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Simple 10 Pips A Day Forex Trading Strategy
Forex Trading Strategy Simple 10 Pip A Day This forex trading strategy is simple enough for both beginners and more experienced forex traders.
Only the major currency pairs are included in Currency Pairs
Timeframes: 15minutes
Five ema, 12 ema, and RSI14 with 50 are the required indicators.
These may be of interest to you after reading the simple 10 pip a day forex trading strategy:
THE IDEA BEHIND The Simple 10 PIPS A Day FOREX Strategy AND ALL THE PROBLEMS THAT COME WITH IT
What if you could only make ten pips per day? That’s it. You have hit ten points for the day. This is it. No trading the entire day.You can aim for ten pip again the next day. You can stop trading if you have made your ten-pips profit for all of the day.
This means you will take your first trade, and it gives you ten pip of profit. You won’t trade again because the entire purpose of this trading system is to make 10 pip per day .
This forex system has a problem: What happens if you don’t make ten pip during the day?
What happens if there are ten consecutive losing trades? What happens if you lose ten trades in a row?
If this is the case, then you must make a profit on each of the 11 trades. The 11th trade will give the 10 pips that you need for the day.
This is where the problem comes in. You now have to deal with overtrading and don’t know if any of the ten trades you make will be winners.
With this simple forex trading strategy of ten pips per day, you should set a limit for the number of forex trades you can lose in a row before you can say, “That’s it, no trading today.”
TRADING REGULATIONS OF THE SIMPLE 10 PIEPS A DAY FOREX TRADING STRATEGY
Setup:- When 5 crosses 12 downsides, RSI crosses below 50 and 5 crosses 12 downsides
- Stop loss should be placed two pips higher than the previous high of any candlestick that was closed prior to the ema crossover.
- Target profit is ten pip.
Purchase setup:
- Buy when 5ema crosses12ema to the upside, and RSI crosses over 50 levels.
- Stop-loss should be placed two pips below low candlestick that was closed prior to the ema crossing.
- Target profit = ten pip
DISADVANTAGES – THE SIMPLE 10 PIPS A TIME FOREX TRADING STATEGY- Forex trading strategies that are ten pips per day can’t be used on pairs with large spreads. You will be stopped very quickly.
- This is a simple trend trading strategy for forex. If the market is flat you will get a lot false signals.
- Even though you are only able to make 10 pips per day, it is possible that the entry trade you take may move 60 pips or even 100 pips. However, you still only made ten pips profit.
- If you feel the need to trade too much if it is your goal to get your ten pips per day, you could easily blow your entire forex trading account..
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This discussion was modified 4 months ago by
MQ177.
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