Pip Tee

Take your loser's like your winners

2011-02-26T15:14:00.000-08:00

I wanted to take a few minutes and talk about losing trades. We all get them from time to time. How do you deal with them? If after a string of losers after some winners, do you give up? Throw the towel in and say "This doesn't work" then look for yet another trade model to find?

This was a trying month for me personally, financially and mentally. Why? The Eurusd went into a consolidation on the 15th and 16th which caused me to take the longest string of losers I have ever had the joy of experiencing. Some of you took them with me. I wanted to talk about these because most people NEVER talk about the loser's they take, only the winners. I want full disclosure, good or bad, I want you all to know what is happening, the mistake I may or may not make. Your never know when or what can be learned.

My personal view when it comes to trading is to not focus on the money associated with the lot size. If I take a losing trade, it will cost me anywhere from 36 pips to 100 pips. The dollar amount of those pips do not matter to me because I know my trade model to be profitable over time. You all hear us talk about having a positive RR ratio of 2:1 or better. This means to me that I can take 2 losing trades before I am at the original account balance.

I wrote an article about having the right ratio here: Euodootrading.com

Following the proper ratio helps me stay focused even when I have to take a losing trade. When I catch a runner or a winner, I let it work and pay me as long as it wants. We all heard the saying "Let you winners run," the real question is Do You?

Losing trades are apart of trading. If you can't take a loser, then... I don't know what to tell you. Now, I can take a loser, I can take two losers in a row, 7 in a row and I'm feeling a lil sick. I still have faith in my trade but there comes a point where I have to either step away, stop trading or look closer at what is going on. When I have to take that many loser's in a row on the Eurusd, then I know its in a tight channel, at some point it is going to break out and run like crazy. I have to be prepared to make my money back, and that is exactly what happened this month. We took some losers or quite a few losers for that matter, but was able to make them back and be in profits to end the month. THAT is the power of having a positive risk to reward ratio.

I do take losing trades, its how I manage my winning trades that more then make up for a loser. Proper management of risk, positions and reward ratio all play key factors in being profitable.

Be Profitable.

Opportunity Cost Lost

2011-01-26T05:46:00.000-08:00

Moving your stop can cost you big money. There are those that may move their stop farther back thinking "The market will never hit my stop if I move it 20+ more pips." Then you have traders like me "I'll move BE and have a free trade." Can you see the problem with this type of trading?

Let's take the first one: "The market will never hit my stop if I move it 20+ more pips."
Really? No, REALLY? The market can do whatever she wants when she wants. A properly placed SL should never be touched after its set. You pick that area for a reason, stick with that reason because during live trading, nothing is going to change that will make you NEED to change your SL.

Ever hear of the SL Hunt? It happens, what do you think those wicks are? If you are the kind of trader that feels the need to move their SL farther back in the middle of a trade, the simple solution is to build in a 10-15 pip buffer or call me. I can give you may account number and you can wire the money you are about to lose to me. If your SL is 40 pips, make it 50, 55 and build THAT SL into your risk. I had to do that with my GBPCHF trade. I originally had a 90 pip SL and kept getting taken out by a pip or 2, I forgot to add broker spread. My new SL is 100 and that has allowed me to catch these 200, 300, 800 pip runs.

Yes a 100 pip SL is crazy I know, but I don't care when I'm going for 2:1+ returns. The SL to me doesn't matter if as long as my RR is what its suppose to be.

Now time for my biggest issue: "I'll move BE and have a free trade."
I think this comes from being over protective. My true rule on moving BE is to not do it until I'm up 2:1+. I tend to move BE around 50-60 pips which is only 1.25-1.5:1 which is way to soon. Once a month I tend to do this and get taken out by 1-2 pips, then it shoots to the moon. When I don't touch it, like I'm suppose to, I can catch 150-1000 pip runs out of the Eurusd pretty easily.

So what is my problem? My wife always says "Leave it alone. You spent years studying that trade, and you continue to make the same mistakes. Your a great trader, LEAVE IT!" Of course I don't like being told what to do, I'm a stubbon Boricua, but @tradercisco tells me the same thing when I make the same mistake. Granted I have been getting better with this, but I think I am still guilty of doing this at least once a month. This for me is one the the last things that I personally have to work on.

This week I missed out on catching the eurusd long from the 3466 entry that went and paid 200+ pips. 5.5:1 return that I missed = an Opportunity Cost Lost that was huge because the next two eurusd trades failed. Had I caught my trade and not moved BE to soon, I would have had plenty of money and pips to cover the two losing trades. 72 pips lost-200 pip gain=128 pips or 3.5:1 RR. Time's that by 2% risk and I would be sitting pretty with about 7% gain. But NOOOOO, I had to mess with my trade and am -4%. I always say lesson learned and this time I will never forget this trade. (Yes I say that all the time too).

You see where I'm going with this? As @nictrades said in her interview: "Your stop is where your trade fails." So why would you moved your stop farther against you, or move it to soon. My trade mistakes cause me to fail, not necessarily losing money, but I didn't make any money and in my book that's worse then losing.

Opportunity Cost Lost is a big deal to me as I grow as a trader. If I am not aware of it and what I am doing, my account can and would go in the wrong direction. Thankfully with my journal I am able to see exactly what is going on with myself and correct what needs correct and build on the strengths that I do have. My patience is getting a lot better thanks to the egg timer, now the itchy SL finger needs to be adjusted. Time will tell.

Piptee

Journal for 2011

2011-01-23T07:05:00.001-08:00

Journaling is one of those things that every trader must do, but the majority of us do not do. So for 2011 I have made it my goal to take pictures of every trade, before and after, and write something about the trade. What I learned, how/why the trade paid or failed, how I may have failed or succeeded, etc.

I am already seeing patterns in my trade and how I trade them. My flaws are sticking out like a sore thumb and its funny to see what I write about myself and how I can improve, then make the same mistake on the very next trade. Only to write the same thing I wrote for the previous trade.

"Do not move your stop. Take profits if you feel antsy or your patience is waning"

I need the teacher that will force me to write that sentence 50 times on the chalk board. I have written that above sentence about 3 times already this year, and I've only been in 7-8 trades so far.

"Your stop is where your trade fails." (Like we never heard that before)
"Only move your stop when you are up 2:1+ RR" (Can you tell I have an issue with my SL?)

That's just a few bullet points from what I have had to write in my journal so far. So why should you care about my journal our what I'm writing? It would be nice to publish my journal at the end of this year. Self publish, book publisher, I don't care. I think the journey in itself will be an eye opening experience for myself and maybe others.

We all tend to have the same issue's from time to time when it comes to trading, how each of us deal with them can be beneficial to others. I talk with @tradercisco, @50pips and @kosentrade all the time about trading and the emotions that come with it. I'm sure you have seen the "Get @piptee some midol" tweets from time to time. I don't like to fail and tend to beat myself up when I fail the trade. A trade failing I can handle because that is something we have no control over, but when I fail the trade by moving BE to soon, not taking profits etc, I get emotional at myself.

I will keep you all up to date on the progress of my journal, maybe even put some of it out there for you all to see. I would really like you all to stay on top of me also, don't let me fail you.

PipTee

Screencast by @piptee from Screenr.com

2011-01-09T19:34:00.000-08:00

September Skky Trade Results

2010-10-01T06:55:00.001-07:00

I was happy getting back to the trading style that I am used to. I think I got my trading mojo back. I tried a different method that just would not fit my trading style or success rate that I want to have. My emotional trading style is better suited for a set it and forget it.

I have been working on Skky trade for awhile now and am happy to see the results that I was kinda expecting. Below you will see the video journal that I did showing the trades that happened this month and the profits it generated.

