A Trader’s Recipe for Disaster and How to Avoid it… GP00053 gives us the lowdown!

Community Member Spotlight
21

The pair has to fit my one of my strategies. The pair has to be liquid, The average daily range hast to be more than 50pips or 500points. There can be no major calendar that will cause large moves in the pair while I’m trading. Only pairs I consider are: USD, EUR. GPB, JPY, CAD, AUD & NZD and their
combinations and only if they meet the first 3 conditions
Good Luck
Gp

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22

Yes. There are pairs that better fit my strategies than others. There are pairs that trend more and ones that consolidate more it depends on what I’m trying to accomplish as to what pair or pairs I use. I look at 7 pairs and their combinations. Havign said that 98% is done with 3 pairs generally. The pair does matter a bit in the sense, for example economic releases, governmment statements I try to avoid. But it is really price action that dictates most of the time.
Gp

23

wow, your daily analysis is similar to what I do. I literally start from the month and work my way down to identify all major support and resistance areas, including trend lines, etc

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24

It’s always good to get personal takes on trading from people who have a different perspective. This reminded me a bit of the ‘Market Wizards’ series. Thanks.

25

Excellent advice, based on your experience, thank you for sharing this.

26

I stick pretty much to the majors with the exception of GBYJPY and most of my trades are EURUSD, GBPUSD, and XAUUSD. I also add the USD index as my main reference for both continuation and reversals.

Do you trade mainly continuations??

27

Exactly. Once you have a strong knowledge of the basics to draw from, different perspectives is what helps you to build a strong personal trading strategy that suits you; not you trying to fit into someone eles’s strategy. After that it’s just time and patience.
Good Luck
Gp
Not familiar with Market Wizards. But most of what I talk about is pretty basic and almost all of it is common sense. Best of Luck

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28

No I don’t trade anything mainly. I have a trading strategy that is based on reversals when price is trending up and down, I also trade when price is moving sideways within a range and as well when price is in a continuation.

At this time I only consider trading Only pairs I consider are: USD, EUR. GPB, JPY, CAD, AUD & NZD and their combinations . Not normally but in the past I have traded a pair that is trending, and another pair ranging . I haven’t done all 3 yet.

I trade based on the Facts, my Options then I pick the least of the Evils.

Best of Luck
Gp

29

Thanks Gp.

31

Hi babypips and GP00053 - GP00053 are obviously a true gentleman- and I would hope to emulate to your ethos. I have traded in shares for over 30 years but only in the last 1.5 years in spread betting on indices primarily on the DOW - which my wife does too. We have seperate accounts and use another trading platform. I have a subscribe to a subscription service - which provides trading recommendations which I pay for. I use these if these fit in with my style and in general they are successful. I would like to go into more depth in your trading recommendations - and I wholeheartedly agree that I am always learning and in addition will mention to people who I feel would be interested in trading. As this is my initial I hope this meets the standards and I will follow up in a few days/weeks.

All the best David

32

Thanks for these awesome truth.

33

I learn to be patient, persevere, learn always etc,.
Thanks for bringing this interview up.

34

This is my favorite quote, because, I too believe that everyone should be held accountable and be responsible for their decisions and, it applies to forex that the decisions you make are clearly on you and stop blaming the markets, the brokers etc.

35

Thanks for the inspiration GP. I’m curious how big your account was when you started, and how long it took you before it became your sole source of income?

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36

Thank you @gp00053
My personal 3… faith… family… freedom.

I can identify with so much of what you said. When I think if the freedom that I value the most and that is amazing… it is the freedom - to do not just what we “want” but to do as we ought.

Though you did not say it per se… I felt you walk in this way as well.

I have learnt so much about myself as I have been learning to trade.

Incidentally it was a logical path thru the exciting world of digital currencies that brought me to trading yet

… I agree and resonate with all you shared, including about crypto.

Thanks again.

37

I had made every single one of the mistake you mention and was just about to throw in the towel until I read this. Thank you!. I know my success is down to my own effort and I will now double down on protection, planning, patience, perseverance! Thank you

38

Thanks for such an insightful interview and continued success to GP00053.

39

Thanks for sharing,regards to your family

40

Interesting… I learned

41

You are right. Some times I have wondered because babypips sharing valuable education for free. Really appreciated and thanks to Babypips