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Before we go to deep details about Forex Pips on how you can make 10 pips a day, we need to understand what the word "Pips" is and how you can leverage your trading profit. A Pip is normally the last digit on the right in a currency.
For example: If the EUR/GBP trades at 1.2464, then "4" is the Pip and if the EUR/GBP moves to 1.2884 that would be a 420 Pip move.''
Below are 4 easy ways on how you can make 10 pips a day in Forex Trading.
a) You should consider trading from an Intra-day chart. The idea of getting 10 pips per trade is best for a short term day trading. From this approach you should consider an Intra-day chart for entries and exist for trading.
b) Make sure to reduce your drawdown as much as you can. Let me explain the word "Drawdown". The said keyword means the amount of losses you get before a trade turns profitable. At some point drawdown is allowed during long term trades and medium trades but you must make sure to cut your losses and eliminate drawdown when making intra-day trades on the chart.
This probably means that you need to time exit and entries on trading. Most prominent traders use these approach to accomplish there trading goal, such popular methods that are used are support levels and trend lines. When a trade moves against you, make sure to cut your losses immediately as much as possible.
c) Consider using a trailing stop loss. Trailing stop loss is a tool that is used to make intra-day trades and it automatically cuts losses and locks profits as trade moves in favour of you. To avoid big loss in the Forex market, make sure to enter a trailing stop loss at your entry level.
d) When you reach your trading goal, make sure to exit the market. At this point your main objective is to make 10 pips a day, but you must try to make over 10 pips to cover the spread. What is that, if your broker offers a 3 pips spread on the EUR/GBP you need to make 13 pips on a single trade so as to achieve 10 pips profit. For you to lock in your profits, then you should exit trade by moving your stop loss top. This will prevent you from making big loss.
The information contained in this article which is highly entertaining will lead you to make more pips by leveraging your profits. Apply the above 4 forex killer secret with the help of a profit forex robot. If you want more opportunity for fast financial success, then watch out for my next article entitle "How to turn $10,000 into $130,000 in one year on Just 10 Pips a Day". Have a profitable and successful Trading.
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