Idea Behind Trading of 10 pips a Day Forex Strategy

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Idea Behind Trading of 10 Pips a Day Forex
Strategy
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Index

• 1. 10 Pips a Day Forex Strategy
• 2. Problems It Creates
• 3. Trading 10 Pips a Day Forex Strategy
• Sell setup
• Buy setup
• 4. Pros of the 10 Pips a Day Forex Trading
  Strategy
• 5. Cons of the 10 Pips a Day Forex Trading
  Strategy

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10 Pips a Day Forex Strategy

• The idea behind trading 10 Pips A Day Forex
  Trading Strategy is a simple forex trading system
  for beginners.
• 1. Currency Pairs only the major pairs
• 2. Indicators Required 5 ema and 12 ema and RSI
  14 with level 50.
• 3. Timeframes 15minutes

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• If you hit 10 pips profit for the day, you dont
  trade anymore.
• It means that if you take the first trade and it
  gives you 10 pips of profit, then you will not
  trade anymore because the purpose of this trading
  system is to make 10 pips a day.

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Problems It Creates

• The problem with this trading system is that
• What happens if you dont make 10 pips during the
  day?
• What happens if you have 10 losing trades in a
  row?
• Will you keep trading till you hit the 10 pips
  profit for the day?

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• In this case, you need to make the profit on the
  next 11 trades, and it is the 11th trade that
  will give you 10 pips you need for the day.
• But then, there is the very big problem, because
  now you are faced with the problem of
  overtrading, and you really dont know if the
  next 10 trades will all be winners.

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• So with this 10 pips a day forex trading
  strategy, my opinion is that, you need to have a
  set limit on the number of losing trades in a row
  you can take before you say thats it "no more
  trading for today.

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Trading 10 Pips a Day Forex Strategy

• Sell setup
• 1. Sell When 5 cross 12 downsides and RSI cross
  below 50.
• 2. Place stop loss two pips above the high of the
  previous candlestick which was closed before the
  ema crossover.
• 3. Take profit target is 10 pips.

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• Buy setup
• 1. Buy when 5 ema cross 12 ema to the upside and
  RSI crosses above 50 level.
• 2. Place stop loss 2 pips below the low of the
  previous candlestick which closed before the ema
  crossover.
• 3. Take profit target 10 Pips.

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Pros of the 10 Pips a Day Forex Trading Strategy

• 1. It is a simple trading system to use for even
  beginner forex traders.
• 2. It Works well in strong trending markets.
• 3. 10 pips profit target is easily achieved
  compared to something like 50 pips profit target.

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Cons of the 10 Pips a Day Forex Trading Strategy

• 1. You can't use the 10 pips a day forex trading
  strategy on pairs that have huge spreads, and you
  will get stopped out very easily.
• 2. This is trend trading forex strategy, so if
  the market is flat and you will have a lot of
  false signals, therefore We suggest that you only
  use this strategy during the New York and London
  trading sessions.

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• 3. You are only restricting yourself to 10 pips,
  but you only got 10 pips profit.
• 4. The tendency to overtrade if you are keen on
  getting your 10 pips a day which means you can
  blow your for the trading account simply if you
  do that.

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