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I have been curious about this for a while now, its a simple question..
You always read on forums about people wanting a system that makes..10..20 or whatever, pips per day but do most traders have the discipline to only trade till the pips are obtained and then stop for the day.
Self discipline is one of the hardest things to master when it comes to trading because it covers the realms of not being caught up in all sorts of emotions - Fear, greed, impatience, exuberance (yes joy).
Trading in itself is not that hard at all, with so many simple systems on this site and out there but best of all is the one developed by you.
What is hard is sticking to it even after you have had 4 losses in a row and being consistent in your decision making. Take your stops where you are supposed to and take your profit where you should also. If the market says get out then get out.
Getting to your 10-20 pip question - yes, its all you need to be VERY rich. But people get addicted to the feeling of winning trades (the fortunate few whom begin that way) one of the worst things you can do is OVER trade. If you have your target for the day (or not) don't push your luck but walk away, be grateful and reward yourself with a beer.
Set a limit of losses that you take in a day. I refuse to allow any more than 3 losses in a day and if this has happened, I will turn off the computer, walk away and clear the mind for at least 18 hours. Otherwise it leads to a cycle of desperate attempts trying to recover what you have 'lost' and your judgment becomes blurred.
The market giveth and the market taketh away....tis the life of a trader and must be accepted unemotionally.
Only if you are a very discplined trader or you will lose your money by trading 10 to 20 pips profits a day. I did it before and I lost very big.
However, I think it's a great idea to earn just 10 to 20 pips per day because it's a lot easier than to earn 60 pips in 3 days. That is why I am still looking for a system or signal provider that can do this for me.
Self discipline is one of the hardest things to master when it comes to trading because it covers the realms of not being caught up in all sorts of emotions - Fear, greed, impatience, exuberance (yes joy).
Trading in itself is not that hard at all, with so many simple systems on this site and out there but best of all is the one developed by you.
What is hard is sticking to it even after you have had 4 losses in a row and being consistent in your decision making. Take your stops where you are supposed to and take your profit where you should also. If the market says get out then get out.
Getting to your 10-20 pip question - yes, its all you need to be VERY rich. But people get addicted to the feeling of winning trades (the fortunate few whom begin that way) one of the worst things you can do is OVER trade. If you have your target for the day (or not) don't push your luck but walk away, be grateful and reward yourself with a beer.
Set a limit of losses that you take in a day. I refuse to allow any more than 3 losses in a day and if this has happened, I will turn off the computer, walk away and clear the mind for at least 18 hours. Otherwise it leads to a cycle of desperate attempts trying to recover what you have 'lost' and your judgment becomes blurred.
The market giveth and the market taketh away....tis the life of a trader and must be accepted unemotionally.
All the best with your journey
Archer
I agree with you sometimes all of us lack of discipline ...in our mind there's sentence said "CUT LOSS IS LOSS" We should remove this forever from our mind .We are not trade only one time and over ...if u have a good and proven system stick to it and cut loss whenever your system said that...
Yes...It depends on the signal. If we find good signal why we should stop even if we already lost some pips. But according to my mind in order to make us more relaxing we'd better get higher pips than only 10 or 20 pips.
10 or 20 pips was only an example of the most common I had read...the pip level itself was not really the question....its was, are traders able to stop trading and walk away for the day after obtaining the desired amount of pips or must they make that one extra trade because a setup has be made...and end up going backwards..ie lossing pips.
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