[QUOTE=“PipNRoll;621737”] To train you, my asking price is at a higher cost 
military is free and they will even teach how to clean toilets and floors, iron your clothes, those are very important " skills" and you can apply that into trading yeah, you look like you need one lol ;)[/QUOTE]
The finer things in life tend to be more expensive ;). Since I am such a valued accomplice, cut me a deal xD.
Hello PipNRoll, our FX Mistress and Inspiration!
Here is an article that I would like to share with readers of this thread, if you would not mind too much, as
it deals with your last question, namely how much of a return should one aim for per year?
Always Make A Profit! by George Hedley, CSP
Excuse me for using your thread for my own purposes, but I hope that you will forgive me.
Happy trading.
Hi PNR,
I’ve been away from the forum a while and since I’ve been given so much, I feel very drawn to making an effort to share what has been so freely given to me.
I have consistently lost since I started trading again in March. I’ve been studying fx about two years and trading live only just recently. I handle losses as well or as poorly as most people, I suppose, but something I read really made a difference in how I look at it.
I read somewhere that if I learn [I]why[/I] I lost a trade, then the loss is best described not so much as a loss, but as the cost of a lesson. In terms of real dollars, my losses usually run 2% or so and if it only amounts to a dollar or two, well… would I spend a dollar or two on a textbook for one of the most important college classes I could ever take?
When I started looking at it that way, it not only started to be FAR more fun, but I started learning faster. 
I’m not the sharpest knife in the drawer and to make it worse, I’m a slow learner. But when I do finally learn something, it becomes automatic for me. And I move forward in a mad rush of “Oh… I GET it…!!!”
I’m physically disabled, in my mid-50’s and so I can trade full-time. I believe I can learn to trade well enough to get off of disability and rebuild my life. Slowly, inexorably, I am becoming more powerful at this.
Thank you for posting an inspiring journal and I wish you the best.
Mike
Hi ya pipnroll just stopped by top say hi and if you think ur job makes trading hard, try mine I have tried the long trades, go to bed work 14 hours get online and wham im losing the trade on news lol, from here out call me a news trader, I do not mind taking mere pennies of profit on a trade due to my job I just trade when i can.
I am the number 1 Truck driver on my companies list so I am getting all the freight I can move swimming in more money than I have had in 30 years, taking a stab at stocks for income, so far ive got 4 bux’s per month average income off dividends, Plan to in december to add more to forex cause I see what i wanna do soon. I have a 5 dimension plan, forex, stocks,savings, peer to peer lending, and finally livestock (cattle will be my retirement play pretty).
There is a long way ahead of you PNR finding your consistency. May be you want to pay some more attention on technical analysis and trade after releasing the fundamental news not before.
Thanks for the link! Wow, 20% minimum annual return is just my wild guess.Interesting…
Hi Pipowski,
Thanks for your post. I am glad to hear that you decided to try trading again. I like the analogy that you use that when you lose or rather spend a dollar or two is like paying for your classes/textbook. It is all a learning lessons just like in school however, trading in itself is about finding your own-self as well. You will find out along the way of your trading journey that you will know how much risk you are willing to take, you will find out what strategy that is best for you, you will find out how you deal all these ups and downs emotions, and eventually you will be at the point where you start building some confidence, you will have a better judgments on your trades. It will not be perfect and you still make mistakes. Getting in control on how you prevent from so many losses and keep your account at-least to break-even is difficult enough to master when you are still trying to figure things out. Its a tough business and non of these things can be learn from school.
At-least you have all this time in your hands to trade full-time! I hope it all goes well for you as well…and I am glad I can be help in some ways
PNR
Hello Jackthetrader,
My counsin’s husband used to be a truck driver and he go all around the states. He sometimes gone for a week. I know how tough and difficult job it is because he complains about it all the time! no wonder he didn’t last and quit lol…
Good-luck with you trading…
I usually wait about 5 min. or so before I place on a trade during news releases…or sometimes I wait till the retracement. I do not believed on a “perfect set-up”. All I want to focus on is to come out in profit or at least at a minimal lost.Sometimes it worked, sometimes it doesn’t…If it works, that means I am right
Hello PipNRoll:
have you watched this video?
Trading the News - David Song | FXCM Expo 2011: Trading the News - David Song | FXCM Expo 2011 - YouTube
Just watched 20 or so mins into it. That’s a lot of analysis for 20 pips. Waiting as long as this guy does seems to me that it is more likely you will miss the majority of the move and are just setting yourself up for a higher chance of failure. Yeah he had relative close stops… But how often does he get stopped out. I just assume be in way before the news hits and be up pips as a buffer going into the news and be able to capture the entire move. Then again I don’t trade news lol. I trade days.
Nice video though. His strategy is legit. He mentions he didn’t trade UJ because it was near a historic low. Wouldn’t UJ at that level provide more possible return with lower risk?
Hi leg0nd… Could not tell you, but the video is three years old, so…
Nope. I have not seen these video. