Many might wonder why 10 , why not 40, 50, 100 or 1000! ? The answer is simple, DO what’s best for you to achieve realistically. In my opinion , every strategy has its hit probability. the lower the easier, the bigger the harder.
When you aim big, You need those extra patience and focus with careful planning. And sometimes you never get it, the market might only give you half what you planned or nothing at all. But when you aim small, its easier to get. Out of 100 pip range move or the daily average price moves of more than 10 pips is probably the easiest to get. The Only thing that stops you is Spread.
To achieve something small you need cheaper spread. The cheaper the better so you can get your hit rate more higher. How I achieve 10 pips is a simple day trade job. I divide them 5 pip which is probably the Most easiest to get on any currency pair. I trade ONLY EURUSD, because my spread range between 1.2 – 0.2 pip on an active open market.
I trade during the European / London session and US session. 1 trade per session to get 5 pips is the Most easiest. The most easiest entry to use is the support resistance area. But what I do trade is I use demand and supply level. I only trade this on my own account but not my pamm account. Because its my day job income. Since my pamm got hammered with a big loss , I had to implement the methodology on my pamm as well.
How to get 5 pips easily ?
Look at the hourly support resistance. Put your entry there and ONLY take 5 pip each time it visited the price area of support resistance or demand and supply.
I am sure that every session it creates support resistance on a daily basis. You can even use the London high low session or NY high low session. Find any significant price action on those areas. Remember, You only take 5 pips! Yes 5 not 10. DO it one at a time. Once you got 5 pip. take you time on finding another 5.
Once your done for the day with 10 pip, thats it. There is nothing more you can do but doing other chores or even have a time out with your families. Remember, you only aim 10 pip per day! Put that as your plan and target. IF you cannot find one on the same day, its best to leave and search for it the next day. I don’t recommend you chasing for every support resistance or demand and supply.
If you want to know, I trade on my own account sometimes last for about 30 min , thats for a day job for the day. YES 30 min is not long. YOu get to spend a lot of time with your family, even playing your games console or pc. Or Heck do something that makes you positive. But remember, I earn 10 pips as in just $2000USD per day. With bigger account its probably the most easiest and coolest thing to earn for a 30 min job. I am sure you can do the math for a 5 day trading days. And I get to withdraw them every week half of the total profit for the week! That pays my hardwork for the week.
Never let your self to think you can accumulate without withdrawing any profit just to ensure you can use a bigger position. Because it can lead to GREED. Once that is already on your mind and to let it even creep in slowly even you deny it, its a dangerous thought and believe me, it always strike when you get to have a very long winning streak.
Pay your self. even it just a $200 , still you get to deserve your self some income of all those hard work. Life can be simple if you make your self think and apply simpler.
Happy trading everyone!!