Hi all,
I’m Avilanch2001 just call me Avi. My wife Maythan (May) and are are setting out on a challenge and also a learning experience. We are challenging ourselves to 50 pips a day. We both have some experience in investing not much. I have about 6 months and her about 3.
We both have a horrible bad habit of blowing out accounts after being very profitable. We want to change that and we need your help. Hold us accountable and also tips advice and anything else is welcome. Please no hitting on my wife… I know shes hot but please; I’m warning you… She bites!!.
Ok the intent the rules and so on.
We will both use this thread as a journal posting pics keeping scores and the like.
All trades for the day will be documented Entry position marked as well as exit position. Screen shots will be posted.
We are allowed to use any indicators or system we choose(Me i prefer a bolinger band and that’s it. Price action is king… just saying.) My wife uses the little tick chart in the open position window. I have no clue how she does it but shes prety good at nailing the direction from the series of ticks
Ok got side tracked there for a min back on topic. The rules for trading are simple. Goal is 50 pips a day min and max. Yes i know its unlikely to nail exactly 50 pips but if u go above 50 pips no more trading for the day jsut sit and watch and paper trade. if there is an open position that u think will keep going ur allowed to keep it open till close doesn’t matter if it takes u to 51 pips or 650 but once u close a trade and ur total is above 50 pips then ur done.
The purpose for this is because we both have the potential to be good traders but we tend to be greedy and not know when to stop. Putting a goal/limit forces both of us to plan our entry/ exits more carefully and also forces us to stop and just not trade building both skill and discipline in our trading.
Im a soldier and I have a year left in the military before I get out and I want to have something to land on our goal is to use our investment accounts as savings till were out. Yeah bad idea its unstable but it wont be an official savings more like an investment… go figure. The goal is to never take money out and to always keep it growing… This isn’t our sole savings plan either so don’t think were dumb enough to put all our hopes and dreams in forex. Though it would be nice to be able to trade full time thats not our real intentions… If it happens liek that then it does but for now its just a skill set that we both intend to grow over the next couple years.
Both accounts will start out with only $100 and if money is ever added to those accounts it will be added equally for both. We have big goals and ambitions for ourselves and this is only a small but important part of it. We are dedicated to learning improving and pushing each other along through our success and or failure.
We both look forward to any input comments or assistance offered from the huge numbers of experienced or inexperienced traders here in the forums. Thanks in advance for all your input.
I totally agree to what you said baby even the part where you said i bite >:P ! lol love you and yes it’s true, im hoping we both will receive good advice from everybody and also make friends. Thanks in advance. also my husband has said everything that is on my mind so i dont have much left to say so let’s the adventure and competition begin!
Hi avi and mayt, we welcome both of you to this forum. I hope that both of you will add value to the forum and we will have a chance to learn from you lot.Mind set is very important in trading. if you have a traders mind set (not gambler’s) and don’t bow in front of loses. hopefully you will be successful. trading is not difficult but sticking to rules and their application is difficult. whatever your trading plan is just write it down and never deviate from it. u see, success will be at your steps.
wish u good luck.
Gunner thanks for the advice. I see what you are saying. More or less though were setting 50 as our cut off the big issue in the past for both of us has been not knowing when to stop. I set 50 as more of a limiting factor than anything. Making 50 pips in a day isnt really the challenge as knowing when to stop and say ok that’s enough for today. Hope hat makes sense. We wont be funding our accounts until the 1st until then its paper trading only.
Heres a screen shot of an interesting set up i bumped into last night.
After the rise i thought it would keep going up then bounce off the trend line back down but i was wrong. Either way i would have closed at the time of this screenshot and not traded on the next push i thought was gonna happen because i wasn’t sure. It wound up leveling out and going side ways before breaking down through support. That support line I drew because of how it seemed to just stop right there later i scrolled back through the past and saw that it was a stopping point for both support and resistance before. Hope that explination makes sense. I was how the bars were wedging in on each other and pinching at that point with strong support it only had one thing to do and that was bounce.
Not bad for a short little set up. Using my demo account to keep my skills up while waiting for pay day.
I took this trade because there was some weaker support at that lever price had bounced off it twice and below that was a much stronger support level it was hanging there at that weaker support rather than just bouncing off so in my mind it was going to push through maybe not all the way down to the next support level but enough to pull in some pips which it did. 23 in total by the time i closed it before the pull back. shortly after it came back up above that support level and is hanging again… Its gonna fall back down more but don’t trust that enough to trade it again unless there is a stronger indication than a gut feeling. Though it is tempting because it really is hugging that support level tight. not worth the risk.
