100% Rebate XM automatic Transfer to Your MyWallet Account everyday! , The Biggest XM Cashback Rebate in the World..!

Select you Language

EN - English ID - Bahasa Indonesia AR - العربيّة ZH - 简体中文 HI - हिंदी UR - اردو BN - বাংলা VI - Tiếng Việt TH - ไทย KO - 한국어z

Can You Get 1K Pips Today? I'm Not That Impressed

Don't rush to pride yourself on the number of pips you've gained. Consistency is the primary key in trading. Learn how to be disciplined and control yourself to remain consistent. How many pips did you get today? Alright, I don't mean to undermine. However, even if you answer: 1,000 pips, I would only comment: "Alright, good. But, are you consistent like that every day?" I remember when I first managed to get 200 pips in one position. Proudly, I showed it to my mentor, hoping for praise. However, he only commented: "Consistency is what matters." It was really hard to impress my mentor. Honestly, consistency is quite challenging to achieve in the forex trading world.

Many trader friends can flaunt 1,000 pips in a day, but a few days later, they face Margin Calls. Some even manage to win competitions, but their money disappears before they can withdraw it. So, can we achieve stable and consistent income from trading? According to senior trader friends, it depends on how consistent we are in adhering to the trading system, including the trading plan we have set for ourselves.

Discipline is the main key. There's no point in devising a trading plan if we violate it ourselves. Trading is influenced by psychological factors. One of my mentors once tested me by instructing me to trade only with virtual funds and aim for only 30 pips a day for a year! He said that if at any point I no longer felt tempted to open positions even when the chart moved strangely in front of me, it meant I had passed the test. Wow, it was really tough. What's the point of that exercise? The bottom line is learning self-control and discipline. If the target is reached, close the trading platform and shut down the PC, even if the market is still enticing.

Often, we are tempted to open positions outside the plan. The reasons vary. It could be because we feel that day is a "lucky day" because all previous positions were profitable, so why not try again? Or conversely, trading out of a motivation of "revenge" after experiencing losses. Consistency in trading can also be achieved by sticking to a suitable trading system. Don't try out new systems too often. Alright, if you've been learning for less than a year, experimenting with various systems is still understandable. But once you find a suitable system, it's better not to experiment anymore. If observed, trader friends who can live off trading tend not to be too ambitious in seeking many pips every day. They prefer to play it safe. If the weekly target is met, that's enough. This attitude is worth emulating. One thing's for sure, never be greedy. Set a target, and when it's achieved, be grateful for the results. So, did anyone manage to get 1 kilo pips today? Sorry, that's not very impressive to me.


Download Platforms

(MetaTrader for PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android and Tablet)

Popular Posts