Holy Currency!

Jonathan · Feb 15th, 2007, 05:25 PM

Wow, once again, I'm a newb to Forex... but I just did some quick math (I think it's right)... on 50:1 margin... a 10 pip move is like making 4% a day!!! (on the USD/JPY)

Everyone now has me VERY interested in Forex.

10 pips are pretty easy for me so far

**wolf825** · Feb 15th, 2007, 05:41 PM

If you develop a trading method that can net you 10 pips per day--you can trade for a living in Forex. Because that 10 pips can translate into so much more when you trade full size and multiple-lots. a 10 pip gain can end up being like a 100 pip gain if you trade multiple lots... You're still in the beginning and you seem to be doing great in this market..but things can shift and change suddenly....be prepared..and develop your methods to fit as market moods change and learn to recognize the best possible trades for yourself. A solid goal of 10 pips a day that you can achieve in your trading methods can make you a very rich person.....

good luck and welcome to our addiction....

-w

HititUP · Feb 15th, 2007, 05:43 PM

I think the "10 pip a day" strategy crosses everyones mind when they first get into forex, until they start loosing because they must meet they're quota and start making very bad decisions.

Personally, It's not that easy.

I strive for 2-4 pips a day.. sometimes I don't trade. Then agian I trade technicals inbetween market opens... every strategy is different. Just know pips add up QUICK!!

Just don't set yourself up. I turned 3,000 into 19,850 on a demo account.
My first day live I got a margin call and lost $1,500 because I thought I could make an easy 10 pips. I was greedy as hell.

Goals are fine, but know that you WILL loose time to time and will it be 5,10,20 or 25+ pips?

*EDIT - what HAS helped me ENORMOUSLY is posting my trades for all to see and explaining why I traded the way I did. I have rules and it has really helped me personally....and hopefully others to see what I do.

Jonathan · Feb 15th, 2007, 05:54 PM

Well I figured you'd have to make more than 10 pips to AVERAGE 10 pips a day. Maybe make 15, lose 5, lose 10, make another 10 and call it a day!

It's all about getting your stop to breakeven. From what I understand this market can't gap on you... so as long as you can move your stops to breakeven on almost every trade you do, you'll be in a pretty good position.

The key with that then would be the entry...

...and you should never feel like you have to make your quota... that definately creates a bad environment.

techno791 · Feb 15th, 2007, 08:18 PM

Think the difference is do I say 10 pips a day as a production quota like work, or just a guideline?
I think of that as a quideline. If I'm on a roll and I get 50 then great. If the market sucks and I get 0, then okey. It's loose.
If I figure out how to get 10 pips total, then whoopee!

But Wolf is right. What worked for me before started stinking at Thanksgiving to Christmas where everything trended one way. And then it changed again 3 weeks ago when every went into range, then changed again 2 days ago when range finally busted. What worked last night I hadn't done since Thanksgiving.
And what worked last night I didn't have a good time with this morning. Maybe it's the market, or maybe it works better at night. Who knows.

I'm seeing grumblings of the CAD ready for a long...but I need to look at it personally. And it's Friday don't want to trade into a gap.

sirensiren · Feb 15th, 2007, 08:40 PM

curios to what books or sites you guys read when you are interested ion getting into FOREX? Also I would like to know if there are any brokers/demo accounts that are MAC friendly. TIA

-Matt

Jonathan · Feb 15th, 2007, 08:42 PM

Quote:

Originally Posted by sirensiren

curios to what books or sites you guys read when you are interested ion getting into FOREX? Also I would like to know if there are any brokers/demo accounts that are MAC friendly. TIA

-Matt

Macs have Java, right? Use Oanda's practice account! It doesn't expire either!!

As far as learning: babypips.com