forex day trader

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I want to be a day trader,bit confused as how many pips should I target as day trader.

how many trades should are sufficient in a day.

how many pips should I target in a trade.

can anybody help me with these questions.

what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs

                           am I putting too much pressure on my trades,or asking too much out of my trades as a day trader). 

 
Start with day trading on a DEMO account and you will see what kind of trading you can do with the account you project.  Set your balance on the DEMO account to twice what your actual starting balance will be and set the leverage to 1:100 and carefully track your results.  Be happy you risk paper money until you figure out the basic questions.  There is no one answer for everyone.
 
thanks Michael for your suggestion.
 
anuragbhargava:

I want to be a day trader,bit confused as how many pips should I target as day trader.

how many trades should are sufficient in a day.

how many pips should I target in a trade.

can anybody help me with these questions.

what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs

                           am I putting too much pressure on my trades,or asking too much out of my trades as a day trader). 

 All of your questions really come down to your trading strategy. I'd say that there isn't an amount you should target as a day trader, since everyday the market will move differently. 

Trading 32 different pairs and expecting 150 pips in each trade seems quite unrealistic to me, but who knows. Also, calculate your trade size/volume in regards to your stop loss and risk profile.

I myself am also a day trader if I can call myself that, I usually make 1-3 trades a day(except FOMC days which I don't trade), never do I have a static profit target, but I close my trades based on price action and overall market situation.

 
Every pair have an average daily movement of pips, this can guide you, but the final answer will be in the strategy you are going to use, just look the graphic and analize the previous operations of your strategy, and calculate how many pips you should target per operation.
 
You should make this as an external parameter and then read how to use the "strategy tester".
No one of us could give you a better answer than real testing with your model and historical data.
 

As already said here, use a demo and try strategies to find your way. Real trading is different because real money makes real deep feelings of greed and aversion.

May it helps to put pending orders with TP/SL where your strategy would place an order. So you just watch how it plays out.

Meditation is very helpful to stay equanimously. Go for Vipassana meditation! 

 

make research on pair you want to trade to get daily range

calculating lots is depend on your balance and how much you want to risk

 

thanx a lot,to all of you,for your guidance.i am looking into all these aspects and implement it slowly and slowly,

may it turn out fruitfull and I can call myself a professional trader someday in future. 

 

hi guys,

 if you need help with day trading theres a great strategy available for free at nextgen-ea.com.

 

make sure you use demo account to start with, good luck 

 
Hello, .....  what did you decide to do?  I would guess you have more questions ....
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