Your Process should Focus on Pips
Retail Forex Trading should be done for pips not cash. Traders often get their” trading plan” and money management interwoven in some very strange ways. You ad to your edge when your process sets targets for pips first then decides size of the order as a function of money management.
Many teachers will tell you to trade the same sized lot so you can easily count pips . However you should know by now that a pips monetary value can range from over 1.00 to less than .30 depending on size. The feature with the MT platform that calculates for you is a nice little check when you are not such a genius math guy. Also there are numerous pip calculators that do it instantly for you. Once you select the 20 or so pairs in you universe, the numbers will be in your head. So set trades with modest targets .
One of our favorite targets is 1/2 the five day ATR or the next demand or supply zone. When you apply the ES algorithm it allows you to see the best place to enter and the best place to exit from M1 all the way to Monthly. When Forex Trading for Pips not cash you can truly gauge your improving target setting. The trade was taken at and ES pivot had about a 8 pip upsurge and traveled to the ES pivot for the target. Easily done while we enjoyed our evening and then awaken to pips and CASH.
Learn our ES algorithm and start trading for pips not cash today.
