HOW DO YOU FIND 10-PIP TRADES?
Here are seven principles of 10-pip trading:
Principle 1: Buy and sell on breakouts of support and resistance. Or, sell when a currency pair hits resistance and buy when it hits support. I teach this in the 1 on 1 training, and this is my major trading strategy.
Principle 2: Stop trying to make $8 million on every trade.
Principle 3: Set a 10-pip limit only. Exit the trade at 10. Exit the trade at 10. Stops are set based on market conditions, but are always set.
Principle 4: Goal: + 10 pips every time you trade. You don’t have to trade every single day. Only trade when the market shows you an opportunity.
Principle 5: If I earn more than 10 pips on a trade because the trade moves so fast in my direction, I can set my stop to protect the 10 and then go for more.
Principle 6: There is no ‘makeup’ strategy. If I take a loss, then I’m just trying to end up with a 10 pip gain for the day. If I can’t get it, then I don’t try for 20 the next day, or whatever. I can keep trying for the 10 pips gain as long as I haven’t lost more than 5% of my capital.
Principle 7: Time: I can trade for a set number of hours per day, meaning I can have the trading platforms open and sit at my computer for a max of, say, 5 hours per day. If I can’t earn my 10 pips during that time, then I can set my stops and limits and walk away, but I can’t actively watch the market any longer.
So, what kind of daily routine does it take to be a 10-pip trader? Here’s one example.
Here’s a daily routine that I’ve used in the Strategy:10 system. Some of the most successful months of my trading career happened when I followed this plan.
Up at 3:00 am Eastern Standard Time (when the market is most active). Check the charts.
Top 10 Forex trading Stratgy-6 | Top 10 Forex Trad
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There are no free trading platforms with free live quotes. The best free trading platform is Quotetracker, but they don't have any free live feeds. Every online broker provides streaming data to their customers.