20 PIP/Trade and 20 PIP per day
- Thread starter syswong
- Start date
Wysiwyg
Everyone wants money
- Joined
- 8 August 2006
- Posts
- 8,428
- Reactions
- 284
Your waste much time wiff silwe quession .... grasshopper.
Your waste much time wiff silwe quession .... grasshopper.
Guess you are a netural born Finance Genius good for you, shame you can't even type
:Your waste much time wiff silwe quession .... grasshopper.
Silly question..... why ?, but already sorry if stupid question !
Your reply, with the silly language, definitely stupid !
Wysiwyg
Everyone wants money
- Joined
- 8 August 2006
- Posts
- 8,428
- Reactions
- 284
Guess you are a netural born Finance Genius good for you, shame you can't even type
Oh dear. Losing the trade today are we?
Oh dear. Losing the trade today are we?
Hmm.... never saw this before on AUSF. So are we going to continue in this kind of OZ Bargain conversation or is there someone out there will to answer the question.
BTW before someone say I am lazy. I google about it already and know exactly how the 20 pip rule works. I just want to get some comment from people who has experience and used/using this rule on how practicle it is in a real trading situation (in geneeral).
- Joined
- 1 May 2007
- Posts
- 2,904
- Reactions
- 52
What happens if you're down 20 pips? Do you stop?
Limiting your potential P/L, and especially trading with a set P/L target is a very silly idea.
Too much would be devoted to getting that extra pip or two rather than concentrating on the trade.
Limiting your potential P/L, and especially trading with a set P/L target is a very silly idea.
Too much would be devoted to getting that extra pip or two rather than concentrating on the trade.
Yeah that is the down side of the 20 pip rule, but I want to limited my risk(L) too as I am new to Forex. Would you think Scalping + 20pip (depends on the MACD) will work for me?
Tks
Kryzz
shaun
- Joined
- 12 May 2008
- Posts
- 491
- Reactions
- 92
Have a % of your account balance your prepared to risk for that day, if/when that is reached, stop trading. Greater anguish is felt to see a trade at 100+ pips profit, when you closed out at +20.
No, 'scalping +20pip' with the MACD will not work for you.
Tanaka
Always Learning
- Joined
- 15 June 2010
- Posts
- 167
- Reactions
- 0
If you are new to Forex go to babypips.com and do their FREE online course, it is a fantastic course IMO.
If you are new to Forex go to babypips.com and do their FREE online course, it is a fantastic course IMO.
Thanks Tanaka, will check that out, but I got a few tutorial already, Currently going through the Forex Mentor DVD series.
- Joined
- 30 March 2010
- Posts
- 44
- Reactions
- 0
It's not a stupid question, and I've also seen a lot of "systems" and courses boasting a 10-20p per day profit.
Personally I would find this hard to achieve, even though on average over a month, I make well over this amount.
The philosophy is nice & comforting-- ie. aim for a small consistent profit each day, and stop/go relax once done.
The issue I found in trying to make 20p per day (and I've spent considerable time doing short-term day trading on fx and scalping), is that it becomes an enormous pressure and stress to attempt to force out 20p from a pair you are trading. You might also have to sit watching a screen for a while in order to scalp 20p.. all the while having to watch for sudden moves that totally whip out your stop-loss or bank account (all running on a very strict SL & TP discipline).
Bear in mind that the pair you're trading might not even move enough in one day to even deliver a 20p profit-- assuming you can pick the high/low during your trading time. Some days, things are just slow.. other days a pair like the GJ can move 500p.
Long term trading, using Daily charts is much less stressful (IMO), and has more potential than systems that aim at trying to eke out 10-20p per day.
Personally I would find this hard to achieve, even though on average over a month, I make well over this amount.
The philosophy is nice & comforting-- ie. aim for a small consistent profit each day, and stop/go relax once done.
The issue I found in trying to make 20p per day (and I've spent considerable time doing short-term day trading on fx and scalping), is that it becomes an enormous pressure and stress to attempt to force out 20p from a pair you are trading. You might also have to sit watching a screen for a while in order to scalp 20p.. all the while having to watch for sudden moves that totally whip out your stop-loss or bank account (all running on a very strict SL & TP discipline).
Bear in mind that the pair you're trading might not even move enough in one day to even deliver a 20p profit-- assuming you can pick the high/low during your trading time. Some days, things are just slow.. other days a pair like the GJ can move 500p.
Long term trading, using Daily charts is much less stressful (IMO), and has more potential than systems that aim at trying to eke out 10-20p per day.
Similar threads
