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

  1. #1

    Greed and how many pips is enough?

    Hello...

    First allow me to say I love this forum!

    The more I read the different threads about methods and systems 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're able to create 20 pips daily average you'll have it created.

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

    I ch myself becoming not real happy when I close one of my trades at 20 pips profit only to see it move on to achieve the 100 pip mark. Is this being greedy? If so... then how do I stop being greedy and just be happy with 20 pips a day?

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

    For all those knowledgeable traders.... How many pips is sufficient for you?

  2. #2
    Junior Member lasq111's Avatar
    17
    I even ch myself becoming not real pleased when I close one of my transactions at 20 pips profit only to see it go to reach the 100 pip mark. Is this being covetous? If so... then how do I stop being greedy and be pleased with 20 pips per day?

    BTW... I mention all of this since I just lost 570 pips of those 700 pips I profited within my first month of investing in a live 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 in vaions....

    Losing 570 pips more than 4 transactions isn't greed,it's a lack of discipline together with a fear of acknowledging to yourself you were in the wrong-and trusting the market would flip around.And perhaps a few other things you won't like to hear.

    Simple solution. . .lose 2-3 percent of full account $ value on any given transaction,then liquidate.
    If U had done that simple thing you would have lost about 7% of your account.

    And is it greed to take profit at 300 pips rather than just 20?

    Another simple solution-instead of a single 100k lot,commerce 10-15 minis.
    Take profit with 2 or 3 or 4 lots at 20 pips and allow the remainders run.
    Cash out whenever you see a hiccup.
    Whenever they don't run,then close out with BE or minor profit.

    And should you see the trend continuing..why sit there and see???
    Dont worry about the spread-if you are in a fantastic trade the market's paying for this

    It is not so much that the money you make,but instead the cash you do not lose.

    Off for another week.

  3. #3
    Number of pips signifies nothing.

    Everything Is Dependent upon your R and Hit-rate.

    You shouldnt realy be asking questions like this after being a member for 2 decades.
    Maybe so... but I had been just a little curious. Also... a member ofcliqforexfor two decades yes. But maybe not trading Forex (demo or actual) because the end of 2007. I got frued and did not even look at a chart for all of 2008. So I am a newbie.

  4. #4
    I got frued and did not even look at a chart for many 2008. So I am still a newbie.
    I know the feeling.

    If your moving to acheive anything then you've got many periods of fruion to anticipate.

    Goodluck

    Leon

  5. #5
    Junior Member uliris's Avatar
    25
    Hi...

    First allow me to say that I love this forum!

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

    How many pips is enough?

    I read and hear people say things such as...

    if you're able to create 20 pips a day average you will have it made.

    Or maybe 10 pips a day. However, why are some men and women who are trading those systems not happy with 10 or even 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...
    Hi,

    Twenty pips to a way a lot more than it will to others. I guess it comes down to funding. At the end of the day if these 20 pips are worth a 1000 bucks then carrying them off the desk becomes a hell of a lot simpler than if your messing up with a pennies account.

  6. #6
    The solution appears to be more money, not pips, made than lost.
    Fewer pips, a stop is difficult (rapid palms), depending on the broker's source of income out of you (spread: contrary; commission;
    more pips, margin is difficult as it is a harder call and also depends upon, in general, the session's activity (8pm-2am EST narrow bars / stations, 2-8 broad, news 2-8 very broad).
    A newcomer: bucketshop, an normal method, and Asian session, 10 watched stop, 20 limit. Can be anything.

  7. #7
    Hi,

    Twenty pips to a means a lot more than it does to others. I suppose it comes down to funding. At the end of the day if these 20 pips are worth a 1000 bucks then taking them off the desk becomes a hell of a lot easier than if your messing up having a pennies account.
    I totally concur.

    Since I'm trading just a micro account at 10 cents a pip it is pretty simple for me to start 4 transactions at a moment. Where as if each pip were worth $10 USD I'd never do such a thing. So maybe that is partly why I get greedy. Losing $57 is a whole different story than losing $5700!

    Thanks for everyones input.

  8. #8
    Junior Member Thevicganf's Avatar
    14
    Hi,
    don't the pip or make profit value depend on the system you are using? I believed the egy you use tells you where to put the take profit value? Or if I be departing transactions at a set pip value?

    I've also seen profitable trades turn into losses since I remained in the commerce. I believed it was just me not after the system...



    Alex

  9. #9
    Junior Member jeferoxr's Avatar
    11
    Like I understand all of the system great on identify entry point, but for exit is different story. You need to decrease your greed level alex..

  10. #10
    Junior Member oxrtin16perwzs's Avatar
    13
    I think it's insufficient,

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