Thank to babypips
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  1. #1
    Join Date
    Dec 2006
    Posts
    55

    Default Thank to babypips

    Hello fellows

    Since while Forex come to my mind and as i'm a person that like to explore and learn i found manny sites, books ,web courses and many more free self educating tools.But from a month ago when i found babypips .. i get addicted to it It give me a brain food and i'm verry hungry and babypips food is verry tasty.Your school is great but not only community is great too.I recomend you to all my frends wich are intrested in Forex.So just wish to say

    Thank you guys.

    Vladimir

  2. #2
    Join Date
    Dec 2006
    Posts
    18
    I have found here a lot of help too, specially because I feel I am too new in this field. Actually Ive been thinking a lot and I think I might just keep doing what Im doing and not try to get into this field. I feel it requires too much to actually get really good... and also it might help to loose the fear of loosing money!

  3. #3
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    You can easily get rid of that fear by using a demo/game until you consistently profit in it. Even if it takes months or years you will go into real money and try to maintain the same discipline that you did when practicing. Good Luck if you decide to proceed.

    Quote Originally Posted by berlinlife06 View Post
    I have found here a lot of help too, specially because I feel I am too new in this field. Actually Ive been thinking a lot and I think I might just keep doing what Im doing and not try to get into this field. I feel it requires too much to actually get really good... and also it might help to loose the fear of loosing money!

  4. #4
    Join Date
    Dec 2006
    Posts
    12

    Default A million thanks to BabyPips.com

    Hi everybody,

    I'm too just graduated from BabyPips' FX School.
    I read through all the material twice already, and still planning to go over it again on important and crucial subjects.
    I have been thinking about doing forexing these couple years, just really don't have any clue how to start. Don't want to buy educational material/software worth thousands bucks beacause fear of being mislead or either not capable of follow through. Now through Babypips.com I would say I've found an invaluable resources to at least jumpstart my 'heart-desire' . And at NO COST at all!!!! Can you believe it?
    Thanks a million to you Big Pipin.
    Looking forward for new direction to go on.

  5. #5
    Join Date
    Nov 2006
    Posts
    8,766
    Your welcome fellas. Now that you've graduated the School of Pipsology, it's now time to take action and start demo trading. Make sure you let us know how its going from time to time if you can. Good luck!

  6. #6
    Join Date
    Dec 2006
    Posts
    12

    Smile My demo trading experience

    Quote Originally Posted by pipdiddy View Post
    Your welcome fellas. Now that you've graduated the School of Pipsology, it's now time to take action and start demo trading. Make sure you let us know how its going from time to time if you can. Good luck!
    Hello pipdiddy,

    I'm back now to give you some report as to how i'm doing. I'm doing sooo greeeeaaat. This is my third week practicing what I've learnt from you through babypips.com. Opened a demo account with 50 grand capital. I skipped back testing coz I thought I have nothing to loose, it's only fake money anyway. And alsooouuu I couldn't wait i'm tooooo excited with this new experience i've been wanting to do with.

    Alright now, pls let me tell you what happened in my demo.
    First week I lost 4 k already..huh..I blamed the chart..that euro/usd was so out of shape I couldn't interpret it, yet I opened a position on it ! Stupid ha? I'm a soo good student tried to do what you asked 'just KISS it! Keep it simple stupid. I also looked at USD/JPY, this one I liked, after some due deligent I went long with it, but the next day I was so panic when the price was falling down, those beautiful bright yellow candles turned all into ugly red things.., didn't want to go bankcrupt any further I sold out all my pips on Morobuzu San. Did it over again the next day..I kept loosing my hard earned money..and at the end of the week.. I calculate my prof..ups!..my lost, and it was over 4 k man!

    Give up? No way! Go forward? Yesss! Two full weekend days I studied all the charts I worked on that week, and USD/JPY somewhat became my favorite, I don't know why.. may be it's because I felt i could acknowlege the patterns on the charts. I stared at it, I drew lines, I spot the swing lows swing highs swing chariot, i got Mr Fibonacci involved, and heeee haaa, I felt so confident I couldn't wait for the market to open.

    Alright to make long story short, I profited once from yen of over 50 pips on one trade, and several small 4 to 10 pips on others. But I also lost of total about 30 pips. At the end of the week I pocketed some dollars into my account.
    That was not easy money at all man! I sit on my computer day and night, and I had to go long and short, and short and long, and long and short again.
    I didn't put stop orders because I was afraid of stop hunting, and I didn't set my profit limit beacause I was still not sure where to put them just at the right place to get max profit.

    Now the best part so far is this week.
    Here is the cronology :

    Jan 5, Friday afternoon
    Went long with 3 currency pairs which I considered as good trades. Then I printed out the charts to study on them on Saturday.

    Jan 7, Sunday night
    Closed 2 with 14 pips profit on one and 31 pips loss on the other.
    The other one I closed on Monday morning with 57 pips (3lots) profit.
    Opened 2 new lots which I closed the next morning with 13 pips profit on one and 4 pips profit on the other. Sounds like a good start for the week, isn't it?

