Looking to make 20-50 pips a day?
Have you ever aimed to make 15, 20, 50, or 100 pips a day?
The number of messages I get on that topic is pretty insane.
You might be thinking:
“oh, if I could just make 50 pips a day, I'd be happy!”
And that's totally normal!
Because it's been repeated over and over again out there
…through videos, blogs, and even at conferences.
Let me explain today why that doesn't work.
Then, I'll show you what to do instead.
First, the market isn't responsive to how many pips you want in a day.
Here's the reality:
Aiming to make 20 pips a day is like trying to spot 20 people with a purple shirt every day.
Some days you'll do it, but some days you won't.
In Bangkok, there are days where almost everyone dresses in yellow.
You're not gonna find any purple shirts that day.
Then there are days where it's cold and people have jackets on
…I think you get the idea.
So it doesn't really make sense to aim for something kind of random.
But that's only one reason of many.
Second, this is in my opinion the biggest issue…
Pips in trading don't matter as much as people think.
You can win pips and lose money, or you can lose pips and win money.
So it doesn't make it a clear measure of success.
Say, a 200 pip loss costs me $200 on a daily chart.
It's very possible that a 60 pip win makes me $400 on a 1hr chart.
And that's why looking at your pips won is irrelevant
…especially if you trade multiple timeframes.
How should you do it then?
Well, we already know we can't control pips
…and it's really hard to use it as a measure of success.
So the only way left is to measure your success based on what you do.
As a trader, you should never base your success on pips or dollars earned
…even on a long period of time.
For instance, take a trader who lost $60,000 in the markets.
He then gets serious about things.
And since then made over $40,000 slowly & progressively.
Still, looking at his results, he could say: “I'm a losing trader!”
But is he really? Not in my opinion.
Making $40,000 progressively is a big success in itself.
You need to acknowledge that!
Therefore, the only true measure of success in trading is what you do:
- Do you do what's needed (adjust strategy, test ideas, meet investors)
- Do you follow your rules (i.e. compliance level)
- Are you keeping an eye on your metrics?
- Do you respect your trading plan?
Those are the things that actually matter – much more than making 50 pips a day!
I'd love to hear your thoughts!
Do you agree with me on this?
Also, we're still looking for a few more students who want to level up their trading & eventually quit their 9-5 job.
If you are interested in working with us, you can apply here!
Then I or someone from my team will get on a call with you.
And we'll be making a plan for you to succeed & meet other traders!
Keep crushing it 💪📈