Going for PIPS, NOT DOLLARS!
An IMPORTANT Psychological Approach to Forex Trading
Tips on setting up your Power of 20 Pips a Day Money Management System
Hey Traders! This video goes over the Power of 20 ips a Day Money Management System Settings. This video shows how to set the power of 20 pips a day settings so that 20 pips can equal a fractional percentage, such as 20 pips = 0.5% account growth or loss.
Another extremely important topic covered in this video is “Playing for Pips, NOT DOLLARS!” Why is this important? It is important because of the psychology behind it. The whole point behind this scalping system is to get really good at one thing:
Making 20 Pips a Day!
If you can get good at making 20 pips a day, then THAT is your vehicle to success. Now if the lot sizes that you trade could be automatically scaled so that 20 pips could equal a certain percentage account growth and automatically adjusts as your account grows! That is exactly what the FibMatrix VTA and the Power of 20 Pips a Day Money Management System accomplishes. All you have to do is make 20 pips a day and you will be growing your account by COMPOUNDING 2% per day!
The DISADVANTAGE to playing for the dollars is that dollars invoke an emotional response from the trader which is NOT GOOD! Emotions are the enemy! Playing for points, not dollars allows you to approach trading with less emotional stress!
Trading at the 20 pips = 2% level is one to strive for after reaching consistency in your trading. But when making the transition from a demo account to a live trading account, one might want to ease in to trading with actual risk. In this case, you might want to start at the 20 pips = 1% or even 20 pips = 0.5%. This video will assist in that task. Using a proven money management or risk management system is crucial to a successful forex trading strategy.
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