Consistent small profits

[Ronnie Eyezarch]

Hi I am a new forex trader and confused on the subject of small profit taking.. Is it better to take small profits consistently for example 10 pips per day and make it cumulative at the end of the month or u take each trade independently as it comes?

 

[Rambo35]

Hi I am a new forex trader and confused on the subject of small profit taking.. Is it better to take small profits consistently for example 10 pips per day and make it cumulative at the end of the month or u take each trade independently as it comes?

Only you can answer that for yourself. It depends on you, your strategy and what you accept. Some like to have plenty of trades for just a few pips per trade in profits, others prefer to let their trades run much longer. Determine what you prefer and you will find your answer.

 

[Ronnie Eyezarch]

Thanks Rambo 35

 

[pboyles]

Interesting surname Ronnie.

 

[malaguti]

Hi I am a new forex trader and confused on the subject of small profit taking.. Is it better to take small profits consistently for example 10 pips per day and make it cumulative at the end of the month or u take each trade independently as it comes?

You should only be taking small profits, if your risk is also small. Lets say you consistently make 10pips, another 10, another 10 but it takes one losing trade and you lose 30 for example. The two should go hand in hand, ie the profit and the risk

 

[Ronnie Eyezarch]

Thanks malaguti..I hadnt looked at it in that direction..although my challenge now is if I hold trades for a longer time..they often go against me usually because of maybe a news event or.. and yet if u take the small profits and get out then some of the fundamental reports may not negatively affect you..so should I check fx factory for any fundamental reports comming out before I place my trades..even when the technical analysis shows a good entry signal? Please guide..

 

[Ronnie Eyezarch]

Interesting surname Ronnie.

Thanks pboyles...only the wise can read the name it in its simplicity..

 

[ubertraader]

I think the point is to build confidence on positive multiple results.

Once achieved, you know you can trust both yourself and your system.

 

[neil]

Hi I am a new forex trader and confused on the subject of small profit taking.. Is it better to take small profits consistently for example 10 pips per day and make it cumulative at the end of the month or u take each trade independently as it comes?

But you are a coach/trainer ( Your VENDOR badge) = you should know the answer before offering to coach?

 

[Ronnie Eyezarch]

aaaa thanx neil sorry probably the coach box must have been erroneous..and on the other hand the best teacher is one who choses to add to his knowledge and not sit back and think he knows it all.. what he knows might be old knowledge..secondly your post could be based on an assumption that all coaches Know it all which is not factual... i bet this forum is meant to add to every traders knowledge..lets be helpful and not focus on issues that don't help novice traders... but thanks for the concern,, will change that

 

[the hare]

But you are a coach/trainer ( Your VENDOR badge) = you should know the answer before offering to coach?

Well not everyone who has a vendor badge is a vendor in the commonly accepted sense of the word.

Its all a bit confusing



Of course there are some vendors (like me) who are more equal than other vendors in that we have special rights and privileges not normally afforded to other vendors.

Definitely very confusing

I see my badge of Shame has been removed now, about bloody time too !

 

[Rambo35]

Thanks Rambo 35

You are welcome

 

[neil]

aaaa thanx neil sorry probably the coach box must have been erroneous..and on the other hand the best teacher is one who choses to add to his knowledge and not sit back and think he knows it all.. what he knows might be old knowledge..secondly your post could be based on an assumption that all coaches Know it all which is not factual... i bet this forum is meant to add to every traders knowledge..lets be helpful and not focus on issues that don't help novice traders... but thanks for the concern,, will change that

Are you going to remove your confusing Vendor badge -otherwise new people might think you are a trading coach who has learnt his trade befor teaching others?

Mods - what do you think ?

 

[perox]

Hi I am a new forex trader and confused on the subject of small profit taking.. Is it better to take small profits consistently for example 10 pips per day and make it cumulative at the end of the month or u take each trade independently as it comes?

I think you may be interested in scalping. Yeah if you get the things right you can be a consistent trader even with 10 pips per day. You can increase the lot when the time moves on and that means even with 10 pips you still getting good profit. I think money management plays an important role here.

 

[neil]

I think you may be interested in scalping. Yeah if you get the things right you can be a consistent trader even with 10 pips per day. You can increase the lot when the time moves on and that means even with 10 pips you still getting good profit. I think money management plays an important role here.

I give up - A trading Vendor (who should know his subject) asks for trading advice and clowns take him seriously !

 

[wackypete2]

I give up - A trading Vendor (who should know his subject) asks for trading advice and clowns take him seriously !

Ahhh, just enjoy the lulz

Peter

 

[neil]

Ahhh, just enjoy the lulz

Peter

You are right Wacky - I shall do just that

 

[Liquid validity]

..............

 

[Rambo35]

I give up - A trading Vendor (who should know his subject) asks for trading advice and clowns take him seriously !

Honestly I did not even realize that badge until you pointed it out. Since you asked him if he would remove it and there has been no response I assume he will keep it. Maybe it makes him feel better about himself, people like badges and awards even if they do not deserve them.

 

[resistance]

The words consistent and profits are enough for any trader. The small amount will gradually grow into big amount if the consistency is intact.

Anyone making consistent? I am not consistent but good.