If you use FX trading techniques such as scalping to earn 10 pips a day, you will definitely make money. Since the price range will be short, your win rate will be very high. However, in reality, it is difficult because things often don’t go as planned.
Scalping doesn’t work as calculated on paper
It is common knowledge that scalping does not go as planned. This is true not only for scalping, but also for short and long positions. The reason is simple: the market is an untouchable entity that no one can control. It is common for the market to go against you in an unexpected way and cause a huge loss. Therefore, the reality is that it is quite difficult to achieve 10 pips a day. Whether it is 1-minute, 5-minute, or 1-hour charts, you need to create a solid standard.
Some days I lose
There are days when the 10 pips a day strategy does not work. There are days when I got 10 pips a day, but there are many days when I lose money instead of not getting it. That’s why it’s the difficulty of trading that it’s not quite as calculated. What is required of traders will be the ability to recognize the market. Correct and improve the difference between the plan and the actual result. By going through this PDCA cycle, 10 pips a day will gradually stabilize.
Trade rules matter
Trade rules are important for the 10 pips a day strategy. Trading rules are decisions about where to cut losses and where to take profits. When you lose, you may lose so much that your profits so far fly away. At that time, I get frustrated and sometimes enter with a messed up lot and lose a lot. Therefore, it is important to create and follow rules.
What to do to earn 10 pips
In scalping, there are things you need to do to get 10 pips a day. The points are as follows. Goal settings differ depending on the currency pair and chart. This is because the pips range that you can earn will differ depending on the stocks you need to invest in. As for style, if you’re day trading, it’s best to aim for range prices. Since the line is always clear, the points of losing and winning are clear and you can make good decisions. Be careful not to hold back when managing your funds. If the leverage is too high, your money will disappear quickly. Let’s confirm by simply trading using moving averages etc.
target a range market
When you go to get 10 pips a day in scalping, the aim is when there are not many people and when the market is in a clear range. The range doesn’t move much, so if you sell at the highest price and buy at the lowest price, you can easily get about 10 pips. Therefore, it is more stable to fight in a market where price movements do not occur much.
Source : Tradingview
cut losses
The FX market can move significantly against expectations. Once a trend occurs, it often moves by more than 100 pips in a day. If your prediction is wrong, you will suffer a huge loss if you do not cut your losses appropriately. In particular, when the market breaks out of a range, it is easy for the market to move significantly, so do not endure it. If you endure it, your unrealized losses will continue to grow. Slow-moving pairs such as USD/JPY and EUR/USD are recommended. It is good to look at information and use ones that are easy to profit from. You will accumulate and get a big one. By continuing, you will get used to it and the risk will decrease. It is better to start with a small amount to achieve the amount.
trial and error
If you actually try it, you will find that the 10 pips a day strategy is very difficult, and there are days when it doesn’t work. In order to improve your trading skills, it is important to study efficiently and determine the timing of your entry. First look at the daily and weekly charts, recognize the market, and then decide when to trade. Even professionals will fail once in a while. Even if you make the same mistake in small position units, you will be able to get the hang of it next time and successfully lock in profits. The idea is to first increase the number of times. If you manage your funds steadily, you can make it the strongest method.
Don’t get discouraged even if it becomes negative
The 10 pips per day strategy may result in a loss on some days. If you start with a loss, you will feel a strong desire not to end up with a loss, and then you will often make an unreasonable entry. What you cannot do here is to break the trading rules or increase the lot size. If you do this, you will lose your principal. You can learn the functions of trend lines, such as knowledge and how to read them, on YouTube. If you do not know moving averages, start by studying. You will be able to make effective and optimal profits from small things.
Exness is for scalping
Exness is for scalping. That’s because the spread is extremely narrow. Therefore, if you like scalping, please register with Exness and start trading. Opening an account is free, so please refer to the article below to open one. If you do scalping a number of times, you will see that it forms a pattern. You can analyze even one minute and see the winning result. Let’s draw a support line while technically analyzing the entry point using an indicator.
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