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How many pips per day should I get?

Discussion in 'Beginners Bootcamp' started by Begginer, Nov 18, 2008.

  1. Begginer

    Begginer Recruit

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    Hello

    I have read that forex brokers start to ruin your account when you get a lot of pips.

    I you are good in a demo account and you begin with a real account, how many pips would you aim in order to not get into trouble?

    Also, I would like to know if there is any forex broker who does not trade against you.

    Is there any trustable forex market maker?

    :)
     
  2. Pharaoh

    Pharaoh Colonel

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    If you are dealing with a broker that hates profitable traders, then it's not the pips, it's the amount of money you are making that gets their attention. A hundred pips per day trading microlots (about $10 profit, depending on pairs traded) won't get any attention. A hundred pips per day trading full lots (about $1000) will definitely get your account noticed by the nastier bucketshops.

    You have to watch the broker's terms VERY carefully. Some places ban scalping, but the definition varies widely from broker to broker. Some say any trade open for less than 20 seconds is scalping. I've seen one that says any trade manually closed in under 10 minutes is scalping.

    You can reduce your chances of problems by making sure your broker is properly licensed and regulated. Brokers that are NFA (US) or FSA (UK) are usually considered "safer", but there are other regulators and there have been some bad incidents with NFA and FSA registered brokers.
     
  3. Thumper

    Thumper Recruit

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    Although obviously not a term of praise, what are "bucketshops"?
     
  4. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    Ehm...the amount of pips that you will get is depend on you, because you're the one who put the lot in your trading. The thing here is that we can't control the changes in the currency that we buy and sell.
     

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