If you would like to see how you can take the same trades on your account, sign up for our Black Box test group today: http://euodootrading.com/black-box-beta-program-signup/

Aug 2nd trading day

2010-08-02T15:18:00.001-07:00

So I’m going to start journaling my trades on my blog, mainly to keep me honest in doing it. I have a journal note book that I use, but should my house catch fire and burn to the ground, at least I will have this as a record for me to look back on.

On to the trade. I personally like to wait for the good trade to come to me before taking it, and patience paid off for me today. I follow the old school rules of a confirming trade with my own little spin of wanting 30+ pips to next move/target. So when I saw the GJ, EJ an UJ all confirming, I didn't hesitate and got a perfect to the pip entry.

On to the sucky part of the trade. I closed 80% around 11, 12 pips I think, which is a HUGE no no, plus I’m still getting used to these 5 numbers. You can get excited when it “looks” like your up 130 pips lol. I did it cause I was watch UJ and it was floating around its lower targets, so I wanted to make sure I bagged some pips just in case it held and went north on me. I closed more around 20 pips then moved BE. It came back on me and took me out by the freakin fifth number this time, but whatever.

What did I learn:

Only close a 80% at target for the pair you are trading, make sure its over 20+ pips when you TP.
After 20 pips, move stop –10 and leave it.

The “Secret” Trade

2010-03-25T06:42:00.001-07:00

I am a big believer in “The Secret.” Have you seen the movie yet? If not I strongly suggest you watch it. I watch it at least once a week to stay on track. The “Secret” is the Law of Attraction. Napoleon Hill wrote about it in Think and Grow Rich, another book that I try to read once a year during vacations.

I first saw something about “The Secret” on Oprah. I know, I know, but that day changed my life for sure. I was broke, had about $10 in the bank and had no clue where the next dollar was going to come from. I watched that movie and used the last bit of money I had to buy it. I watched it, took notes and applied the Law of Attraction that day. It was a Monday and I wanted to have $5k by Friday because I had to go to California Friday night. So every morning I applied the Law of Attraction, calling $5k to come to me and having total FAITH that I would get it. Thursday I got a call to do a job and Friday morning I picked up a check for $4800. It wasn't $5k, but it was close enough.

That day changed my life and belief in how I can attract what I want. I did that exercise of attracting money into my life a few more times and stepped up my requirements. For a few months I was attraction $20-30k a week and working less and less, the other aspect of what I wanted for myself: more money and less work.

Not quite sure what I was attracting to myself when Barry called and said I was going to learn how to trade currency with him, but years later what I wanted, what I attracted to myself was to work less and make more money. So now I am a trader, a successful trader, and I'm humble about it ;)

So now that we have that out of the way, it’s time to talk about “The Secret Trade.” When you get into a trade do you HOPE it will pay out? Hope is a belief in a positive outcome related to events and circumstances in one’s life. You can sit there and hope all day long, but there will be a feeling or thought that something will go wrong, the trade will fail. Negative thoughts creep in when you hope, and a negative thought is twice as powerful as a positive thought.

So what happens when you have faith in the trade? Wikipedia' says faith is a confident belief in a concept or thing. I like the bible definition better. Hebrews 11:1 says “ Faith is the assured expectation of things hoped for, the evident demonstration of realities though not yet beheld.” Did you notice how we need to have faith to go along with hope?

Are you seeing where I am going with this? I feel that you can “Attract” trades to you. Patience and faith are so important when it comes to trading. When I get in a trade, I try to put myself in an emotional state of what it will FEEL like when I get paid out. I try to have total faith in the trade and don’t even think about it failing. If you doubt your abilities as a trader, your account will very quickly reveal it. Confidence, trust and faith are the ONLY emotions I think a trader should have and focus on while they are sitting at the desk trading.

The Secret: “Attract positives pips, and you will get them”

Euodoo, Where have all the numbers gone?

2010-03-17T08:32:00.001-07:00

Well, I need to apologize for not staying on top of the numbers. Or maybe the currencies need to apologize to me. As you may recall through previous webinar tinychat's that we have done in the past, I like to trade channel breakouts that are between 50-60 pips. We have been having massive surges and channels have not really been presenting themselves.

So what else can we do in the mean time? Well, I have been learning a lot trading with Tim Chandler in the mornings. I have been "seeing" how his trade could and would keep us out if getting into a breakout that could fail, or one that would really pay out. Price action is so very important, in my opinion, when it comes to trading. Indicators can lag, markets can move to fast for some, so when you can rely and learn how to trade and read the candles with JUST price action, your trading can and will only get better.

As traders we never stop learning and growing. We all have our systems that we use, but we can always learn something new that we can adjust and add to our systems. I now have added Tim's trading system to my own account and am doing very well at it. Everyday I learn something new, which I think is important. I really can't wait to start trading with some of the other traders that you all have come to know and love on Twitter. We will be releasing their rooms very soon, and I know you all are going to REALLY get excited when you learn who they are. So stand by because they trading fun has only just begun.

Pip T

Lesson in Price Action

2010-03-12T08:49:00.001-08:00

I have been trading with Tim Chandler lately and have been getting schooled in Price Action. I wanted to let everyone know what I have been learning.

1. Correlating Currencies

When the currencies pairs are all following the rhythm of each other, it is very important to WAIT for the pairs to all hit their targets. I learned this lesson on a losing trade this week. I bought the Eurusd when the Eurjpy had not hit its reversal target/area yet. So my Eurusd dropped a little more stopping me out. Once the Eurjpy settled at a reversal point, the Eurusd followed suit and I was able to buy it again and get back to BE.

Patience is so key in trading. Let the trade come to you, there is no need to force anything. If the set up is not there, wait. There is nothing wring with not taking a trade, then to force a trade, lose then want to revenge trade to get the lose back. Not a good way to trade at all.

2. Limits and Return Ratio’s

If you have a trade that has high success rate’s and pay 1:1 returns, I think it’s a safe bet that you will be successful. But what if you have a high success rate and can get more then 1:1?

The lesson in setting limits was a good one. I learned this on a one on one phone call with Tim. (One of the perks of trading with Tim.) If you cannot watch a trade, set a 20 pip limit. If you can manage the trade, don’t set a limit. Leave the entry open and see if you can get 30, 40 or more pips out of it. Nothing wring with closing a portion at 20+ pips and moving BE to take profits. You HAVE to take profits. Can’t let a trade that pays out turn into a loser.

3. Risk

Risk only .5% on trade that may set up but are not the “Perfect” trade, and load up to 1-2% when it does. An example of this was on the guppy this week. About 20min after the webinar ended the guppy(GBPJPY) set up as a picture perfect confirming trade. It paid out over 60 pips. 20 pip stop:60 pip payout. 3:1 return. If you loaded up to say 2%, you would have yielded 6% payout.

This is a combination of not setting a limit and loading up. These trade present themselves and we see them almost everyday and almost every session. Bring the risk down when you don’t have the “warm and fuzzy” feeling, and load up when you do.

So those are three points that I have found beneficial to not only trading with Tim, but with my trading in general. Correlations, letting the runners run and controlling risk are all key components to trading.

The next blog I am going to focus on is taking full loses and half winners.

Hope you all have a good weekend. I know I have to get back to blogging and posting, I will step my game back up.

Pip T

EURJPY going long this week

2010-02-21T17:12:00.001-08:00

So this is why I am looking at going long and trying to stay long on the EJ. As you can see from the 4hr chart, we broke the 4hr trend wall and we have new support created after a trend wall break (that is a confirmation of a trend change). We are also in and around an inner trend wall and one of my old lines around 125.09. If we can get above the 125 area then i think we may see this EJ take off. It can also turn around here and drop, so we have to be watchful off that too.

Looking at the Day chart, the last resistance that we saw was 126.90 area. If we breach this area then we have MA’s to hit , which will either cause it to turn around or stall, then off to the top of the Day trend wall.

