Rule number one, it’s okay if you do not make 100 pips everyday.
This is the first rule because if you apply too much pressure on yourself chances are you will make mistakes and lose money rather than make 100 pips.

Rule number two, only trade when you see your specific trade set up. Anything else, leave it alone.
How many times have we all been in this situation? We see price moving and even though it may not be a trade we understand we try it and it fails. This is a very frustrating situation and you will only put yourself in a position where you have to work harder to replace your losses.

Rule number three, when you see your trade develop, look for confirmation and then do not hesitate, simply take the trade and set in your stop loss and your profit target. Then leave it alone. This is easier said than done.
The confirmation I speak of is of course several different things.
My first tip is I wait for a candle to close before making any kind of analysis. I do not assume anything.
Waiting for a candle to close means whatever timeframe you are using, wait for that pattern to complete and the candle to close. Whether you are using a five minute chart or a 30 minute chart. If you see a potential set up wait until it is complete before making your analysis. Try not to jump in a trade just because you see price moving.

The other confirmation is to look at where the US dollar is relative to the trade you are considering taking. You may also want to consider looking at equities and commodities markets and without going into greater detail there is much more confirmation but this is a good start and will give you a general feel for where the market is headed.

Rule number four, take your profits. This isn’t always easy to do either. Often times when we see a trade working in our favor we want to believe that price will go farther so we let the trade go far beyond our initial plan and at times a trade can end up turning into a losing one. By taking your profits and following your plan, this will help you prevent a winning trade turning into a losing trade.

If price continues to rally or run to another level, simply watch the trade after you have taken your profits and learn from the activity you see. Try to determine why price that particular time continued much further and if you can move your profit targets to another level. The important key to remember in doing something like this is study and testing.

It is much better for you to analyze the markets while you are comfortably following your trading plan. This is because you will see what is actually taking place in the markets and you will absorb much more information, as opposed to being in a bad trade, breaking your rules and hoping to see what you wish will happen rather than what is actually happening.

My final piece of advice, learn at least two different strategies. One strategy for trading inside of consolidation and scalping profits and another strategy for when price breaks out of consolidation and the markets are trending. This will allow you more opportunities resulting in 100 pips per day or more. Also apply the same techniques to at least two or three major currency pairs. It is possible to create a workspace on your charts to view the time frames necessary on at least three or four pair using one computer screen.

If you would like a picture of my single monitor chart setup to view how I trade multiple currencies with one monitor, please instant message me and I will send you a picture.

Thank you for reading,
good luck,
LC