20 Pips a Day Keep the Doctor Away
Why do most trader fail to comprehend this basic truth of trading? Everyday we deal with all aspect of forex trading. Now let’s get to today headline, make it your goal to lock in a 20 pip every day you trade. I know that sounds boring. Its not as sexy as hitting those 100 pip trades. But you are trading to make money not to entertain yourself right?
To survive trading in our beloved forex market, you have to limit your losses to the point they are minor annoyances. And then you have to take more in profits than you give up in losses. Pretty simple concept isn’t it. You would think something as simple as what I am about to share with you would be widely followed, Let’s continue then.
It all about Forex leverage power, you don’t need to chase 100 mega pips/day to earn says $300/days, using 20 or 30 pips per day you can also reach your any given goal like $200 or $300/day. If you want to trade for a living, you need to figure out how much you need to make a week to live off, add a margin for unexpected expenses, and plug that into your goal as the outcome. Then work backwards to what size account you need to start with in order to be able to trade the goal and afford to pay the bills.
In the mean time, keep your job, trade in your spare time, trade your goal, take your week profits and build your account to the point where you can afford to trade full time. By the time you manage to build your account up to that point, you obviously will have mastered the art of trading for your goal and the transition will be easier for you to handle.
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