How Many Pips?

Good morning forex traders,

We are asked a question which seems to be a recurring. "How many pips should I aim for"? The answer will vary depending primarily on the type of trader you are. There is no right or wrong type of trader but there is a right and a wrong type of strategy. Those who have done our forex course will be aware of this and as dynamic traders should always look to apply the right strategy.

This particular week we have been out everyday. Monday in Silverstone, Tuesday in Windsor and Wednesday in Chelsea and Chiswick and today we are soon off to Covent Garden. My pip count as of 7am this morning is about 750 pips. My time taken to accumulate this was about 2 hours. I did not aim for a particular number of pips especially as I knew this week we would be busy but I cant complain with what I have got so far.

So how many pips should you be aiming for? Again this is dependent on what type of trader you are. I am a swing trader and as such my target is larger than a day trader. You should choose your own target. One that is realistic and once you hit it, lock in the profits and manage the free trade from that point on. What I have found traders try and do is choose a theoretical target which is usually adopted through greed. Be realistic based on the time you have available, your strategies and your experience.

The bottom line is I have spent a great deal of time identifying what works best then refined it and refined it again and today I expect a lot more than I did 5 years ago. If you try to achieve a goal way beyond your ability then you are destined to consistently fail and that will end your trading career abruptly. Aim for realistic targets without the emotion of greed raising it's ugly head. Be truthful and honest and dont try to run before you can walk.

Further your education with our other forex blogs:

www.dynamictraderblog.com
www.fxcps.co.uk
www.fxcps.eu

Follow Javid Shaik on Twitter
Follow Anne Chapman on Twitter

Good trading.

Javid Shaik
Forex Analyst