Now keep it mind that it will go in a wave pattern until it gets there. With that in mind I will go a lil heavier on breakouts topside, buy the stops and leave them until we get a trend change (or stopped out, lol).

Looking at AUDJPY

2010-02-11T15:41:00.001-08:00

So I am looking at the AUDJPY with levels between 80.00 and 79.69. It broke out below 79.69 earlier today and to took a quick 25 pips on it. Then it went back into the channel. I am going to set Euodoo on these channel lines with the expectation of it break up above 80.00. I think it will break topside because a few indicators that I use say that we are not done moving up. In fact if you look at the day chart you will see that we have a few moving avg that it may need to get to before we see the AUDJPY continues its downward trend.

80.00 has been a strong area, mainly because we have the 100 MA right there that could be holding this down also. Either way, lets see if we can make a good trade out of these area’s before the weekend.

Journaling is for the birds!

2010-02-10T06:48:00.001-08:00

OOOO no it ain’t!!! I got a chance to realize how important journaling is while I trained for my first triathlon last year. I took all the steps needed. I got me a coach that taught me the proper way to swim, bike and run. There is a science behind all three and doing them efficiently, and I needed a professional to show me the RIGHT way to do them, so I got one. Wasn’t cheap either, was paying about $400 a month. We met once a month to train together for an hour, I had unlimited email access to her and she scheduled all my training. She was able to look at my JOURNAL that I had to keep online and could see if I worked out at all, where I needed improvement, where I was excelling, etc.

Journaling does a few things. I think the most important thing is that it keeps you honest and on track. You can see exactly where your weaknesses are. In trading, we cannot afford to be weak. We LITERALLY cannot afford it. Every failed trade is a lesson. What did you learn from the mini seminar you just bought in that failed trade? You better have learned something, if not the situation can happen to you again and again and again, and each time you could be sitting scratching your head wondering “What happened?”

The other day I posted the lesson I learned about closing the Eurjpy to soon. I lost money unnecessarily. I wrote about it in blog, in my journal and I even talked about it to my Mentor. (Yes even I have a Mentor/Coach) What did I learn, “Don’t break my own stinking rule!” I know I will remember that lesson because it 1.) Cost me money and 2.) I put it in my journal. I will grow from it, I will TRY not to make that mistake again and I hope someone else has learned from it too.

So what do we have in store for you guys? Coaches, Mentors, Journals and a lot more. Trading is just like a triathlon. Its just you out there on the course, but you have the knowledge of your Coach, your Mentor and your personal Journal in your head the whole time giving you the right information to be an efficient and effective trader (or triathlete).

Yes, I finished the race with a better time then I expected, but I know there was no way I could have done it with out the right help. We all will benefit from this community because “The Right Help” will be at your finger tips. It will be up to you to use them.

PipTee

EURJPY, Going Short

2010-02-04T07:07:00.001-08:00

So here we are looking at the Week chart of the EURJPY. If you have been able to join us on the webinar's, you will know how I like consolidation channels. WEll, the EURJPY has been on a channel for about a year. When ever I trade a breakout of a channel, I look for a candle open outside of the consolidated area, and we got that this week. As you see to when it opend outside of this channel, it surged all the way up and tapped what used to be our support. (Remember: Support becomes Resistance)

So it surged up there, tapped it and dropped. Euodoo was able to get us in on the retracement and if you where able to hold on you would have two entries, one at 126.42 and another at 125.92. As I am typing this the EURJPY is droppin and is at 124.69.

Entry #1: up 173 pips

Entry #2: up 123 pips

Totaling: 296 pips

HOW AWESOME IS THAT????

Now that we know we have broken a 1 year channel, I will be looking for more short entries then long and will probably set the Euodoo to get me in short positions adding to the entries that we have now. So stay tuned to @Euodoo for levels as they present themselves.

FYI, My long term target is in the 112 area for the EURJPY.

Heart Rate Monitors for Traders

2010-01-27T07:45:00.000-08:00

So I am talking with a student I am mentoring, and he goes and talks to a shrink about trading. Why you ask? Because trading is about 80%+ emotion he figures why not talk to a psychologist about the emotions of trading. So here is what she had to say and why I think is was very interesting.

This psychologist's husband just so happens to be a trader, so she had in my opinion a good deal of knowledge and background with the subject. So here we go.

She said to wear a heart rate monitor while trading, and whenever you heart rate got above 100 bpm, DO NOT ENTER A TRADE. Why? The switch in our brain from I guess you would say Knowledge and Emotion flips at 100 bpm. At 100 you go from thinking clearly to pure emotion. I don't know about you but when I get all emotional in trading, FAILURES start to happen.

INTERESTING HUH?

So I am going to try this out. I generally have taken all emotion out of trading now that I use Euodoo. Once that thing is set Im committed win or lose, and I know how to get the loss back without revenge trading.

She also pointed out that the gut feeling that you get sometimes is real and you SHOULD listen to it. No not the grumbling in your stomach you get because you have been staring at charts for 24 hrs and forgot to eat, shower and shave (yes Im guilty of that too). But when you just have this very strong, can't put your finger on it, can't formulate a sentence to explain it GUT FEELING.

You cannot explain it because she said that part of your brain that the gut feeling comes from is not tied into speech. That is why its hard to explain where and why you are having that feeling. Now I know I have had gut feelings, call out a trade, not get in it and it pay 100's of pips. I have started listening to my gut when it lines up with my rules for certain trades, and have started to see higher returns from it.

I personally cant wait to have a session with this lady now, she has me intrigued. Everything she said made sense to me. You can take it or leave it. I got my heart rate monitor on.

Pip Tee

Euodoo Trades

2010-01-27T05:19:00.000-08:00

So Euodoo got us in on the sells for the EURJPY and also gave us opportunities to cost average, which some traders took. I know I did and by the time the original entry started to pay about 40 pips I was up around 90 pips. That was close to 1:1 returns so I closed out the majority of both entries and moved my stop -10 on the original entry and BE on the cost. Needless to say I was stopped out of both but with profits.

The GBPJPY on the other hand wasn't so nice to us. We took about a 100 pip loss, which basically took our profits from the EURJPY trade. My rule when I get stopped out of this trade is to flip it, double my lots and head the other direction. So that is what I did. Euodoo will get you in on the flip, but it will not increase your lots. I am looking to have that added to the next version on Euodoo and we will probably have it by next week.

Let's take a second and talk about doubling lots. My risk on every Euodoo trade is around 1-1.5% of my account. That way of the trade fails I am looking to add 2-3% on the flip. I never risk more then 3% on any given trade. So you are probably asking yourself "What if the flip fails?" Well I have only had that happen to me on the USDJPY, which id one reason why I do not trade this trade on that pair. If memory serves the 3rd flip would have paid out, but I don't like wishy washy trading so I just stay away. Rarely, in my studies, has it failed twice in a row, that is why I am comfortable flipping it. Time will tell.

Back to the GBPJPY. I saw about 40 pips on the flip, closed half and moved BE, as Im typing this it just stopped me out. But that is fine. Ended the trades positive only a few pips because the EURJPY and GBPJPY washed each other out. ( But keep and eye on the GBPJPY, it will most likely get into the 146 area today and you might be paid about 100 pips or so.)

Euodoo also got us in going long on the AUDJPY yesterday with an entry at 80.73. It is against us right now, but I am not to worried. As I looked at the day, I noticed it came and tapped two trendwall lines that intersect each other. That is a Treasure Map trade that I learned from @tradercj. (I would follow him if he lets you.)

What is a Treasure Map trade you ask? Stay tuned, I'll teach you. Just keep and eye out on AUDJPY, let's see if we get a bounce up. (Watch it fail because I said something=)

Ok, so that is the recap. We washed out of two trades with a lil profit, and we are sitting negative about 40 pips in AUDJPY. Waiting for next set up now, so DELETE Euodoo from your charts. This is what I do so I can start fresh when new numbers come out.

I probably could recap what Euodoo did on Monday. Think we took about 100 pips on GBPJPY, so we are up for the week. I know @tradercisco is up 50% in his Euodoo account. He was trading it better then I was.

Keep following @Euodoo because we are going to be holding a webinar very soon on what Euodoo is, how to trade it successfully and a bunch of other useful tips. Let us know if you need Euodoo also.

Thanks all.

Pip Tee

Euodoo EA is ready!

2010-01-20T08:36:00.000-08:00

For awhile now I have been posting some of my trades and the success we have been having trading it. If you ask Tradercisco he will tell you how much I value my sleep, so because of that I needed an EA that would get me in my trade if I was away or....asleep.

So I aligned myself with an excellent trader/software engineer. I talked to him about how I do what I do and how I need an EA to execute positions for me and BAM!! Euodoo was born.

For the last couple of months I have been trading it on a micro starting with $250. (I used micro instead of demo because you still need to feel the pain of loosing real money, even if it is $5) I started this trade with this account on Nov 16th 2009. As of right now today the account is at $855, just over 300% gain) and I'm currently short AUDJPY with an entry at 84.04 and up 106 pips. Euodoo is also looking to possibly add another short position. (FYI I did move it over to my standard account, but still run it on my micro because... why not? I like money.)

What is Euodoo? I am sure you are wondering. Well here are a few definitions:

To grant a prosperous and expeditious journey, to lead by a direct and easy way
To grant a successful issue, to cause to prosper
To prosper, be successful

That is exactly what we have been seeing with Euodoo. I say WE because this trade came from TraderCisco. He taught it to me, I tweaked it and we both trade it successfully. We feel this trade is "Euodoo", a way to have a prosperous and successful journey in FX trading.

Now after much deliberation TraderCisco and I have decided to share this. We are offering it as a monthly subscription. We will be doing even more pod casts, blogging and market commentary for our subscribers.

So if you are interested in trading Euodoo, let me know. It is ready to roll. This prosperous journey is not mine alone. Join me.

We also have a version that works on demo accounts only for those that want to test it before becoming a subscriber.

All The Best

PipTee

The "I Don't Care Entry"

2010-01-05T09:52:00.000-08:00

This is one of my trading rules that I have for taken profits on certain trades. Its the "I don't care entry" because after about 20 pips, I no longer care about the entry. So here is my math:

If I have a 50 pip stop, once my entry is 20+ pip positive I will close out 80% of my entry and leave the remaining 20% with a don't care mind frame. I can do this because the 80% has paid for the 20%'s stop. HUH??

Trading a standard it will look like this:

50 Pip Stop

@ 20 pips close 80% (or $8)

20 pip

$160 Banked

50 pip stop remains

$2 left in trade

$100 Risked

So I banked $160 and have $2 running in the trade. If the market never comes back, I'm a happy camper. If it comes back and stops me out, I still would have made $60 or what usually winds up being a lil over 1%.

Does that make sense? I'm sure there is some great math formula but I try to keep it simple.

The Rule:

"Once the market pays you 40-50% of you stop, close 80% of your entry. Leave the remaining 20% and do not move your stop until new resistance/support has been created"

I don't use trailing stops because in my opinion its about support and resistance. And since I base my stops at those levels, a trailing stop would have me kicked out of the market before the real move can happen.

That's one of my TP rules. I'm working on the FIB entry blog and should have that done by tomorrow.

A very wise (and old) trader once said "Nothing wrong with taken profits."

I'd like to add "Nothing wrong with leaving a lil to see what happens"

Pip T

Who keeps you Accountable?

2009-12-09T05:34:00.000-08:00

At work, your boss holds you accountable to what your position is to produce. In marriage you are accountable to you mate. You make sure each of you are pullin your own weight in the relationship (unless she wears the pants) keepin each other accountable to the vows that you said to each other. As a parent you stay on top of your kids making sure they follow the house rules, disciplining them when needed so that they can grow up to become productive adults.

Who keeps you accountable to your trading? Hope you don't say no one, or worse: myself.

There are life coaches, personal trainers and mentors for a reason. They keep you focused and make sure you are following the rules that will make you a better.... whatever you do. So Im going to ask you again: Who keeps you accountable to your trading?

Mine, TRADERCISCO. Love the guy to death. We started trading around the same time. I started about a month or two before him, loved it so much I wanted him to learn, so we made it happen. We would study trades together and study the same way. The trust we have in each other is in my opinion like no other. If I where not around charts and he called me and said "Get in EURUSD now!" all I ask is "Where's the stop?" I get in blindly cause I have that much faith and trust in his ability as a trader, and I know he would do the same thing if I called him.

So how do we keep each other Accountable? Most important way is callin each other "Stupid" when it applies. LOL. I can't tell you how many times we both have jumped the gun in getting in a trade before every rule for that trade has finished lining up. While the other sits on the side line saying "Duh, this rule hasn't happened yet, what are you doing?" Establishing rules and sticking to them is a key way to becoming a successful trader.

Or how about the "I hate you!" LOL. There have been so many times we both will be in a trade and one may take profits to soon. Of course whenever you TP too soon 3 seconds later it runs 100+ pips. That's when TRADERCISCO tells me he hates me. I cry one little tear cause it hurt my feelings, but the 100+ pips I catch more then make up for it. (Love you TRADERCISCO) You need to have an idea about where the market is going so you can maximize your profits.

That brings us to the "What the hell are you doing!!!!" We risk the around the same % on the trades we enter. So when one of us tells the other how many lots we have going, if it is over the risk level we are suppose to be at, it is our duty to remind the other how important risk management is. Without proper risk on every trade, it is very easy to treat the market like vegas, double down and lose an account in one day. (Been there done that, learned that lesson)

And finally we come to the "What was that?" A failed trade. Because we trade the same trades we have four sets of eye looking at the charts, plus the eyes of those we mentor. When TRADERCISCO and I have a failed trade we BOTH are looking to see what happened, where did we go wrong, what rule did we break etc. Learning from a failed trade helps us to string trade (I beat him in string trading though. That is a fun game to play) but more importantly helps us to know when NOT to enter the market. Just like every trade has a rule for getting in, you should just as many rules for knowing when not to.

I hope you where able to catch the four points that you and your Accountability partner should focus on so both of you can and will become successful traders. I have an accountability contract that I used to have. It breaks down the trades I trade, their rules and proper risk for the trades. It is signed by both me and my accountability partner. I would have it sitting on my desk as a constant reminder of what Im suppose to be trading. Keeps you from revenge trading after a loss. If you would like to see or want a copy let me know. I will have to dig it up, but it helped me stay focus enough to string 50+ trades in a row with no loss.

Real American trader

We Salute you TRADERCISCO.
Your tweets come to my cell phone at all hours of the night.
(Tweet Tweet Tweet)
We talk so much, both our wives tells us to get a room.
(Who is that on the phone, let me guess Scott?)
We just talked on Skpye and then texted each other 2 minutes later
But we don't care. We are here to make pips and that all that matters.
So here's to you TRADECISCO, keep them tweets and pips comin.

Thank you Scott, you da man!

Pip T
pippin.tee@gmail.com

Say Whaaaa?

2009-12-07T05:40:00.000-08:00

1000 pips is not to bad. I just got in AUDJPY on another entry. I got a signal to get in EURJPY with another entry but past on it because the stop was to large. If the EURJPY comes up a little and makes the stop about 60-70, then I will add another entry and short that also.

Account x Risk= Reward

2009-12-02T13:46:00.000-08:00

So last week I found myself in about 6 trades at one time. The trade we have been focusing on often goes off at the same time on multiple currencies. I know you may be wondering "What kind of risk am I taking on my account?" Well, I can safely say that I was under 3% risk at all times, and this is how:

I was in a few trades that where in profits by the time I got another signal to re-enter more trades. I was able to move Break Even on a number of entries which freed me up to be able to get in a few more trades. I lost on the GBPUSD, which does not surprise me cause I tend to always lose money on that pair. I only risked 1.5% on that trade. The profits I made on the other trades that paid out more then made up for that lost trade. I ended that day with a little over 10% gain on my account. Another account I trade I have almost doubled this month. That account is a high risk account that I trade about 10% risk per trade on.

I always watch my risk. I think my risk is more important to understand then the trade you will trade. Not only my risk on my account, but also the risk ratio of the trade itself. I personally like 1:1 or better ratio. It makes no sense to me to risk 50+ pips on a stop and only go for 20 pips. If the trade where to fail you are now 3 trade away from break even and profit. Not to mention you are now trading with less money then what you started with, which also means your entries will be less in a monetary value.

I could go on and on about risk ratio's but most people already understand it. If you don't, a few more lost trades will teach you very quickly. LOL (we all gotta learn some time)

"Think of a lost trade as a mini seminar. You better have learned something from it and taken notes otherwise it was a waste of money" Pip T

What I missed, What I made.

2009-11-19T04:59:00.000-08:00

So last night I was trading the D2 that happend on the Eurusd. Im still in it and up a lil over 100 pips at the time of writing this. I actually entered a few times on 30min breakouts and took profits on those. I have my original entry still left and it is running strong going long. We tapped the Blue River line on the day, if we can break it we may be able to see more Bear action on the eur. It has been in a long upward trend for awhile, so a good drop may be in order, espcially since Mr. B was talking favorably about the dollar this week.

Not to long after I got in the Eurusd, the Eurjpy did what i thought to be a head fake on the 30min consolidation trade that I do. It broke my low then retraced, then broke it again. According to my rules, I need a candle open below my breakou range. By the time I got that my stop would have been about 70 pips. I should have traded it anyway but didn't. Now I wish I did becasue that entry is now up over 150 pips. Not only that but the was possible opportunities for maybe 1 more entry on it. I have been wanting to go long on the Eurjpy because in my opinion the over trend of the day is to short it.

Eurjpy, Going short

2009-11-16T17:35:00.001-08:00

So, I got in the Eurjpy on a 30min consolidation breakout. As I was about to get in the trade, my internet dropped. I was flipping out cause these breakouts, when they happen, tend to pay pretty fast. By the time I got my router restarted the market was about 20 pips above the open. So I lucked out and got a GREAT entry that created a 15 pip stop.

Around the same time I got in the 2hr cross on the Eurusd for a sell. That trade hung around until Mr. B started talking favorably about the dollar. When that happened the Eurusd fell like a rock. I think I took about 60+ pips on that until it stopped me out with profits.

Eurjpy Dropped pretty good around the same time. So as you can imagine, I was going crazy trying to keep up with taking profits and moving stops.

My game plan is to keel entery short on the Eurjpy as more 30min consolidations form and break on the short side. We have the Day ROI failing and 4hr BB's being created. 4.30 trades pretty well and consistanly on the Eurjpy, so I will be looking for that as further confirmations to get in. We are also looking at Day trendwall lines to be broken on the short side also.

short target on eurjpy for me is 132.60 area. then 132.15-01 area. So we shall see how the rest of the Eurjpy will act over the next coming days.

What Im Working With

2009-11-12T14:16:00.001-08:00

So I finally got my desk set up after 3 months. I cannot wait for next week of trading. Talk about being able to see what's happening. I bought two 25.5" Samsung Tv's from Sam's a few months ago and they have been sitting in their boxes. Im primed and ready.

Fruitful day.

2009-10-30T14:47:00.000-07:00

So my sells on the Eurjpy and Usdjpy along with my long position on the Usdcad paid out pretty well. I am going for a record pip total and hope to make it next week. I left all my entries in as we go into the weekend. Moved the stop into "world money" so as to be sure to lock in some profits.

My thoughts on the Usdcad are to stay long on it. We broke on the topside of the downward trend that is has been in for awhile. So I do hope that with the next coming days, my enrty will continue to compound and I will look for new places to enter long and let it ride.

Usdjpy has taken a nice drop back into the downward trend is has been in. I have a target of 89.70 area which we are only 30 pips away from. We should see the Usdjpy retrace back bull before another surge bear happens.

As for the Eurjpy, looks like it to is falling back into the downward trend that it had previously been in. So I will look for more bear entries on this pair during next week also.

Good stuff. This was a very fun week of trading for me. Feels very good to start back into my trading routine with a week like this.

Pip T

Where in the world have I been?????

2009-10-22T06:55:00.000-07:00

Well, this move has taken more time out of my trading life then I ever could have imagined. Im in the house, and have internet so I got that going for me. I was also able to do some trading while in Cancun. that was actually pretty cool. Internet only worked from the room, so I was not able to trade on the beach like I wanted to but i probably would have gotten sand in my laptop or something crazy like that.

Now on to trading. I have been trading the 4:30's on the GbpJpy along with a few Day 2's and 1.5's along the way. Allso added a consolidation trade to my trading, complements of the Cisco Kid.

Total pips I got was lil over 400 pips this week. I got stopped out of the long position i have on the GBPJPY as it was climbing to my target of 154.60 area. An annoucement made it drop like a rock. Now it looks like it want to get back into the upward trend that it was in. So we shall see.

At the time of writing this I am currently shorting the USDJPY at 91.28, shorting the EURJPY at 135.47 and I still have an invesment entry on the USDCAD at 1.0637. I see some possible day trendwall breaking on the CAD which is why i still have this position in. I took profits on this entry already, so I could get stopped out. Its my "Don't Care" entry so i dont even look at it anymore.

I will be posting more often as I continue to trade to the goal of $95k.

Labor Day

2009-09-06T15:51:00.000-07:00

So I plan on staying out until London open on Tuesday. To risky to trade on low volume days. No point in giving money away.

USDJPY Short

2009-09-02T05:52:00.000-07:00

So, Im riding the Yen train down. My entry at 93.30 is still paying out nicely. I want to talk about why i got in on it.

Day trendwall break. We broke a day trendwall and the hook was happending right when the 2hr BB was hit. It was not a D2, which is why i stayed out of the trade with some of my other accounts that I trade. There was also an annoucement that caused the hook to.
2hr BB. The stop was pretty small, think it was 50 pips. The annoucement allowed me to put in a great cost avg spot at 93.30 with a 17 pip stop.

Start of a new Month

2009-08-31T15:52:00.000-07:00

So Im in the GBPCHF going long with three entries: 1.7265 (D.4.1), 1.7214 (cost avg) and 1.7245 (D.4.2.1). Right now I am just waiting. Gonna hold the positions as long as I can. I think this a very low spot where we are at. Once we can break the 2hr Red river line we should hv smooth sailing. The day ROI is really low in the channel and has been trying to cross up for awhile now. We have week river in agreement with us also. When we get above the blue river line ont he week, we should see more bear.

D2 Come Back

2009-08-21T01:41:00.000-07:00

Finally got some good D2 action tonight. As it stands right now I am up 140 pips in usdjpy, 40 pips on the eurusd and 30 pips on the usdchf. I passed on the gbpusd D2 cause the 2hr looked kinda flat and project ROI was not growing enough for me to trade.

So I have taken profits and now all I left are my "Don't Care" entries. I will let these marinate and go back to sleep. Hope they continue to pay out and I can be up over 100 pips going into the weekend. If so I will continue to hold them and come Monday look for more reasons to get back in.

Good night.

My Goodness!!!!!!

2009-08-20T05:45:00.000-07:00

So if you didn't know, I have been moving for most of this month. Took losses with everyone during that last week of July and first week of August on those D2's that where failing left and right because of announcements.