Ok so I took a bit of a risk on this next one. Didn’t follow what I said from my last post. I took a trade in almost the exact same price as before on a short. It turned out ok though i kind of shot myself in the foot. It spiked up and my heart about dropped and then came back down. Should have closed but didn’t. It spiked back up and then instantly pulled back again. on the next bar I felt a bit more confident in my decision as it started to break down right as i closed it came back up and my 17 pip profit turned into 6 pips and then to make the kick in the face a bit worse it continued to fall. Yes it a stupid trade kind of pointless im just glad that it came back in my favor. Though im a little pissed that i kept falling after i closed its ok because atleast i didnt loose money. Going to wait till a respectable set up presents its self. Might play a game on my phone while i wait… Staring at the bars constantly is making me a bit drowsy had a long day…
Heres the image of the trade. Entry yellow arrow price yellow price marker exit yellow line above the bar. Sorry I didn’t have a pic of the trade right before i closed it.
Last trade of the day makes me smile to myself. My timing was a bit off but off but still a great trade. Reason I took it is obvious It was following a wave and right on the support line i drew. In fact my timing was a lot off it followed almost the exact same wave twice and all in all it was a decent win of 75 points. could have been over 100 if i had waited for the rest of the wave to develop but at the time i bid it was stalling and i thought it would come down didnt think it would finish forming the wave. anyways my entry is marked with a yellow arrow again.
My wife might not be trading tonight she just got off work and had some killer good news. for me. FYI My wife is in Cambodia and I’m in Korea. Its a long story but were about to get together for the first time in a very long time (3 years to be exact)!!!
Ohh almost forgot. Total pip profit for the day… Trade one 23 pips trade two 6 pips and trade three 75. total 104 pips. Falls within the rules the last trade kept going so i kept it open for the bigger win.
Just realized I’m making a total dip of myself. Was doing my daily study in the school of pipsology and realized i missed a part in preschool… Happened to be the part about calculating pips. Here I’m thinking the challenge I set for My wife and I was simple but I learned today that my broker calculates prices in pipetts so that 104 pips i was so happy about was actually 10.4 pips right? Guess I need to rethink how this all works in my head. I feel a little more humbled now thinking back I kind of scoff at those guys talking about how its hard to earn 1020 or 50 pips in a day. Guess i was only making a fraction of that. lol… Oh well that’s life.
Hi avi, some broker on their charting platform support 5 decimal places on European and other currencies and 3 decimal places on jpy pairs, for the purpose of pips counting, u ignore the 5th and 3rd digit but some of them support 4 & 3 decimal places.on 5 decimal places if u earned say 2345 pips that means 234.5 pips are gained and on 3 places decimal, if u earned say 567 pips, that means u earned 56.7 pips.
hope it may help.
Sweet. Depends on a lot of things. Shes in cambodia im stationed in korea. Shes just visiting for a week this time. Hopefully if everything goes right the next time will b for good…
ok so today was a bad day trading filled with all kinds of silly mistakes. I was working the boring desk part of my job Had to get up and woke up to a catastrophe when i came back Trade one was a sell it worked out at first earning a few points I thought it would keep going then the sudden spike that took me to close it before the damage was too great. Trade two was a sell at the top of the spike hoping to recover some of the lost pips from the spike and failure of trade one. it worked out ok. Trade three I saw the market stating to turn back up a bit and got ahead of myself thinking it was going to continue to go up or range. so i closed my open sell option and placed a buy. well I was wrong it was still over bought from that spike and continued to sharply fall. My big mistake on this last one was i switched over to the 4h time frame and saw that the marked was reading oversold and figured I would give a shot at trading on a longer time frame and trying to make larger gains. well that didn’t work out too well as I missed the start of the draw down and lost big when it just dropped. I think I ned to just focus on one style of trading and stop trying to mix and match concepts. Scalping and playing the bounce on the m5 chart really is all i should need. Once I’m more skilled there I can move on to trying to play longer and larder trades. (on a demo account until I know my limits). Cheers guys hope this serves as a lesson to other newbies out there dont psyche yourself out and pay attention to your trades.
Also a side note. With her hectic work schedule my wife has had a hard time getting infront of the computer to trade. So for the moment this will mainly be my trading journal. Hopefully some she will get some time of her own to start updating her side.
Thanks
Avi