    Jan 8, Monday, all day from 4 am to 11 pm
    Opened 4 pairs of total 10 lots, closed them the same day with total profit of exactly 150 pips! So at the end of the night I booked $ 1,822.66 total gross profit, and charged interest fee by $ 35.15
    There were 4 more opened position left.

    Jan 9, Tuesday, today from 3 am till now
    I have closed 8 positions of 5 pairs of 11 lots, with total pips gain 44, and lost 231pips. My account balance is $ 1,050.36 less now, plus interest fee of $ 17.35
    AND I still have 8 open positions of 5 pairs of 18 lots, which pips balance is negative by 250 pips total., BUT I intend to hold them all since I feel confident after go through many many times of evaluations on the charts, that they finally are gonna make me profit sometimes later in this week.I will certainly let you know what the result will be.

    Now a few lessons I have learnt in this 2 week practicing demo:

    1. The best time to not miss any golden moment that will bring you profit you have expecting overnite is morning 8-9 am

    2. Don't get panic when seeing prices falling down. Just decide what you want to get from the trade, and how confident you are with the positions you have taken. If you don't feel confident enough, then just close it and take whatever pips you can still get. But if you pretty sure you have made a good judgements and considerations, go through all the charts again and again and then decide whether you still want to hold it and wait till it brings big profit that you're expecting or sell it for a loss if it turns out you have make mistakes, and learn something from that loss.

    3 Going in and out the same trade that has an uptrend has cause me lots and lots of less profit that i should've gained.

    4. By doing lots of demo trading I'll find out my own'system' that I try out over and over again during the process, and by the way, my favorite so far has been : Bollinger Band, SAR parabol, and last but not least cute Mr Fibonacci (Who)

    5. Till now, I don't care how many lots I'm buying because right now i'm the richest woman ever, with 50 grands money to start with ( I plan to double it soon any way.. if everything goes allright...yeah baby..) But what i'm doing now is to get as much trading experience as I can with that grant money. Hopefully I don't get bankcupt pretty soon.. oh nooo..! I intend to start practice on money management, though. (in a week or two).

    Lastly, Mr Pipdiddy or whoever friend that can give answer to my question:

    It was mentioned in babypips' fx school that there is a way to pocket the pips already gained in the middle of uptrend without cashing it out, but still can continue trading without closing it first. But I still don't understand : How?

    Enough for now I guess, talk to you guys later.

  7. #7
    Join Date
    Dec 2006
    Location
    Washington
    Posts
    213
    Quote Originally Posted by wannabepipplayer View Post
    Lastly, Mr Pipdiddy or whoever friend that can give answer to my question:

    It was mentioned in babypips' fx school that there is a way to pocket the pips already gained in the middle of uptrend without cashing it out, but still can continue trading without closing it first. But I still don't understand : How?

    Enough for now I guess, talk to you guys later.
    This is what we call letting your profits run. If your broker has it you could set a trailing stop. But you seem like the type of guy that can sit at the charts. In which case you should just develop some strategy to let your profits run. However, to let your profits run you must realize you have to give some back. A typical strategy to let your profits run is by so much gain in capital you allow so much draw down on the trade.

    So say you a risking 10 pips on a trade. You are up 20 pips! So then say you allow a draw down of 30% so then you would move your stop 6 pips below. Now say you are up 40 pips, maybe you are only willing to have a 15% draw down now. So now you stop is 7.5-8 pips. See this idea. Please note this is just an example for the sake of an example and is no way meant to be a recommendation or realistic.

  8. #8
    Join Date
    Dec 2006
    Posts
    55
    Quote Originally Posted by wannabepipplayer View Post
    Lastly, Mr Pipdiddy or whoever friend that can give answer to my question:

    It was mentioned in babypips' fx school that there is a way to pocket the pips already gained in the middle of uptrend without cashing it out, but still can continue trading without closing it first. But I still don't understand : How?

    Enough for now I guess, talk to you guys later.
    It's simple just as swordofrue sad above you move your stop loss.

    I use this trading technique :
    I make a analysis and when i got my entry point and my target i make a 1 or more intermediate targets.When price hit my intermediate target i move my stop loss of first order to a point of zero(i eliminate a risk) and open a second order with S/L near below my entry point.So i besicaly decrese my risk and increase my profit if price continue to move to my base target. But let me warn you that this kind of technique is imho much more dificult in day trading you need a bit longer movment to cach.

    Happy trading

    Vladimir.

  9. #9
    Join Date
    Dec 2006
    Posts
    12
    hello swordofru and dzver,

    thank you for helping. I got the idea now, But seem FXCM does not provide trailling stop feature. it's button on the platform stays grayish all the time, meaning unclickable.

  10. #10
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    Oanda doesn't provide trailing stops either otherwise I might have made 160+ pips from the GBP/USD run up this morning instead of 65

    Quote Originally Posted by wannabepipplayer View Post
    hello swordofru and dzver,

    thank you for helping. I got the idea now, But seem FXCM does not provide trailling stop feature. it's button on the platform stays grayish all the time, meaning unclickable.

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