With the move and all, I was finally able to get a few minutes and get into the D2 on the Usdjpy. As I am writing this, I am currently up about 70 pips on my "Don't Care" entry. I am even considering getting in again on a small entry when the 2hr crosses again later on today. I know the day is failing, but this would only be the second cross on this D2, but if we breach the previous days low of 93.66 we should see it fall to at least 92.94-93.10 area which is one of my targets. If we breach 93.66 we should also see the day ROI open back up.

We had a fresh Day ROI cross last night on the UsdhChf, and currently waiting for the 2hr to reload and get into agreement. Looks like we might have a stop around 1.0690 area with a few S90's to help with resistance for us. I have a short target of 1.0520.

The EurUsd will have a fresh Day ROI cross tonight. I have a long target of 1.4370 area to try and trade too. A good stop has not be created in my opinion just yet. Think we will see a little more bear before we go bull and get in.

So the big question is how is my challenge going?

Poorly. I was doing really good until those losses beat me up. Then I have been moving this whole month. As it stands right now my account sits at about $3900. I should be back to my starting balance plus profit once these D2's on the Eur and Chf start.

I still think I will be able to hit the challenge in a short time period. I have some plans and also a few new trades that we have been working on that I think will help hit the mark in a short time period. Keep following me on my journey to $5k to $95k in 90 Days.

Plans for this week.

2009-08-04T11:40:00.000-07:00

So I plan on waiting for the gbpusd 2hr to get into agreement with the day. That will probably happen in the am seeing that we are still in the 100 area for projected ROI's.

We are also having a Day BB happening tonight on the EurUsd. That should be a good play also.

It will be a crazy week for me since I am moving, so I will not be able to do to much, but I know I will not miss these trades.

What's the game plan on D2?

2009-07-30T12:58:00.000-07:00

Well this was one crazy week for D2's. Took some losses but thats ok. Looking forward to the new 2hr cross on the Eurusd.

Al the Yen's have Day ROI that are failing, so I will probably just sit out of the Yens and see what happens.

As far as the challenge goes, I am down about a grand in my account. Looking forward to making it back next week.

Darn Yen Stopped me out

2009-07-28T06:08:00.000-07:00

Been a crazy week. Some D2's this week where failing and some D2's where paying out. I of course picked the ones that failed. It happens. the next crosses should be good ones as I hope trend walls will get broken.

UsdJpy stopped me out with a lil over 210 pips.

The .50 on the Yen

2009-07-23T19:50:00.000-07:00

So we have a S90 at 94.40 area on both the 2hr and 4hr charts that is duplicated with a .50 Fib level of this big surge that we saw today. So Im thinking the market may come down to that level and build a support for us to move our stops to. May even be able to get in again for another buy entry. We shall see.

Yen Yen Yen

2009-07-23T17:22:00.000-07:00

This is where I stand in the challenge account. My first trade was successful if you remember. I took a lose on the jpy earlier this week which on took back my profits. I am back to being up in the account and plan on leaving my position as long as possible. With the week crossing up next week, I am hoping to see more bull moves on the jpy. As you can see I have moved my stop even on the trade and will wait for a new support to be created as we may see dips down.

I am a stop chaser. I love moving my stop to "Correct" way, that being with the market, not moving it to stay in a failing trade. So lets see what we can shake out of the forex market.

From Bad to Good, The Yen is my Friend

2009-07-23T06:00:00.000-07:00

So we got into the Usdjpy yesterday afternoon on the 4hr cross, and it did nothing for about 12 hrs. Then if finally got jump started and we are now up 70 pips as I am writing this now.

So what is my game plan for the rest of the week? Well, Im still in the Eurusd with 2 investment entries and they are up. One entries is up 220 pips and the other 70 pips. We had a day trend wall break out a few days ago, so Im hoping it keeps climbing. I have many of those pips locked it as new supports are being created, so I will just keep moving it as we continue to see a bull move on the Eur. It could turn any day now as wee see the Day ROI is failing, so I will let the market stop me out whenever it does.

As far as the JPY is concerned, I closed half my entry with about 50 pips profit and I moved even on my challenge account. I am hoping that with this entry we are jumping the week cross that will happen next week. I have a target of 95.90 area for the JPY so lets hope we get there before the market closes tomorrow. My medium target is 97.30 and long term is 102.60.

Lets see what happens. I don't think I will add and new entries, Im just going to let what I have cook. Im locked in with profits so all my entries are "Don't Care" trades.

Usdjpy Losing trade

2009-07-21T19:58:00.000-07:00

So we took a loss on the jpy, am I worried that we have a failing trading formula? Well, I pulled a report for my trading from June 1st until today and I traded 126 trades with 18 failed trades. Am I profitable, what do you think? O, and by the way, they consider a failed trade when my inv. lot would come back and stop me out. I really only had 2-3 true failed trades, the rest of the failed trades where my inv. lots being stopped out, but I already made money cause I buy my trade every time.

This failure today on the jpy was also during an announcement, so in my book it is an announcement driven failure.

What's my game plan for the week? Im chillin, gonna take it easy and just wait for fresh days to get back into agreement with the weeks. I have no problem waiting for a good trade to set up.

Patience Pays

I can also afford to wait because we have taken several hundred pips this month already. I am still in the Eurusd with 3 entries and have a lil over 300 pips locked in. I do not for see adding any more bull entries on it since we have the day failing. Ill keep moving my stop and let the market stop me out. If they day opens up and starts going again, I may consider adding another entry on a 415 430 d2 or 1.5. Im sure i will post anything I do on twitter so everyone can stay up to date.

Have fun and don't stress. Shiz happens. We just have to be around when it turns into daisy's.

Dealing with the lost D2 trade on GbpUsd

2009-07-20T17:15:00.000-07:00

Remember our failed D2 on the GbpUsd last week? If you remember I said that the following D2 after a failed one would cover the lost plus profits. Look at the last 2hr cross up on the GbpUsd. The entry would have been on a Sunday night. I personally have no problem trading Sunday night as long as the ROI projections are really high.

You would have been looking at a 100 pip stop and currently it has paid out a little over 180 pips.

Could you have made your loss back? MMMMMMaybe, you gotta trade it though. I have yet to see a back to back failure on the D2, unless of course you are trading it on a failing day ROI.

So lets continue to trade the D2 profitably.

What I am looking at this coming week

2009-07-20T14:24:00.000-07:00

So all I was able to do today was move my stop to new resistance that has been created on both the Eurusd and the Usdjpy. I dont know how many pips I have locked in on the Eurusd. I know I have 3 entries rnning on it and might, and I really mean MIGHT trade the next next 2hr cross on the Eurusd. I want it to break the week trend-wall. If it can break the week trend-wall, then we should see it continue its bull position. It is getting close to my target of 1.4320, about 100 pips away from where we are now which is 1.4224.

The USDJPY i think I am for sure going to trade the next 2hr cross up. We have the day growing in our favor AND the week is crossing up next week (as long as we stay bull that is)

As far as the challenge goes, I will wait for the next 2hr crosses that I like. I have no problem waiting for what I feel to be a very good trade or a trade that will pay out.

Selective Successful Trading is what I want.

End of Day 1

2009-07-17T23:10:00.000-07:00

So I made the quota for the challenge, that being 50 pips, my account balance is at $5500 after day one of trading. As you can see i had a loss on the gbpusd. It was a very small loss because i did not have my $5k deposited into the account when the trade went off. You can see the first entry on the challenge I did was the Usdjpy D2. My WIFE, believe it or not, closed my order for me. How you ask? Well, I was playing golf when the market was going to close. I had set a value up alarm to let me know when the market reached about 45 pips. I got a text message sent to me, and because FXCM does not have a mobile platform, my wife had to close my position. Imagine me trying to call my wife and walk her threw closing my position. It all worked out, she was able to close the position for me 5 minutes before market closed at 3pm.

