10 Pips Per Day - Everyday

I find a weekly goal is better than daily. 50 pips a week might be a better goal .

 

LOL

You don't trade Forex if you think you can pull in 50 pips a week.

 

How much is 1 pip for those of us who have never traded Forex?

Just so the readers can put the thread title in context of what is available elsewhere.

Thanks for your answer.

I

 

What are you saying 50 pips a week is hard ? If you find that hard to make you should find another career.

 

With a $5000.00 FX mini account at 200:1 leverage 1 pip = $10.00 with a huge 450 pip stop. No way can a $5000 account bring in $500 a week.

 

I looked it up.

Apparently the answer is variable ... Pip Value

... but we'll go with 1 pip = $10 for the sake the thread exercise, until someone more knowledegable and with experience says different.

So that's about, what, $100 a day?

I'd say that should be doable with any leveraged instrument.

I

 

You have never traded Forex.

 

OK

I respect your experience (obviously, with the name, you trade forex).

Why do you need a huge 450 pip stop? ... most traders of futures (E-Mini's 2pts=$100) would not use a 20pt stop to trade them seeking a $100 profit.

I

 

You don't need such a huge stop, but anything less than 50 will get picked off quite a bit and slowly drain your account.

 

Good enough.

I've never traded forex, but I've been around enough traders on this website and at trading conventions to believe what you're saying.

One guy even used a much much longer time frame to trade them (like monthly) and pretty much laughed at anyone who thought they could trade them differently.

That "10 Pips per Day - Everyday" come-on appears to be a bit of a hustle, as they say.

Thanks for the info.

I