The biggest conflict in forex trading is how many pips a trader needs to make in a day to make a living out of trading. I won’t beat around the bush in solving this conflict. A trader can make a living out of as little as 10 pips a day; HOW SO, you might ask. To get the answer, you need to go through the whole 10 pips per day scalping strategy, which I will narrate now.
How to profit using 10 pips per day scalping strategy
10 pips a day guaranteed Buy rules
When any price comes close to our custom moving average indicator, then pay attention. If you find any candle rejecting from our moving average or any robust bullish candle is forming, then open a buy trade. just take a look at the picture for getting a clear view
10 pips scalping strategy Sell rule
When any price goes close to our custom moving average indicator, then pay attention. If you find any candle rejecting from our technical indicator or any robust bearish candle is forming, then open a sell trade. Just take a look at the picture to understand properly
The win rate on this technical analysis based system is very high. You could win even 8/9 trades out of every 10 trades. You have to be choosy when implementing this strategy. pick only top traded 28 major pairs. These are trendy. For getting better benefits first practice on a demo account. When you get confident about 10 pips per day scalping strategy only then come a live account! I promise 10 pips profit would be easy for you if you follow the whole procedure.
Set your stop loss below the recent low
Set your take profit according to 1:1 risk reward
One of the benefits of this market is the ability to trade on leverage. You do not need $10 000 in your forex trading account to trade any currency pair. Currency pairs can have a leverage of up to 50:1. This means you can control a large portion of a currency ($10 000) with a small amount of money($250). Many traders find the leverage that most forex brokers offer very appealing, but you should know that trading this way can also be risky.
But do not worry because you have the good fortune of having guidance and mentorship. In this article, I will explain to you how you can use the power of strategy and leverage to make a living out of trading currencies.
Dissection of 10 pips per day scalping strategy
As a beginner, it is important to find a strategy that is fitting to your personality. There are three types of traders: intraday, swing, and position traders. All three come with different styles and perks.
However, some forex scalping strategy fit every type of personality, such as 10 pips per day scalping strategy. Scalping is a trading strategy that allows a trader to enter the market for a short period of time, varying from a few minutes to a few hours, using confluences and forex indicators as signals.
4 types of traders
|Scalper||Day trader||Position trader||Swing trader|
|Target 5/10 pips per day||Aims for as little as 20 pips will take as much as 100 pips depending on trade volatility.||Aims for 100 pips and over.||Aims for to close trade at peak highs may vary from 100 pips to 400/500 pips|
|Enter and Close trades even couple of times in every single day||Looks to close all trades by the end of the day.||Looks to hold trades for more than a day to a maximum of weeks or months.||Is fluid and dependent on trend direction and swing highs/lows|
|Switch buy to sell or sell to buy numerous time.||Can switch from buy to sell anytime, depending on strategy.||Will hold the trade through strength and weakness until the profit target is met.||Aims to buy swing lows until uptrend reaches peak high or sell swing highs until downtrend reaches peak low.|
Some scalpers earn huge dollars scalping 100 pips per day. I will discuss how they do so another day in my another content.
10 pips a day forex strategy pdf
Using custom Indicators created by top programmers and a set of rules that are prescribed in the 10 pips a day strategy, the strategy gives you an edge to accurately predict market price action, short term to long term price movement. In addition, this will give you the ability to find trading opportunities on different currency pairs, helping you easily reach your profit target almost all of the time you take a trade. I am giving you you 10 pips a day forex strategy pdf file so that you can study it more conveniently!
There are many different tools that you can use to further enhance the accuracy of your trade, tools such as technical and fundamental analysis, COT(commitment of traders) reports, and many other resources used by professionals in the forex trading industry.
Depending on your lot size, there is no limit on how much you can make from every trade you take accurately. So too, there isn’t a limit to a loss you can take from every losing trade. That is why you need a strategy such as the 10 pips scalping strategy so that you can be assured that you will enter the market with enough information to take the right trades and make profits.
|Pip/amount per micro lot size||Pip/amount per macro lot size||Pip/amount per Standard lot size|
|$0.1 to $0.19 per pip|
depending on currency pair
|$1 to $1.9 per pip depending on currency pair||$10 to $19 per pip|
depending on currency pair
10 pips a day spreadsheet
10 pips doesn’t sound like a lot, right? What if I told you that taking 10 pips a day and using the power of compound interest could change your life a hundred folds? Integrating the 10 pip strategy with the 10 pips a day compounding spreadsheet can guide you to reaching your profit goals easily, as long as it is done with accuracy; the important element in succeeding in anything has a burning desire to succeed that is the key step to making your dreams a reality
Your win ratio and expectancy will determine your profitability in the long run, so it is also something to consider and also implement into your forex trading. It will help you know where you are headed in terms of your trading accuracy and risk/reward ratio.
Using compound interest, you will effortlessly build your trading capital to a balance that will allow you to make an excellent profit, with pip take of at least 100 pips a month, which means taking just ten profitable trades in an entire month, of course, just like every forex trading strategy there will be losing trades which you will easily make up for as you gain confidence and experience in the trading strategy.
Going back to leverage, leverage forms the main strategy of compound interest. As a beginner, it is always a good idea to start with little capital, as it is possible that 90% of beginner traders lose all of their capital within their first 90 days of trading. It happens because most traders start with little or no rules when approaching the money management side of their forex trading strategy.
The second rule to managing capital is to not expose more than 1% of your account when you start forex trading. The longer you stay in the game, the better the chances of improving your win/lose ratio and ultimately mastering your trading strategy.
When you fail to prepare, you are inevitably preparing to fail, so it is important to set yourself up with a forex trading strategy, get used to the forex strategy, and put your forex strategy into practice. If you focus on it, you will reach a point of mastering your forex strategy and therefore be on course to succeed. As there are many forex broker don’t support custom forex indicators so before opening an account with any broker ensure this issue. If your broker supports custom indicators and you master 10 pips per day scalping strategy then this trading system can change your trading career! Some advanced forex traders even make 50 pips a day with this forex trading system.
Is 10 pips a day good?
10 pips a day is good because once you compound it to multiple days, you will see good profitability.
How do you scalp 10 pips a day?
First, analyse the market using our custom moving average indicator and price action(trade development). If there is a signal, then you use your entry strategy to execute your trade(pending order/market order), then the next step is trade management(stop loss/take profit).
How many pips do you use for scalping?
I use 10/20 pips for scalping.
How many pips a day is good?
If you are a scalper then target 5/10 pips per day, if you are a day trader then target 80/100 pips, if you are a swing trader then target more than 150/200 pips, and if you are a position trader then target at least 500 pips in each trade.
David Roads is a full-time trader. His trading style is based mostly on swing trading and Day trading. He’s the Chief Analyst of parkingpips & contributor to numerous finance journals. David Roads has 15 years of experience working with hedge funds, banks & investing companies. He has a Prestigious Chartered Financial Analyst (CFA) degree and worked as a financial advisor and investment analyst before escaping the “rat race” to focus on trading full-time. David Roads has Deep expertise in news events, market reactions, macro trends, economic themes & price action.