Here is a pix of my report for the day along with the position I left in on the usdjpy. I can't lose any money on that position so I did not mind leaving the position in over the weekend. Plus when Tokyo opens Sunday night, we will have a 4hr BB, along with the day and we broke 4hr trend walls, reasons to stay in or get in.

Well its almost 2am Friday night. Im sleepy. Have a great weekend, I know I will.

Day 1: Usdjpy

2009-07-17T04:52:00.000-07:00

So I have started the challenge and its time for everyone to come along for the ride with me. My first trade is on the usdjpy with an entry at 93.79 and a stop around 93.15. I am seriously thinking about leaving this entry in for the very long haul. I want to trade to 94.60 area before I think about taking any profits off the table.

I will take a pix of the dealer station and post it here a little later on today. Got a Tee time at noon, so that should help relax me. Believe it or not, Im not stressed about the account one bit. This well be one of the best learning experiences ever and I know I'm ready for it.

Very Exciting Times

2009-07-15T08:14:00.000-07:00

So starting this week I will start the 5k to 95k in 90 days challenge. The reason I am willing to start this challenge is because I feel confident in my trades, I trust them and I trust the way I trade them.

One of the main things I had to consider in starting this challenge is the risk level involved. Because this will be a high risk account, I am comfortable losing this money emotionally. What I mean by that is, if I have a few losing trades, I will not be revenge trading to make the money back. Reason why is going into this challenge I can stand to lose all this money. I am emotionally and more importantly prepared for that to happen. If I lost all $5k, it will not hurt me financially and I personally think that is key to trade this type of risk successfully.

I'll treat it like a demo ;)

So here are my rules that I will follow when it comes to trading the challenge:

Trade 1 standard lot first month, 3 the second and 5 the third month
Trade trades that have a 50 or less stop for at least the first 5 trades of the month
Never miss the first 2-2hr X's after a day cross
If I lose more than 40% of my account, I will change my risk back to a level I am comfortable with. Trade my account back to even, then continue with the challenge.
I will post a screen shot of my account to keep everyone up to date on my success or failures.

I hope everyone will be able to share in my success and learn something from it, good or bad. It will be fun.

USDJPY

2009-07-14T04:34:00.000-07:00

Got stopped out of my UsdJpy entry from a week ago w 195 pips. O well, it happens.

I will next be looking for buys on the Eurusd in another hour and try to lock in profits. We have Day crossing up tonight and if i can get in and lock in now, when the day finally crossed up and we start having D2's, then i will be in it early.

Gbpusd, Gbpjpy, Usdjpy, and Eurusd

2009-07-07T12:11:00.000-07:00

So I sold all of those pairs today and a few traders where able to trade it with me. I have purchased my "Dont Care" entry and plan on leaving it in for as long as possible. I will post some targets for them when I can find some good ones.

Stopped out, O Well.

2009-07-07T04:55:00.001-07:00

Got stopped out of the Audusd and the Eurusd, with profit of course. The good part is we maybe able to get in the Eurusd again for the drop so we can break the 1.3794 area.

I will be looking at the Usdjpy for sells again starting tonight. Ill keep you posted.

In the AudUsd

2009-07-05T19:53:00.001-07:00

We got an alarm to get in on the AudUsd for a sell with targets to 1.7227. Im in at 1.7936 w stops above 1.8006

EurUsd for this week

2009-07-05T16:29:00.000-07:00

So I plan on trading the EurUsd for sells this coming week. Il will probably get in the Eur in the next couple hrs with a stop around 1.4037 with a target around 1.3794 then to 1.3394. So lets see what happens. Should be a fun drop.

Stopped out of JPY

2009-07-02T11:57:00.000-07:00

Well, I got stopped out. Not to happy, but got stopped out w about 100 pips. My 96.00 area targets where hit. Came close to the 97 one's, maybe next time.

Stay posted cause I am going to Blog about what my plans are for the EurUsd next week. Should be some good moves I hope.

Study, study and study some more.

My JPY Trade

2009-06-30T20:22:00.000-07:00

Im still in the USDJPY trade. Up a lil over 160 pips so far. My targets of 96.00 and 96.60 have been hit. I am waiting to see t 97.26 to be hit. It will either break that area or bounce off of it. It has bounce twice off that area already, so we shall see what happens.

How do I feel about my position? Well I have been taking profits every 50 pips or so. I moved into the world by one pip and it came within 5 pips from stopping me out before taking off, so I am a happy camper. You get very tired of the banks coming and taking you our by a pip or two, then taking off for the big move you where waiting for.

When we get to 97.26 area I will probably take more $$$$ off the table and leave one last entry in. At that point it will be a true "I don't care trade."

Im not looking at getting it to anything this week since its a holiday and we have non farm. I will just keep riding the USDJPY as long as I can.

I will be looking for BUYS next week on the EURGBP. Haven't traded that in awhile so should be fun.

Trading the USDJPY this week

2009-06-28T19:37:00.000-07:00

So its Sunday night and I am in the UsdJpy with a scout trade. My first target is 96.00, for obvious reasons. Then after that I want to stay in it to 96.60 then 97.20. Long range to 98.10.

I also at some point want to get into the GBPUSD for sells at some point. Ill be looking for a possibly entry, but we have the day failing on us, so i may just wait for a fresh day cross.

Stupid move turns into $$$

2009-06-24T07:48:00.001-07:00

So I got stopped out of the CHF with 69 pips. Then I accidently closed my Eur trade w 160 pips. I did not want to close my Eur, but owell.

I am currently in the Gbpusd on a sell with three entries: 1.6586, 1.6543 and another at 1.6524. If we can break the day trendwall, we should see a good drop to 1.6153 then possibly 1.5960 area. We should then see a pull back once it hits 1.5960.

I really hope the Gbpusd can get there, I've gotten used to over 150 pip runs so I want to keep my record going. The Eur needs to break below 1.4004 for us to see a drop on the Gbp.

Ill keep you posted.

Great Day Trading

2009-06-23T15:05:00.000-07:00

So me and a few other traders got in the Eur and Chf last night and got paid out BIG TIME!!!

I am still in a buy on the Eur and am up over 220 pips right now. I have a target of 1.4310. Once it passes that, which I think it will because it has bounced off that area a few times now. So i think the next time we get up there, we are going threw it. My next target is 1.5304.

I am also still in the sell on the Chf and up over 200 pips on that. I have a target of 1.0526, then 1.0368. we may get a bounce off that level if it doesn't break threw it.

So what did I do today? I increased my account 10% only risking a little over 2%. 1% risk on Eur and 1% risk on Chf. So for those that think they have to risk more than 3% to make a living trading forex, guess what? You don't. Be selective and patient and the trades will come to you.

Happy trading, I know I am. (At least for today)

Been traveling.

2009-06-21T06:02:00.001-07:00

Summer vacation has started and I have been traveling like crazy. The good news is I have been able to catch some pretty big moves. The begin of the month I think I took 200+ pips on the Eur. Lat week I was able to take over 400 pips on the Eur again.

I am currently in the Eur on a buy and the GBP for a buy also. Im up over 150 pips on the Eur coming into this weekend. I hope they both keep climbing. Still looking for upper targets on both of them, but for the time being I will be looking for bull entries on both of those pairs.

Been crazy!!

2009-05-20T19:26:00.000-07:00

So we have been doing some studies and some trading on a few new trades. We are close to getting the hang of them. We are going to be looking for buys on the JPY tonight and tomorrow with a target of 98.04.

Hope to be able to ride it.

Nothing New

2009-05-01T06:05:00.000-07:00

I missed a few trades this week and caught a few. it was pretty slow for me, mainly cause i am studying a new trade right now. I have a feeling it will help me out in the future giving me reasons to stay in a trade longer and/or get in a long term trade early.

