15 pips to a FORTUNE
The 15 pip Challenge: It’s well worth our time!
We are hoping that every member in this trading forum can share their insights and thoughts in an effort to develop a consistently profitable 5 minute charting system.
As we all know the daily range of many currency pairs is in excess of 100 pips, which means that with the major up and down movements the potential trade-able range goes up to around 150-300 pips. When we utilize a smaller charting timeframe we allow ourselves many more strategic opportunities to enter into a new or developing trend with a smaller downside risk.
The goal is simple: 15+ pips on average in any given currency pair per day, considering the daily price swings this is a very conservative goal and should not be a problem for a group of intelligent traders to figure out. Whether we come up with a strategy that wins consistently or simply wins one more than it loses it doesn’t matter.
The WHY!
15+ pips doesn’t sound like much, but when you step back and look at the bigger picture it all becomes worthwhile. If we consistently can make 15 pips on one currency pair, odds are we can do the same in a few other currency pairs. If we extend our system out to say 8 currency pairs we could pull in 120 pips per day or 600 pips per week. 15 pips is very small, but 600 in a week is unheard of, but if we can make the 15, we can make the 600.