10 pips a day in forex is not a matter of a joke. Everyone who wishes to trade in the forex market comes here to make money. And this is only possible if you gain pips. However, there are many disasters associated with 10 pips a day strategy, but this piece of content will discuss how to win 10 pips a day successfully and how one can continue this process in the long run.
Don’t make unrealistic expectations
Many times noobs expect that they become rich just making 10 pips a day. Of course, you will make a continuous profit by making 10 pips a day, but you need to be very patient. If you think you will be a millionaire overnight with this strategy, then forex is not for you.
Count your risk-reward ratio wisely
Suppose you bet more money than what you wish to achieve that you won’t succeed in the long run. like if you risk 40 pips to obtain 10 pips, then you and your strategy will doom soon.
Even some, day traders go deeper. Some beginner forex traders risk even 100 pips just to get 10 pips a day what is not the correct approach. If you are a knowledgeable trader then don’t do this mistake. For getting consistent money with this system you need to follow a simple money management strategy.
How to make 10 pips a day in forex
In this strategy, I used the Bollinger band which is a default indicator but a very powerful technical analysis tool used by many advanced traders & institutional traders.
When to buy/buy trade
First, set up a Bollinger band in your mt4 or mt5 chart. Then wait until the price pierces the Bollinger band from the lower side. Once it touches the lower band of the Bollinger band, then place your buy order at the next candle. Remember, your next candle must be bullish candles or bullish candlestick patterns. If you don’t get a strong bullying candle, then don’t place a buy order.
When to sell/sell trade
When the price hits the upper band of the Bollinger band, then wait for a strong bearish candle. if you find the next candle as a bearish candle, then just place a sell order at the break of the low of that bearish candle
Time Frame & currency pairs
You need to set a 15-minute time frame to trade with this strategy. For getting the best result from this strategy trade with only top traded major pairs. As you are focusing on only ten pips a day so choose a low spread forex brokers like blueberry
I am attaching here a picture so that you can better understand the whole picture.
See how beautifully the price hits our profit target.
If you trade this way, then 10 pips a day is guaranteed. Even if you hold the trade, you could make more than 10 pips a day.
Palace your stop loss just above the touching candle of Bollinger bands.
When you hit 10 pips, just close your trade or you can set a 10 pips profit target as you take profit, so when 10 pips are confirmed, your trade would close automatically.
Cons of 10 pips a day strategy
Don’t you ever think, Why do 10 pips a day seem easy in demo forex? This is because, in demo trading, you patiently wait for the perfect setup. But when you start live trading, you just start to see set up everywhere. If there is no perfect set-up in your chart, then don’t trade. Remember, if you want to make money with this trading style, you need to be very patient. If you wait patiently then you will get ample trading opportunities!
Last but not least, the “10 pips a day “strategy is not the problem in your money-making process. The problem lies in you. Remember making money in forex is easy, but we, the traders, make it complicated. Many traders spend thousands of money engaging in online forex courses which are not bad. But making 10 to 20 pips you don’t need any paid course!
If you patiently apply this strategy at the end of the month or year, you will get amazed to see your success rate. The accuracy rate is also very high. That’s why I am attaching 10 pips a day spreadsheet.
10 pips a day compounding spreadsheet
10 pips a day spreadsheet
With this spreadsheet, you will easily get the answer of “How much can I make with 10 pips a day.”