Next week we should have some good movement on most trades, only problem being non farm friday. Ill be up dating my targets over the weekend for next week trades.

"Ride the Roller Coaster"

Buying JPY

2009-04-27T09:09:00.001-07:00

so Im buying the jpy now, trying to take it to 97.54 area, then reverse my entry. lets see what happens.

JPY Targets hit

2009-04-27T06:14:00.000-07:00

My JPY targets where hit. To bad i got stopped out of my investment lot to take advantage of the moves. I did learn something which is the important part. Never move my original stop. That is actually one of the main rules that we made some time ago. Owell, its ok to break a rule to make money, not to lose it.

Nothing Spectacular

2009-04-24T09:58:00.000-07:00

Taking my boy camping. Father son time. Will see what plays out next week. Digging myself out a hole. That is what I get for trading someone else's trade Im not familiar with.

The lastest.

2009-04-23T05:26:00.000-07:00

Ive been WW this week a little. Did a few trades to try and get locked in on JPY sells. Been picking up pips there but my INV lot has been takin out. Looks like it will present itself some time today.

The other pairs has not giving me good entry points yet, and it looks like we are having trend changes on the Eur and Chf. So i have to keep an eye out on those.

Im out the JPY

2009-04-21T08:46:00.000-07:00

So I got stopped out of the JPY. I know people are gonna ask me "Why would you see 100 pips and give most of it back?"

Because it was an "I don't care" entry. My plan was to stay with the trend and move my stop, not my limit, when new resistances where formed. As they where formed I moved my stop. I made money selling it on my main lot anyway.

So what do I do now? It is still in a downward trend, so because of that I will keep an eye out for sell entries. It will get to my 97.00 area at some point. I want to be able to get some.

Plan your trade, trade your plan.

Still selling the Jpy

2009-04-21T01:08:00.000-07:00

So I moved my stop to 98.51. I am in at 98.81. Still have a target of 97.00 area that i plan to hold to trade to, so we will see. It feels good to move your stop the "Correct" way, WITH the trend, instead of moving it to stay in a bad trade.

Big Pippin.

Where Im at right now.

2009-04-20T11:20:00.000-07:00

Here is where i stand right now. Im up I think 107 pips. Still about 80 pips away from my target. Waiting for resistance to be formed so i can move my stop.

Up 100 Pips on jpy

2009-04-20T10:48:00.000-07:00

Still in this trade. Im up 100 pips right now. still gonna let it run. we have a nice down trend on the 4hr that i plan on taking advantage of.

Me and the JPY

2009-04-20T08:04:00.000-07:00

I got in the Jpy last night at 98.81. Took about 15 pips and left in an investment lot. Right now I am up 40+ pips. My first short term target was already hit at 98.30 area. Waiting for more resistances to be created so i can keep bringing down my stop.

Plan on staying in it to my 97.00 area target.

As far as everything else, I am still WW for good signals and reasons to get in them.

Made some good pips last week. I will post another screen shot of my trades later on today.

Happy Trading, I know I am!!!

Recently

2009-04-18T06:28:00.000-07:00

This last week we where able to see our long term targets get hit. I need to spend some time going back threw my post to find the targets I had posted, but I know our JPY target was hit.

This coming next week we will be looking for buys again on the jpy, but we will be also looking for buys on the GBPCHF also. I will be posting my targets to the right.

I got spanked!!!!

2009-04-10T15:17:00.000-07:00

I traded a breakout that missed my TP by one pip. So instead of make $100 i lost $500. Ill post it later, but right now I mad and can only be mad at myself for over trading my account. Something I preach that you should not do.

So as it stands I ended the week with a negative P/L. I will get it back next week. Learn my lesson. The plan for next week is 1,000 pips. I still plan on trading in the directions that I indicated earlier on the few pairs I plan on trading.

Next week will be a VERY good week. Dust the dirty off the sandels and get back on track.

My Plan for the Chf

2009-04-08T18:25:00.000-07:00

I plan on selling the Chf. There looks like there will be a down trend starting tonight sometime. So as I get a signal to sell, I will be leaving in an investment lot. I have a target of 1.0742 to trade to. That is about 1400 pips from where we are now. That is long term so lets see how long it takes to get there.

I will also be looking to buy the Eur. I have a long term target of 1.4287. 1000 pips from where we are at now.

Moral of the Story

2009-04-08T16:17:00.000-07:00

So I missed some big moves last night of course. They happened so fast my alarms on my charts could not keep up. I just pulled down a few pips right now on a few pairs. I killed a Eurgbp trade cause the broker spread was 9. It paid out 10 pips but it wasnt enough to cover the spread. So I killed it. Nothing wrong w taking a $3 loss to protect my money.

I am not going to miss the big moves that will happen tonight. Looking to lock in a few trades for a trend. so lets see how that goes.

How trading went today.

2009-04-06T17:38:00.001-07:00

Only picked up a few pips today. Waiting for a few new signals to go off before the next round of trading happens. which will probably be very late tonight. Looking to see what will happen with the London open tonight.

Big Pipping Song

2009-04-06T08:12:00.000-07:00

So me and a few traders from Forex Movement recorded a fun song for traders. It was fun and I hope you all enjoy it.

Big Pipping Song (click to download)

I made it a free ringtone. You can send it to your phone and save it as my ringtone. That way you know a Big Pipper is calling you when I call.

Enjoy

FYI, so far i just picked up 10 pips on the CHF. All my trades that i was waiting for hit last night a hour before I woke up. So i missed out on a little over 100 pips. But that is usually how it goes.

Taking last week off

2009-04-05T18:04:00.000-07:00

I took most of last week off because of the G20 meeting and non farm. I didnt know what impact it could have on the markets so I stayed away. But from the looks of things, there where no big swings.

I will be back later on when London opens to post what I will be looking to do. As it stands now I will be looking to:

Sell the Eur

Buy the GBP

Sell the JPY

Buy the CHF

Sell the AUD

Buy the CAD

Game plan for Wednesday

2009-03-31T08:58:00.000-07:00

Watching and waiting. I think the market is kinda consolidating. Getting ready for whatever moves may happen tomorrow. We have a handful of announcements tomorrow and we have non farm on Friday.

I am looking for buys on the Jpy today. That is the only trade that I see may happen.

Ill let you know what I do.

What I did Monday

2009-03-31T08:43:00.001-07:00

So the trades I called out yesterday all paid out at least 60+ pips.

I caught about 100 pips selling the jpy. I missed the other trades cause I accidently silenced my computer, so my alarms where going off but I didnt hear them.

So how did i end the day negative? The Eur failed and I accidently entered a standard lot instead of a half standard. When my stop was hit I flipped the trade and got half my loss back.

But a loss is a loss.

Trading Plan for Monday

2009-03-29T19:46:00.000-07:00

Selling the EurUsd

Selling GbpUsd

Selling UsdJpy

Buying Usd Chf

Selling Aud Usd

Buying Usd Cad

Going for 20 pips on one entry and leaving an Investment lot on each because the pairs are starting to trend in the direction I plan on trading them.

So lets watch and see what happens. Even if I just for for 20 pips on each pair, I should make about 120 pips on the low end for the day.

Ill be using our 51 pip stop loss, so my risk is minimal.

Big Pipping

2009-03-29T16:45:00.000-07:00

So I am going to start a trading plan that the mentors at Forex Movement has helped develop. It is a great plan that is simple to follow and does not require me to stare at charts all day to be profitable trading the forex.

I currently have about $3800 in my trading account. I want to make the first grand trading first before starting the challenge. So i should have that in the next week or so.

Here is my account and last few trades as we stand today:

I am excited to start this and will be posting everyday all my trades, win or lose.