Very good advice for new traders who usually try to scalp the market with big stop loss and smaller profit target. This is the best plan some one can do to build a strategy on forex and be very profitable. If a good strategy and good money management agree then you are a winner on trading.
It is never a good thing for the trader who is new to try scalping as a first trading strategy because of the risk that is existing in the scalp trades. Usually the idea of having a big stop loss and small profit target is not a good risk to reward ratio at all.
If you are setting the take profit option then i think it is very good for you to set this take profit at the 10 pips because this is not a small profit.As for your stop loss is concern then i think this depends upon your analysis.
beginners traders should maintain trading plan and all the rules in the trading market. where, they should not greed any time. when they will get lower profit in the market they should close the trade. emotion can make him loser in the market. traders should use stop loss and take profit in the market. demo practice is more important.
the good advice for beginners is learning and practice with demo account, as beginners should be patient before starting trade find the good strategy in demo on your practice is good and if you have a good sure about your strategy you can trade in real no limit time to practice..
My advice to the beginners they should first gain the proper knowledge, experience and practice skill. Then start the real account trading. Avid from the mistakes and also try to learn from it. Prepare the good strategies for earning.
Beginners in the forex business should first learn to develop the patience inside of them. Patience is not learnt or practiced, because they is one tool that will help for their trading in the end of it all. Most beginners are rather in a rush to make profits, so they end up in mistakes.