Wrong question to start trading forex with. If your goal to make pips every day let me tell you fridend market won't simply give you intake it will take it from you what you have already made. I had the same question, same mind set 4 years ago. Earned not of money and lost lot of it too. Speaking from real experience. Goal should be how not to lose, how to protect your capital and make consistent mony over times.
I`ve found something interesting lately. 10 pips a day rule. In short a target is 10 pips for a day and in long term this can provide you serious profit. Sounds strange for me but I think to test it in demo and see the results.
In the event that I could guarentee that I would make just 1pip every day, at that point I would be a rich man. The issue isn't what number of pips every day except how likely you will make any benefit at all in multi day. A great many people lose sometime in the not so distant future (if not generally day)
Basics of Standard Lot. A standard lot represents 100,000 units of any currency, whereas a mini-lot represents 10,000 and a micro-lot represents 1,000 units of any currency. A one-pip movement for a standard lot corresponds with a $10 change.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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