What Every New & Or Aspiring Forex Trader... Still Wants To Know

[eblip]

hi pipowski......i dont think im ahead of you..ive blown out a couple of accounts already....and yes i love trading live so i have a small account that is trading live and adhering strictly to the 1 to 2 percent maximum risk at any one time....and i have a demo account....started with 50 grand last week and its already at about 60k in 3 days trading...but yes...im overleaveraging it..


and as for the ocd....im not like a serious case, but im deffinitely a little excentric.

i dont slow down..im happy operating at this pace....this is just how i operate...i get a lot done in a short period...and also think i have a good sense of what is gonna be productive for me and what isnt...
i wont really have a plan together for a long time....the plan develops when it develops...but i am just focussing on grabbing elements that may be useful to me in the end.....and then with experience and trials ....ill eventually have a system...that works for me..

im not rushing to develop a plan....
my plan is to

base my learning on what ICT (inner circle trader) teaches.
experiment with his latest guidance or method do some back ground reading on it....to get the edge.
demmo it and see if i can get good results.
get confident with it and then move onto another bit of guidance.
keep delving into possibilities and patterns ....that seem to occur on my charts...like there is a pattern that looks like the silouhette of BAT MAN..and you can see it on a line chart...and this thing crops up quite a bit...and when it does ...you wanna be on the side of his cape...to collect the points...
im gonna see if stuff like that actually works.

keep adding to my forex toolbox until i can hopefully get ridiculously consistent.
another thing is my personal quest is to learn how to spot trend changes...i want trend changes to be my speciality at the moment....so that is big for me when scanning the charts..

once consistent i will know what to do and have a plan or rather a trading strategy.
other than that plan is just to manage risk like ICT taught...and to scale out profits.

anyway hope that helps

[Pipowski]

Hey eblip - thanks for getting back to me. You know, I was so stunned by the implications of blowing my demo account out I thought I'm either too stupid and I'll never figure it out or it somehow has to be stacked against me... This time, for some reason, when I read ICT's instruction to "forget everything I knew or thought I knew about FX" (which took me honestly now...) all of 30 or 40 seconds (stupid-maybe but I have read alot) - I have done that. Other posts have mentioned how infectious your excitement is (and my OCD has fostered the same kind of excitement in me) but I don't want to lose my excitement for some inexplicable reason... I think I'm afraid something could take the fun out of it for you too.

So far, my only plan is to allow myself to continue this surprising sense of respect I feel for Mr. Huddleston's generosity and instruction. My god... if I was any younger, there's no way I would have listened to him tell me to forget everything I know or think I know... Or that I could climb to the other side of the food chain... But I've taken those statements to heart and they've been humbling. If that keeps up, maybe I'll become teachable... Going through his stuff though... I do feel pretty stupid.

Keeping at it though.

I wish you the very, very best in your efforts.

Mike

p.s. - I'm actually reading every word I can find over at the CFTC web site. Can't find the COT Reports for May, though.

[eblip]

hey pipowski ...if you need any good reading material...or anything to help you...i get everything free online and ill let you get copies ....no matter what area of forex or if you want the books ict mentioned...ill be able to get you pdf copies for free...just pop me an email if you want to get more background reading and well sort it out...

but you stay as you are....excitable or stern.....thats you ....you dont have to be what others want you to be...your free to be what you want...

im glad your onto the ICT thing, i dont actually listen to many people....im a lone player ...cant work for others can only work for msyelf etc......but him....i shut up a listen....cause he knows the score, and he is actually giving those of us (me included)....born with a wooden spoon in our mouths....who have never had the breaks...and opportunity to do this...and even if this type of work didnt pay that well ....its still the type of work i enjoy...so its all good.

you are most certainly teachable....more teachable than me....as you sound like a more humble person.
if you find his stuff complex...your one of many...but its all because its new...and if you take each little bit step by step it will soon become quite clear...
watch each video 10 times and get comfortable with your computer and the software and if you get stuck ...ask someone ...ill help if i can.

anyway ...its been nice speaking to you..hope we keep in touch..and dont be offended by any posts i send..in the future...as sometimes i get competitive and a bit rash....but i dont harbour any hard feelings...i need to stop thinking the whole world is out to get me....

thats just a product of living in inner city london for too long i suppose..
anyway good luck with your training.

[Pipowski]

Well, thanks eblip It's been nice speaking with you too. Recently (a couple weeks before I returned to Babypips) I dreamed I bought a small postage stamp of a piece of land with a crappy little mobile home on it. When I went to move in, I discovered a bunch of crappy goo spread out around the property. Turns out it was oil - and there was a million barrels of it under the trailer. So I built a pump and started filling barrels... at 90 USD per barrel... well, it was good

Sounds like FX to me - : ) I do wish you the best - especially the hard parts, whatever they may be; And I'll be glad to watch you "climb to the other side of the food chain" : ) Like Thumper with fangs...

Mike

[eblip]

right ..just noticed something that may be just wishful thinking ...who knows...but im gonna put a tiny bit of cash on it...and see what happens...and demo it big for fun...

if you look at diagram i put some general trendlines on the 4 hour chart of the cable...and although not exact the right hand side appears to be mirroring the left hand side...
ive indicated with thumbs up what i take to be mirror matches....

if this is the case and the mirroring continues...
then the current price which stands at 1.56289 should retrace back to at least 1.57725 for first profit take.
and then it should go on to 1.58217 for second profit take...

this may be ridiculous...but i like it and through my eyes...the mirroring is quite powerful ....
it could be a long term deal ...long term being a few days and i dont know if it will get stopped out....
i would strongly advise that you dont take this too seriously as i am a noob and just enjoy patter recognition things....and this is a pattern to me...
note it is also an experiment in the effects of mirroring on my account....ha ha.

ps dont know what the sign of the market turning that way will be....maybe a sharp decline in the asian session as a set up ...maybe... thats if it ever turns at all....
TO BE HONEST THIS JUST is not HAPPENING....APART FROM PATTERN that only i can see.
it NOT BACKED UP BY ANYTHING ELSE. and pattern isnt that similar really.

i think its stick with the basics time...and stop wasting time on chancing things.
lesson learned

[popinjay]

hey pipowski ...if you need any good reading material..

Hey eblip
Have you seen this site
/Trading Books/

it gets posted every once in a while in this thread, but it has hundreds of trading books you can download the pdf. Good stuff!

[eblip]

yes i already got that one....its great for lots of books...others i normally get from torrent searches or from other sites....the other sites and the torrent ones dont have the big adverts in....not that that is too much of an issue to be honest.
but thanks anyway popin

[InnerCircleTrader]

Curious folks... anyone recall my teaching on Seasonal Tendencies?

I shared with you a few "Macro" concepts in that teaching... and you should be tickled with your charts given that insight. If you missed it.. fear not... this Monday it will be in the Trading Plan Development tutorial.

Cable chart is so pretty right now.

GLGT

[InnerCircleTrader]

Not only that... but I wonder do the "bloggers" read this thread?

How on earth is this thread not sticky'd yet??? BabyPips mods - wake up!

[hellogoodbye4201]

Curious folks... anyone recall my teaching on Seasonal Tendencies?

I shared with you a few "Macro" concepts in that teaching... and you should be tickled with your charts given that insight. If you missed it.. fear not... this Monday it will be in the Trading Plan Development tutorial.

Cable chart is so pretty right now.

GLGT

Yep, certainly do remember those I even had to get my own copy for every major currency!