have it created.
    Yup.
    I ch myself becoming not real happy when I shut one of my trades in 20 pips profit only to see it go on to reach the 100 pip mark. Is this being greedy?
    Yes.
    If so... then how do I stop being greedy and just be happy with 20 pips a day?
    Do it for a Few months in a row...

  2. #12
    Junior Member el_spen's Avatar
    21
    Hello...

    First let me state I really like this forum!

    The further I read the different threads about systems and methods of trading etc. the more I'm getting confused about something.

    Just how many pips is enough?

    I read and hear people say things like...

    If you can make 20 pips a day average you will have it made.

    Or maybe 10 pips a day. But why are some men and women that are trading those systems not pleased using 10 or 20 pips a day? It seems like they would like it to be more 50 or more pips each trading session.

    I even ch myself becoming not real happy...
    This should be to the discretion of the individual, I mean you have some pairs like GBP/JPY that you can swing trade for nearly 200 pips each day, simply b/c your staying in a trade doesn't make you covetous. I always stay in my trade b/c if you understand the mechanics of the market, your going to get pullback and seesaws as the market begins to gain momentum and then it breaks out in either way,ideally in the direction you decided on.

  3. #13
    Yup.

    Yes.

    Can it for a Few weeks in a row...
    Great points!

  4. #14
    Plan your trade and trade your plan.

    This phrase will encompass every response you are looking for.

    Best eg I can give you is Haroldfx. His tp is just like his sl. ALWAYS. He deals a set % risk per transaction. So, eg if he is risking 3 percent on the commerce, he is going to earn 3 percent on the transaction. Whether or not the transaction goes another 100pips from wherever he left. That's his plan, and he sticks to it. Is it the best plan? For him, it's.

    Thus, you need to have a program. And the plan relies upon the egy/method of trading you'll do.

    Lots of the successful traders here have stated that the best thing you can do after a transaction is placed is switch the computer away, as you'll have put your sl along with tp.

    Everything depends on your own style of trading.
    BTW, I am a scalper, so I don't walk away from a commerce.

    Cheers,
    K.

  5. #15
    I ch myself being not real pleased when I shut one of my transactions in 20 pips profit simply to see it go to reach the 100 pip mark. Is this being covetous? If so... then how do I stop being greedy and just be pleased with 20 pips a day?

    BTW... I mention all of this because I simply lost 570 pips of those 700 pips I profited in my very first month of investing in a stay micro account. All of 570 pips spread over 4 transactions. I understand I got greedy.... And I hope I have learned my lesson. Back to the drawing board!


    Back from holidays....

    Slimming 570 pips...
    Thanks! More great information!

  6. #16
    Hi...

    First let me state I really like this forum!

    The further I read the different threads about systems and methods of trading etc., the more I am getting confused about something.

    Just how many pips is sufficient?

    I read and listen to people say things such as...

    If you can make 20 pips per day average you may have it made.

    Or even 10 pips per day. However, why are some people who are trading those systems not pleased using 10 or even 20 pips per day? It seems like they would like it to be 50 or more pips per trading session.

    I even ch myself being not real happy...
    I too once wondered the same thing. I then place this useful little spreadsheet with each other to help me visualize my results using different mixtures of daily pip goals together with risk proportions, etc.. It will allow you to figure out just how many pips that you need to hit every day in order to reach your profit objectives.

    Everything you'll need: http://www.openoffice.org/OR http://office.microsoft.com/en-us/default.aspx.

    And this particular spreadsheet file: https://www.cliqforex.com/attachment...5686149416.zip (both Open Office and MS Office Versions are in the ZIP file, I recommend the Open Office version)

    The Columns must be quite self explanatory, the only fields you need to need to correct are the WHITE fields, which are the current equilibrium, what percentage of that equilibrium to exchange, and how many pips you're trying to get daily. You could also correct the acceptable stoploss area which you calculate declines if it's hit.

