Dunit, I started trading two years ago with the same philosophy as you - if I could just make 10 pips a day, I'd be set. The problem is, the market doesn't care about your agenda. There is no fixed amount of money that you can take out of the market on a consistent basis. Your goal should be to adapt to the market and not the other way around. My advice to you is to get out there and start losing. You will learn how to trade if you let your losses teach you what you should NOT do.
"read Trading in the Zone." this book is garbage. you need some strategies, should invest in some backtesting software, and go to work, not waste your time on this psychological BS.
I am doing this for 3 years... Market always range between 3-6 pips (and you have several currencies - one of them will give your daily bread -- and 24h)... Just use 1M chart and see how many opportunities showing up... You need a tool to filter the bad moves to get in and out -- my target is 3-6 pips per trade... If you can not do it, do not discourage others... It is like hitting the golf ball... Cheers,
Absolutely... Stop reading books and stop searching for the next better indicator... Just use 1M or 5M timeframe -- Get in and out -- within a month your hit rate will increase -- with proper Money Mangement and compounding -- you will be laughing... You only need 2-6 pips per hit... With this target -- there is no slow days... Cheers,
Well, you are right it is simple, but vast majority of would- be traders are well advised to read Douglas's book to realize this simplicity (POTENTIAL SIMPLICITY!!). Do you think that somebody knowing close to nothing about trading is served well by the above statement? You must have been a natural when you started out. Otherwise you would have to understand the issue of psychology.
The strategy you speak of is equivalent to the ultrahigh probability systems with extremely low rewards: 5 pip profit target with 80 pip stop loss. 98% winners!! Problem is, like most too-good-to-be-true strategies, one loss wipes out months of gains. I'm not saying this approach can't work. I don't trade this way, but im sure others do - and do it successfully. Bottom line, any approach you take will have to matched with sound theory, research, backtesting, application and periodically tweaking for it to be a success. Hard work, friend. There is no way around it.
Can you remember his handle, I'd like to read his posts before I believe it. I'm new to these threads.
Stop loss must be -6-10 pips... Penny Pinching... otherwise it would be like Big Ball system... which is not good... Cheers,