What annoys me is your blatant misquoting of what I have stated... You can have your opinions, but do not change my words or adjust them to fit your mindset. We were alright till you started misquoting me. Keep it factual and your opinions apparent and we will have a wonderful debate/discourse, etc....
You would be incorrect in your statement. If you are looking to achieve a certain goal in a specified time frame and you achieve said goal, but still have time left. You can A. walk away or B. take whatever additional opportunities present themselves. I think they call it Best Practices in corporate america. this is our goal and if we exceed our goal ...GREAT!!!, if not work harder.... Sorry, my non-college educated corporate walkout butt remembers all the stuff he learned all those years (6 LOL) working in Corporate America. and some of them apply to this conversation... A Goal is a mark to hit or surpass. Never forget that...
Now with all this BS aside... Let me make this plain. LOL. I DO NOT HAVE A GOAL to make 10 pips a day in FOREX. I have a goal to trade whatever opportunities present themselves and get as much as the market will give me. However, as a goal-oriented person, I DO BELIEVE it is possible to earn, on average, 10 pips a day in FOREX.
Yup, that is fine the 10 pips is a goal you aim for. However if you decide to close out that trade on 10 pips therefore meeting your goal, my point is that this trade was not worth it. Beacuse if tomorrows trade loses more then 10 pips or in fact if any trade happens to lose more then 10 pips your trading model is not sustaibable and can not suceed. your losses eqaute to more then your gains.
Thats good to hear, beacuse i promise you aiming and closing trades at 10 pips profit will only cause you grief in the long run!
Yes in theory it is possible, but the odds are stacked heavily against you. 10 pips is a huge amount of money in one day - everyday, a $5000 account can turn a profit of $26,000 a year. Go to a FX seminar in your area and take a look at the "investors" it attracts, they are mostly the WalMart crowd looking for a quick buck. Is the FX industry going to make it easy for these people to make $26,000 from $5000 in one year?
No, it's you seem to misunderstand the point: do you understand an idea of AVERAGE PROFIT at all? AVERAGE of 10 pips per day DOES NOT mean someone is aiming for 10 pips on a single trade... It can easily be 50 or even 100 pip target trades which if applied consistently result in an average of 10 pips a day. One day profit can be 50, 60 or whatever, another can be -10, -20 etc but AVERAGE is 10 pips per day (if we talk about this number). So no need at all in using 3 pip stop.... Though honestly I don't see anything impossible even in such strategy. Many people scalp futures with extremely tight stops and Euro FX is exactly the same thing as spot EURUSD, so why can't it be done there? As for the question of "how" can it be achieved, it's already not the problem of possibility it's the question of a method applied... And there are plenty of methods around which if applied consistently and with discipline average around 200 pips a month or 10 pips a day per pair (if talking of FX methods)...
Here we go again! 10 pips is not a 'huge amount of money in one day', they are pips not money!! The size of the account has nothing to do with it, duh! I think you and Acs have lost the plot here slightly but at least Acs has an idea what he's talking about and his posts make sense despite his misunderstanding. It's no wonder you find 10 pips hard to make, you're using 4xMadeEasy and hanging onto every word from the likes of James Dicks :eek:
Where and when did I say it's EASY? I said drop all your books crap and go watch PRICE ACTION for 10 hours per day EVERY BUSINESS DAY during a period of about THREE YEARS! Then and only then things indeed become much easier, because just like in any other profession you gain enough experience... The problem is most people don't want to invest that much of their time and efforts.... They prefer to buy $20 book and think that if this $20 book can't make them 200 pips a month, then nothing else can...
I think that is where Acs is misunderstanding the thread, he assumes 10 pips a day means 10 pips for one trade, something which I would have to agree is hard to sustain in the long term I imagine, but there are those who do it!