10-20 pips a day plan

Replies to This Discussion

Permalink Reply by Adam Horak on July 22, 2008 at 4:12pm

I would be cautious looking for a set number of pips (10-20) pips per day, markets are cyclical and have a tendency to move in ranges... always take what the market gives you! If the market is moving, adjust your stops according to support or resistance and let the market pull back take you out of the trade, thus maximizing your profit potential. If you’re trading a range pull profit at support and resistance to ensure that you keep your profit. Remember, many pairs have spreads that will eat away at those short 10-20 pip gains you’re looking for and if the trade does go against you it is easy to take a much larger loss then anticipated. Always use good money management 1-2 risk to reward ratios!!!
If you want to get a leg up on your trade, you can use a break out strategy to trade with and this will get you profitable in your position very quickly, however you still want to let your trade developed! Remember adjust your stop accordingly and your account will reap the rewards!

If you have any questions please ask or if you would like you can tune into my radio show from 7-8am EDT ill be happy to cover it on the show.

Permalink Reply by Brian Adams on July 22, 2008 at 4:55pm

Adam - could you post a good break out strategy here within this group.. It would be nice to have and print out.

Thanks
Brian

FOREX said:

I would be cautious looking for a set number of pips (10-20) pips per day, markets are cyclical and have a tendency to move in ranges... always take what the market gives you! If the market is moving, adjust your stops according to support or resistance and let the market pull back take you out of the trade, thus maximizing your profit potential. If you’re trading a range pull profit at support and resistance to ensure that you keep your profit. Remember, many pairs have spreads that will eat away at those short 10-20 pip gains you’re looking for and if the trade does go against you it is easy to take a much larger loss then anticipated. Always use good money management 1-2 risk to reward ratios!!!
If you want to get a leg up on your trade, you can use a break out strategy to trade with and this will get you profitable in your position very quickly, however you still want to let your trade developed! Remember adjust your stop accordingly and your account will reap the rewards!

If you have any questions please ask or if you would like you can tune into my radio show from 7-8am EDT ill be happy to cover it on the show.

Permalink Reply by Kerry on July 23, 2008 at 6:31am

Thanks for the advice. I guess that the thing that I lack at this point is some solid strategies to follow. I have been using the wizard entry which is working okay, but I would like to try some other strategies as well. Could you post a good break out strategy? I am also looking for any other strategies that you would be willing to offer. Thanks