The entry was at the point where the prices touched the lower Bollinger Band, and the stop-loss is placed just below the recent low. Since the higher highs were getting continuously printed, we went for the third target and exited the trade as soon as we made 30 pips.
We went long in the Asian session on 28th Feb We had exited at the third target even when the market was moving up north. Rules For Going Short The market must be in a strong downtrend. Wait for the price action to slowdown at the upper Bollinger Band. Let the Stochastic Indicator reverse at the overbought area.
Only go short if the above two rules are satisfied. Place the stop-loss just above the upper Bollinger Band. We went short when the price action hit the upper Bollinger band, and the Stochastic indicated the overbought conditions.
The stop-loss is placed just above the upper Bollinger Band. We have gone for the third target, and the market printed a brand new lower low. This pair was in an overall downtrend, and on 25th Feb , we have activated the sell trade right after our sell criteria is met. We can see the market reaching all of our targets in just a couple of hours.
The entry was at the point where the price action touched the upper Bollinger band, and the stop-loss was just above the upper band. The reason we place the stop-loss there is because of the bands of the indicator act as a dynamic support resistance level to the price action. We took sell when both of the indicators lined up in one direction, and we booked profit at the third target.
Sell trade was activated on Friday, 28th Feb, in the Asian session. When the Stochastic reached the overbought area and gave a sharp reversal, we saw the price action hitting the upper Bollinger band. This essentially means that the market is ready to go down. Bottom Line In almost all of the cases, we have gone for the third target only and make 30 pips profits. The reason behind this is to show you how reliable is the Bollinger Band and Stochastic combination. We are saying this time, and again, please stop trading after making ten pips per day if you are a conservative novice trader.
But if you are experienced enough to predict the market, milk as much as you can depending on the market conditions. All the best. The logical side of your brain wants a trading strategy that will grow your trading account. This involves risking a large amount of pips for a relatively small gain. That means out of trades, you would need 90 of them to turn a profit. Think about it this way. You have two consecutive winning weeks, making your goal of 10 pips each day.
So for ten days of trading, you have made pips. At the end of those ten days you feel unstoppable. On the eleventh day, disaster strikes. Your stop loss is hit for a 90 pip loss. So after eleven days of trading, you have 10 pips of profit. Sound familiar? Unrealistic Expectations The unfavorable risk to reward ratio brings us to the next reason why the 10 pips a day strategy is dangerous — unrealistic expectations.
Any trading strategy that uses a fixed number of pips within a specified period of time as a goal is a disaster waiting to happen. You can quote me on that. Every week is unique, just as every day, hour and minute is unique.
So why expect the same amount of profit each and every day? To become a consistently profitable Forex trader you have to learn to take what the market gives you. That might mean not trading for a day or even a week. To say that a market is going to move in a way that will produce 10 pips of profit each and every day is completely unrealistic.
This can be used for any trading strategy out there. In order to do this, you will need to use two metrics to track your performance. The first metric should be your percentage gain. This will be the amount you aim for each month.
I recommend starting off somewhere between five to ten percent profit per month. This is a realistic expectation and has real value. You know exactly how much five to ten percent profit per month would equal based on your account size. If you simply aim for pips per month, for example, who knows how much each pip is worth. By using a percentage gain you are establishing a performance target with real value.
The second metric needs to account for risk. What is that, you ask? You simple take your profit target in pips and divide it by your stop loss in pips. For example a pip target with a pip stop loss would be 3R. Therefore the goal for your second metric would be to maintain an average 2R minimum for the month. This forces you to look for favorable trade setups where the potential reward is at least twice the risk.
There you have it. Instead of aiming for an arbitrary number of pips per month, you aim for five to ten percent per month while maintaining an average 2R minimum. At least not the root of the problem. The problem is the idea that profits from the Forex market can be put on a set schedule.
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Making ten-pip a day is a great way to accumulate wealth in the Forex market, and it is easily possible. All we need is to master our skills to the point where we exactly know when to take a trade and when not to. This is true to an extent, but if we practice this strategy enough on a simulator, we can easily make ten pips a day no matter what.
Also, it is up to you to follow this idea or not. You can stop trading after making ten pips, or you can ignore that and go for 20, 30, or even pips a day according to the market situation. In case of any tiny bit of uncertainty, make sure to exit right after you make ten pips. One critical aspect of this strategy is selecting the currency pairs.
One must be professional enough to understand the market situations and pick the pairs where there is a minimum potential of making ten pip profits. Wait for the price action to slowdown at the lower Bollinger Band. Let the Stochastic Indicator reverse at the oversold area. Only go long if the above two rules are satisfied. Also, consider the momentum of the price. Place the stop-loss just below the lower Bollinger Bands. Now, to understand how this works, we have taken five different trades for five trading days in the last week of Feb and have generated 10, 20, and 30 pips in the market successfully.
According to this strategy, conservative traders must stop trading after making ten pips for that trading day. But, if you are an aggressive trader, go ahead for bigger targets. When all the rules mentioned above are met, we took a long position in the New York Session on 24th Feb Our stop-loss is placed right below the lower Bollinger Band.
As mentioned, exit the trade as soon as you make ten pips if you are a conservative trader. We can clearly see both the indicators indicating a clear buy signal. Here, we have gone for the third target and exited the trade as soon as we made 30 pips. When prices hit the lower Bollinger bands, and the Stochastic indicated the oversold market conditions, we went long on this currency pair.
We would have exited the trade at ten pips, but the market started printing continuous bullish candles, which made us wait for the prices to hit the third target. The entry was at the point where the prices touched the lower Bollinger Band, and the stop-loss is placed just below the recent low. Since the higher highs were getting continuously printed, we went for the third target and exited the trade as soon as we made 30 pips.
Currency Pairs: only the major pairs Timeframes: 15minutes The required indicators are five ema and 12 ema and RSI 14 with You are done; no trading for the whole day. The next day, you come and aim for ten pips again. This means that you take the first trade and that first trade gives you ten pips of profit; you will not trade anymore because the whole aim of this trading system is to make ten pips a day. What happens if you have ten losing trades in a row?
Will you keep trading until you hit ten pips profit for the day?
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