I want to be a day trader,bit confused as how many pips should I target as day trader.
how many trades should are sufficient in a day.
how many pips should I target in a trade.
can anybody help me with these questions.
what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs
am I putting too much pressure on my trades,or asking too much out of my trades as a day trader).
All of your questions really come down to your trading strategy. I'd say that there isn't an amount you should target as a day trader, since everyday the market will move differently.
Trading 32 different pairs and expecting 150 pips in each trade seems quite unrealistic to me, but who knows. Also, calculate your trade size/volume in regards to your stop loss and risk profile.
I myself am also a day trader if I can call myself that, I usually make 1-3 trades a day(except FOMC days which I don't trade), never do I have a static profit target, but I close my trades based on price action and overall market situation.
As already said here, use a demo and try strategies to find your way. Real trading is different because real money makes real deep feelings of greed and aversion.
May it helps to put pending orders with TP/SL where your strategy would place an order. So you just watch how it plays out.
Meditation is very helpful to stay equanimously. Go for Vipassana meditation!
make research on pair you want to trade to get daily range
calculating lots is depend on your balance and how much you want to risk
thanx a lot,to all of you,for your guidance.i am looking into all these aspects and implement it slowly and slowly,
may it turn out fruitfull and I can call myself a professional trader someday in future.
if you need help with day trading theres a great strategy available for free at nextgen-ea.com.
make sure you use demo account to start with, good luck