How Many Pips Per Month Is A Great Result? - page 5
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Well said, Igor.
Many of us come to forex thinking to be rich fast and easy. Not fast and not easy. Learning, learning, learning. Working, working, working and most of us find that forex is a very hard work and mostly not rewarding in any way, thats why many just quit.
For those who keep trying, only a small % will find a profitable way of living. When that happens (IF it happens), you will discover that to be there you have invested a homungus amount of time, work and effort (much more than any regular job) and the dream to have an income to allow you to be your own boss and have more time with your family, was only that: a dream (at least in forex).
I am getting very good and sustained results now. But I have gived too much for that. Not rewarding. If I take too the personal side of this job, the DD is extremly high.I don't know what's worse, the DD or the emotion. A lot of people can preach they won't trade with emotion, but when you take a loss, and everyone does, it takes a lot of practice and patience to not try to win it all back.
I don't know what's worse, the DD or the emotion. A lot of people can preach they won't trade with emotion, but when you take a loss, and everyone does, it takes a lot of practice and patience to not try to win it all back.
what is worse it to take your life because you lost in forex or become addictive gambler instead of trader ...
Good traders trader took their life after losing eveything , and it wasn't me who said that it was Larry Williams.
Trading is not for everyone, best thing if you lose is to take a break, think of what went wrong, come back after sometime, and don't try to take revenge from the market , it doesn't work that way
what is worse it to take your life because you lost in forex or become addictive gambler instead of trader ...
Good traders trader took their life after losing eveything , and it wasn't me who said that it was Larry Williams.
Trading is not for everyone, best thing if you lose is to take a break, think of what went wrong, come back after sometime, and don't try to take revenge from the market , it doesn't work that wayWell said. Like it has been said over and over..... only trade what you can afford to lose. No use gambling everything in hopes of making it big quick.
I don't know what's worse, the DD or the emotion. A lot of people can preach they won't trade with emotion, but when you take a loss, and everyone does, it takes a lot of practice and patience to not try to win it all back.
Yep. It happen to me. It happen to everyone. That affect much of your confidence, specially when you take 3 or 5 loses in a row. Thanks god, that don't happen to me very often and I don't fear to close a losing position when I consider it a dangerous trade. Just close and search for another opportunity. You know, if a hungry lion quit to hunt just because he miss on his strike, he die by starving.
When I begin to realize that loses are part of the game (even necesary sometimes) and I gained confidence in my trading, I just accept them and try to establish rules to handle them. No revenge. Just disciplinated MM.
There is a semantic argument here.
The word 'important' is ambiguous in the question "what is more important, pips or R:R?"
R:R might be extremely important to a person who can't monitor his trades all day and uses stops and limits to close. Pips might be more important to a scalper that closes his trades manually.
Even though their ways of trading contradict each other in theory, if their %balance is increasing consistently then they are successful. In the end of the day, the common denominator is your %balance increase.
In my POV, the stop should determine the lot size of a trade based on the %balance risked. This is the best way to counter draw down. In this scenario trades on all time-frames would be of equal value, however on longer time-frames more profitable because of increased risk/reward and ability to add positions - and not increased pips.
Pips (or accuracy in other words) and R:R are both variables that need tweaking. But they are not individually as important as %balance increase.
think about % change
I also want to say pips can be irrelevant when it comes to keeping track of account growth. However, two many people over-used this simple concept and I have to admint that a lot of times it's convenient to count pips, but this accounting method can really fool people.
100 pips moving on usdjpy will be different from 100 pips of gbpchf, because they mean different changes in percentage. Second, by just saying pips, it doesn't really say what level of leverage is being used.
Ok I have a question. Lets say I just sold EUR/USD at 1.36669 and bought back in at 1.35581. How do I read that in pips? is that .01088 difference 1,088 pips or 108? If that is the case then how is 100 pips a goal for a month?
no it's 109 pips after rounding, not 1088. Brokers used to quote 4 digits only for eurusd, so the math would work like this...1.3667 - 1.3558 = 0.0109, or 109 pips