50 pips a day forex strategy is a simple trading system, unlike many fancy indicator-based complicated day trading strategies. This strategy is basically developed to trade only seven major currency pairs. AUD/USD, EUR/USD, GBP/USD, USD/CAD, NZD/USD, USD/JPY, USD/CHF are the most suitable pairs to trade 50 pips a day forex strategy. Still, you can trade other minor pairs. But if you want to get the best output from this powerful forex trading system, then major currency pairs are the best choice.
50 pips a day forex strategy review
This strategy is for day traders. As any day trader targets 50/80 pips per day. If you are a scalper, then you also can scalp 50 pips a day. But if your trading is based on the swing, then this strategy is not for you. Rather, you should follow a 100 pips a day strategy.
Trading rules
First, open a one-hour candlestick chart. Now, wait for 7 a.m GMT candlestick close. Now open two orders at the same period of time. One is a “buy stop” order, and another is a sell stop order.
Place a buy stop order just three pips above the closing candle. Place a sell stop order just three pips below the closing candle.
If the price goes high, then your buy stop order will be triggered. Now you can place a stop loss below the 7 a.m GMT closing candle. Your profit target will be 50 pips.
If the price goes down, then your sell order will be triggered. Then set your stop loss above the 7 a.m GMT closing candle. Your take profit will be 50 pips.
Advantages of 50 pips a day forex strategy
You don’t need to set any fancy indicator like a currency strength meter. Or you need to master default technical indicators/forex trading tools like Ichimoku Kinko Hyo. Instead, stick to pure price action. Read the forex market raw sentiment depicted on the candle and trade according to it. In trading, nothing is more simple than this solid forex trading system.
Guaranteed forex strategy
Although there is no guaranteed profitable forex trading system in the trading world, it is experienced that to Make 50 pips a day is not any hard task. All you need to do is master any pure price action trading system. Follow the system for a long time in a demo account. Then after gaining an edge in this system, come again in live trading and easily make 50 pips a day. Actually, Forex trading is not a difficult profession. We make it complicated. If even a newbie just sticks this 50 Pips A Day Forex Strategy for six months, he will make smart money.
Conclusion
Many e-book sellers sell many pdfs. For example, just search “50 pips a day forex strategy amazon” or “20 pips a day forex strategy pdf.” You will get many. But only fools buy those garbage. Rather apply this lucid and simple 50 Pips A Day Forex Strategy I narrated above in your day-to-day trading. You don’t need any other resources in the future. If everything is free in parkingpips, then why waste money on amazon or Udemy?
FAQs
How do I get 50 pips in a day in Forex?
Just place both buy and sell stop order at 7 a.m GMT closing candle. It doesn’t matter which direction prices go. If the price goes high, then your buy order will be triggered. And if the price goes low, your sell order will be activated. As you will place stop-loss tightly and target at least 50 pips, you will easily get 50 pips a day when any of your position is triggered. And there is no worry as if there is any spikes happen in the market and your both trades open; then your tight stop loss will protect you.
How much is 50 pips a day?
It depends on your lot size. Suppose you open a position on a micro lot, and if you gain 50 pips, that means you will profit more or less 5 dollars. It will be 50 dollars for the mini lot, and for the standard lot, it will be 500 dollars.
How much is 50 pips worth?
The worth of pips will be counted based on lot size.
Micro lot=0.01=5 dollars
Mini lot =0.10=50 dollars
Standard lot= 1=500 dollars