The main mean to stay tuned with pips in forex market is to set a number of rules for following the market. The most common practice here is to keep records on the daily basis.
To do so one must attentively ensure that he is considering the data in relevance of a day. Thus you should always try to continue the same strategy even in case of a small loss, without the need of shifting the technique to come over the losses. In a similar manner the greed must not influence in change of strategy to gain more profit.
In case you’re dealing with a single loss, you should not get disappointed and consider your approach to make no sense. In contrast, you have to get more patience about your dealing and follow up the changes in the market.
As a rule the trader must not trade with two pairs, but try to get involved into a few trades, if there’s a chance for doing so and not getting out of the track. So as a result you will get a chance to get more profits not influencing the pip but rather increasing the number of trades.
The positive shift in the market will allow the trader to get more profit from a few trades that will compensate the loss from the others. This is why one must always trade with a relevantly low sum, which can be compensated during the trading day in case of losses.
And finally the goal-setting will be the most applicable option to evaluate the results. The trader must daily expect the worst and best results possible and believe in getting something in between. Thus this might turn into the best practice on a daily basis. The average of the daily expectations might be summed to get the week profit expectation.
Doing so you will be able to see what exact pips should be set to get the desired value on a daily basis and get a successful weekly profit without making significant changes in trading strategy. The most useful thing to do while following this strategy is the usage of various types of software. They will allow making calculations of possible wins and losses and will help you find the most fruitful options while setting the trade. For the best option of the software the trader must refer to the brokers.
