lol, who is aiming at 10 pips profit on a trade? Not me! Sure, if you target 10 pips then you need a comparable reward, that much is obvious. Some adept scalpers target less than 10 pips on a trade and consistently make money so really your argument doesn't hold water. How many pips I'm prepared to lose on a trade is like asking how long is a piece of string, it varies and depends on the trade and the analysis that went into taking it. Having a mandatory x pips stop is meaningless.
Haha brilliant, Having a mandatory pip stop is meaningless? let me tell you now with that comment you will find your trading will never succeed for you. If your stop changes every trade you take, and i guess this is the same for your profits, you will allow certain losing trades to wipe out multiple winning trades. You fail to realize that to be successful you must have a strategy that you follow consistently. You have to take away the element of gambling and reduce the element of risk by as much as possible. You want a trading strategy that will make money for 6 months? or 20 years? if you want the latter you need something in place with your money management that follows a consistent rule. at the moment it seems that you do not have this and maybe this is why you fail to understand why 10 pips can not work. As for your comment about trading taking less then 10 pips and making profit? please where are these people? some guy posted in a forum that he makes millions trading like this? means he does? If you new anything about what goes on in the city they do not scalp for less then 10 pips a trade because it simply is suicidal.
The both of you resort to insults its interesting. Do you feel threatned? i am simply sharing my views and you have nothing better to comment then insults? Or maybe because you feel I expose how much you really know about this and you feel threatened? I am sorry if you have a hard time with the concept of discussion something maybe you should learn about this it probably holds you both back in life.
More like annoyed. Show me some quantifiable data that having a goal of 10pips will cause one to wind up ruined. Show me some quantifiable data that Goals can only be met and never exceeded. Show me quantifiable data that Global Warming is man caused, and I'll buy you lunch. LOL.. Peace....
It is very simple why 10 pips will fail and i have explained it many times. But every time I do explain you turn around and say no! no! we aim for 50 or 100 pips. So I donât think I understand what aiming for 10 pips is with you. You take 100 pips in one trade or take 10 pips in a trade both are very different, the later taking 10 pips will fail. this comment "Show me some quantifiable data that Goals can only be met and never exceeded" Really this comment shows your maturity.
Please quote the "aim for" portion when we described the possibility of this concept. Please do so.... Normally I'd drop an argument such as this one, but I am bored out my skull today watching charts, waiting for entries and watching my positions move sideways today. So I indulge your lack of intellectual stimulation. LOL. My comment says prove what you suggest. I have offered very provable scenarios... So has CT. Yet you choose to sit in your villa and stick to your unfounded assumptions... Now if you experienced this, please say so and show some examples of your experiences for the rest of the traders. LOL. Yet you dont so I take you as a quack. Much like the average psychologist.
In your eyes does aiming for 10 pips mean you will ever close a trade on 10 pips? Now if it does and if at any point you do take trades for 10 pips profit, what are you losing trades ? Well they are more then 10 pips that is for sure, so for every 3,4 or 5 winning trades you wipe them all out with 1 losing trade. Now you have a negative ratio you need 5 trades to be correct for every 1 trade wrong. Simply impossible. I have explained this many times now and yet you fail to understand it, maybe it is you i should take as a quack?
In your eyes does aiming for 10 pips mean you will ever close a trade on 10 pips? Never close a winning trade for LESS than 10 pips. 10 pips is the MINIMUM Goal per day. Now if it does and if at any point you do take trades for 10 pips profit, what are you losing trades ? Based on my 1st response, this question isnt applicable. Your problem is your lack of clear understanding of what a person writes. Do Legal contracts confuse you? Understanding of Language is paramount.
You just don't get it do you? Ok, I don't mind explaining it for you but for heavens sake knock off the trolling! Having a fixed stop for every trade is meaningless, so is having a fixed target, it's foolish and means nothing as far as the market goes. You assume too much Acs, no-one said "certain losing trades to wipe out multiple winning trades", that may be your experience of trading but not mine. You see a stop is only relevant when set at a level that means the trade and your analysis is no longer 'correct'. There's no point in having a mandatory stop of say 40 pips if the trade needs room to move 50, 60, or more. The stop should be worked out before taking the trade by saying where would price have to go to prove my analysis wrong. Once you've established where that is and how wide your stop needs to be you can work out your target, again based on analysis. Now you can see whether the trade is viable from a risk:reward perspective. If it is then you can work out trade size based on money management. You're making a typical novice mistake by having a set trade size for every trade and setting a stop to a dollar figure, it simply doesn't work that way. Having a strategy to follow consistently doesn't automatically mean stops and limits have to be at consistent pre-set values, different stops and limits for different trades depending on the market and not on some preset number or dollar figure.