ECONOMICS
FOREIGN CURRENCY MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Target:5-10 pips a dayTrade Duration:seconds-minutesCharts:M1-M5
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Target:5-10 pips a dayTrade Duration:minutes to hoursCharts:M1-M5
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Target:5-10 pips a dayTrade Duration:seconds-minutesCharts:H1-H5
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Target:50-100 pips a dayTrade Duration:seconds-minutesCharts:M1-M5
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Detailed explanation-1: -What is the 10 Pips a Day Forex Strategy? The idea behind the strategy is to aim for quick wins every day. As the name implies, the goal is to make a profit of 10 pips each day. This sounds simple enough, and in theory it should be.
Detailed explanation-2: -Scalpers like to try and scalp between five and 10 pips from each trade they make and to repeat this process over and over throughout the day. Pip is short for “percentage in point” and is the smallest exchange price movement a currency pair can take.
Detailed explanation-3: -A 1-minute scalping strategy refers to a situation where a trader uses the 1-minute chart to conduct analysis and execute trades. In a 1-minute chart, each bar usually represents 1 minute period, meaning that you will be seeing the bars move in real-time.
Detailed explanation-4: -The pip value is $1. If you bought 10, 000 euros against the dollar at 1.0801 and sold at 1.0811, you’d make a profit of 10 pips or $10. On the other hand, when the USD is the first of the pair (or the base currency), such as with the USD/CAD pair, the pip value also involves the exchange rate.