Hoosain Harneker is a trader who has managed to achieve $500 per day with an initial capital of $1,000, using a simple strategy focusing on a daily target of 10 pips. Here are the details of how he does it:
Background of Hoosain Harneker
Hoosain Harneker started his career as an IT systems engineer in South Africa. After two companies he worked for were liquidated, he attempted to start his own company with colleagues, which unfortunately failed, leaving him unemployed for nearly a year. It was during this time that a friend in the United States introduced him to the Forex market.
Beginning of Forex Trading
Initially hesitant due to the $1,000 initial capital requirement and his financial situation, Harneker spent nearly seven months gathering the capital. Once he had accumulated the funds, his friend offered him knowledge about pip trading.
Learning and Developing a Strategy
Harneker began learning to read signals using a moving average indicator. He practiced with a demo account for four months, ensuring his strategy consistently multiplied his capital before transitioning to live trading.
10 Pip Per Day Trading Strategy
Harneker used his initial $1,000 on a micro account with a lot size of 0.1. Here are the details of his strategy:
- Moving Average (MA) Indicator: Uses 5-period and 13-period MAs to detect trading signals.
- Stop-Loss and Take-Profit: Sets a stop-loss at 20 pips and take-profit at 10 pips.
- Avoiding News Releases: Avoids trading during major news releases due to high volatility that can trigger stop-loss.
- Favorite Currency Pairs: GBP/USD, EUR/USD, and XAG/USD (silver).
Implementing the Strategy
Harneker emphasizes trading discipline by avoiding overtrading. Once the daily 10-pip target is reached, he closes trading for the day, whether in profit or loss.
Potential Profit Calculation
In a month, assuming successful attainment of the target 70% of the time, profits can be calculated as follows:
- Monthly: (30 days * 0.7) * 10 pips = 210 pips
- Yearly: (360 days * 0.7) * 10 pips = 2,520 pips
Development and Profits
With a lot size of 0.1, monthly profits are approximately $210, and yearly profits are $2,520. Harneker later increased his lot size to achieve $500 per day in profit, trading a total volume of 50 lots per day.
Hoosain Harneker's 10 pip per day trading strategy emphasizes discipline, risk management, and the use of simple indicators. Despite sounding modest, a daily target of 10 pips can yield significant profits if applied consistently and with discipline. This strategy is suitable for those with limited capital seeking additional income from the Forex market.
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