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Newbie Questions
New to forex with a few questions.
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[QUOTE="Easy Trader, post: 24041, member: 12260"] There is no set amount of pips to determine success in this business....In short it is a balance of winning trades to loosing trades, and win% to loss%...A trader may have 10 profitable trades@10pips and 1 loss@101pips, the trader is now negative 1pip after many profitable trades, this can also work in reverse with many losses and only 1 winner. There are systems that run 50/50 W/L, the trader may profit 15pips per trade and only loose 10pips per trade, which in turn give the trader an over-all long term edge. Or profit 10pips per trade and loose 15pips per trade this would be a loosing system @ 50/50 Win/Loss. This is one aspect of using pips 'perse' in determining success. Another factor is leverage which is the great double edged sword of Forex. (Lets say 'Success' is $500.00 per trade!) Trader A may leverage himself to 1$ per pip- this trader would need a system to average 500 pips per trade. Trader B may leverage herself to 100$ per pip- this trader would need a system to average 5 pips per trade. Keeping in mind that what a trader can 'easily' profit they can 'easily' loose with leverage. AND it all truely depends what a personal trader deems as 'SUCCESS'. The trick to this game is to find a system, method, or a approach that is "TRUELY" profitable. After that, take that system and employ "proper" money managment and risk. The "filthy rich" part will come in time as a byproduct of correctly executing them together. Hope this helped. [/QUOTE]
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