Suppose, you are a new trader and want to make some pips daily consistently with a simple forex strategy. How about making 20 pips daily with a very simply set and forget strategy that is very easy to master. This is a very simple FREE GBPUSD set & forget strategy that can make you 20 pips daily. 20 pips daily means 100 pips per week and around 400 pips in a month. So, this simple GBPUSD strategy is not going to bring in huge amounts of pips daily but it will make you 20 pips daily with little experience. These are the rules that you will follow with this GBPUSD strategy:
1. Open the M15 GBPUSD chart.
2. Verify the difference between your time and the GMT time. You can use this Greenwich Mean Time site to verify the GMT time.
3. Now, check the closing price of the 15 minutes bar that opens at 00.15 GMT and closes at 00.30 GMT. This will be your base price.
4. Place two pending orders simultaneously: 1) Pending Buy Stop Order and 2) Pending Sell Stop Order.
5. Pending Buy Stop Order will be 50 pips above the base price that you checked in step 3.
6. Pending Sell Stop Order will be 50 pips below the base price.
7. TP or Take Profit for both orders will be 20 pips.
8. SL or Stop Loss will also be 20 pips for both orders.
9. At least one of the above pending orders will get opened daily. You will need to delete the pending order that didn’t get opened. For example, suppose Pending Buy Stop Order gets opened. You will delete the Pending Sell Stop Order.
10. If none of the two pending orders gets triggered, simply delete the two orders at 00.00 GMT.
Now, you need to practice this simple GBPUSD strategy on your demo account first. As you must have seen this is a simple strategy that involves opening two pending orders with the same TP and SL. Only one order will get triggered. You will delete the other pending order that didn’t get triggered. After you have practiced this GBPUSD strategy on your demo account for a few weeks, you can trade live with it and make 20 pips daily. How much time this simple set and forget strategy will take? Not more than 5-10 minutes daily. Good Luck!