  7. #17
    Junior Member ETERNOXVII's Avatar
    21
    I Recall when I was Not happy with just 43 pips, so I waited till it Hit 50pips,
    but it never reach TP and keeps Falling and eventually hit SL LOL

    My greeds ^_^

    Today I do Not mind even if I only Makes 1pips net profits
    but I'll make another trades (on the Other pairs if necessary) if I haven't made atleast 100pips for that day

  8. #18
    Junior Member javieroyo's Avatar
    11
    Just how many pips is sufficient?
    ...

    For those knowledgeable traders.... How many pips is sufficient for you?
    First off, I do not care how long you've been trading, etc. etc.. You are asking an excellent question. I saw a few sl against you personally and think it is uncalled for, but hey, that is me and my view.

    Look, I have been trading for 5 years now and you are heading down the ideal road with that query. First off you are one of the very few I have heard who's focusing on PIPS not dollars (or Pounds, or Yen, or you get the idea now ). This my friend is the path to riches, not the dollar amount. Focusing on the dollar amount is absurd in my view because it is dependent on how many lots you are trading; if they are miniature, micro or complete lots; risk vs. reward; etc.,.

    Focusing on PIPS is going to get you to the road of consistency which is the most significant thing in this business. I know a guy that has been a professional trader for the past 20 some years (long before the spot market) and even though he's a significant time trader, you know what? He's got a limit of 75 pips each day. That is it. Does not care who's blabbing what; exactly what report is coming out; exactly what trade just setup; etc.. That is it. 75 per day no matter what. Guess how many PIPs he makes? Extremely consistently. Sure he has his loosers occaisionally but much less than many people.

    Here is the thing. I got into a period of difficulty. Mental stuff. Started to become quite inconsistent. Long story. I moved back to fundamentals earning little PIPs each day. 5 PIPs initially. 5 pips made and that I shut the trade and then saw and mentally traded for the rest of the day. I did this for a few weeks. Consistently produced 5 PIPs each day. Every single moment! It's like a professional baseball player who's having plogical difficulties. Guess what they practice on? Bunting or just hitting the ball. Not worrying about a house run; double, etc.. Just hitting the ball to get a base hit. That is it. They then proceed. Anyhow.

    Then I moved up to 10. Struggled a little for the first couple of times (I generated a subconscious habit of 5 per day) but nevertheless made more than 5 PIPs. Then started to consistently make 10 per day. Subsequently 15, then 20, then more. Etc.. My goal is 300 PIPs per week with the Cable. With my system that I can certainly do this, however, you notice, the system offers over this, however making it is a different matter.

    So the long and short. What does your system consistently offer? I know a guy who can produce a program for you where you can set at the daily high and low and get a daily routine. I use one and it lets you know what's ultimately offered and you can determine what really is a good amount and one you are comfortable with. Then begin to move towards that objective. He is on this board if you would like his info allow me to know and I'll be sure he does this and then put you in contact.

    20 PIPS per day will, over time, make you a ton of cash if you are patient for a while and let your cash build.

    Consistency is the main thing in this industry regardless of what anyone else says.

    Best wishes to you. I hope this helps.

  9. #19
    Junior Member neusmopk's Avatar
    12
    Hi, I can'nt only leave without letting you know I was here.at this stage in my trading career, consistentcy is what iam trying to achieve. I had just decided on the 20pips plan before I noticed this thread.i think getting 20pips a day consistently and raising the lot size slowly would be the speediest way of constructing an account.
    I've blown several.i have always thought 20pips a day was too small as I can easily make 200....then lose 400!
    Currently iam working on a plan that can provide me only 20 pips.i commerce a mini, therefore 20pips over time should be a worry free investment. but...

  10. #20
    Junior Member ETERNOXVII's Avatar
    21
    hi, I could'nt just quit without letting you know I was here.at this point in my trading career, consistentcy is what iam trying to achieve. I had just decided about the 20pips plan before I watched this thread.i consider getting 20pips a day consistently and raising the lot size slowly could be the speediest method of constructing an account.
    I've blown several.i have constantly believed 20pips per day was too little as I could easily make 200....then shed 400!
    Now iam working on a plan that will give me just 20 pips.i exchange a miniature, so 20pips over time should...
    Well in my standpoint,
    your issue Isn't the 20pips Daily, but its own money management
    in the Event That You dismissed your account frequently its mean you are using too much margin

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