You surprise me. You talk like your an expert but even the lingo you use screams rookie. You're proably an older rookie, but a rookie nevertheless. I would love to lecture you in the ways and means of
FX, but quite frankly, I just don't care.
Pips?
What about option strategies?
I don't target any 'pips' for the month. I have weekly/monthly/yearly drawdowns. When they are reached I stop for the week/month/year, period.
In order not to reach those levels, you have to have at least a 2.5-1 risk/reward ratio.
That will allow you to be right only 35% of the time in order to be making money.
As a fund manager/prop trader, the most important thing is consistent returns, which means if you trade 1-1 your going to get toasted. The
FX market is designed to seek out the 1-1 traders and gobble their money up.
As for bank traders not making money, I won't even acknowledge that with a response, clealry you have no clue and your friends who are 'bank traders' may indeed be bad at it, but to categorize everyone as such is simply nonsense.
You sound very much like the typical retail
FX trader, I wouldn't be surprised at all if your a guy 2-4 years new to
FX.
I've been in the market trading
FX for a bank for 19 years. I run a desk of 16 prop traders globally at one of the largest banks in the world. I've made over 120 mio USD in my career and taken home close to 10 mio myself in bonuses.
But what do I know James, your the expert.