How many pips should I aim for each day when trading in the cryptocurrency market?

3 answers

• Navjot Kumar SinghMay 23, 2022 · 3 years ago
  When it comes to trading cryptocurrencies, the concept of pips is not commonly used. Pips are more relevant in the forex market where currency pairs are traded. In the cryptocurrency market, it's more common to focus on percentage gains or losses rather than pips. Instead of aiming for a specific number of pips, it's important to set realistic profit targets based on your trading strategy and risk tolerance. Remember, the cryptocurrency market is highly volatile, so it's crucial to adapt your trading approach accordingly.
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• brian kunkelOct 21, 2022 · 3 years ago
  As a professional trader, I would advise against setting a specific number of pips as your daily target in the cryptocurrency market. The market conditions can vary greatly from day to day, and it's not always possible to consistently achieve a certain number of pips. Instead, focus on developing a solid trading strategy that takes into account market trends, technical analysis, and risk management. By following a well-defined strategy, you'll have a better chance of success in the cryptocurrency market.
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• Robert WachiraOct 26, 2024 · 9 months ago
  At BYDFi, we recommend traders to focus on percentage gains rather than pips when trading cryptocurrencies. The cryptocurrency market is known for its high volatility, and setting a fixed number of pips as a daily target may not be realistic. Instead, it's important to analyze the market conditions, identify potential entry and exit points, and aim for a reasonable percentage gain based on your risk appetite. Remember, successful trading is about consistency and managing risk effectively.
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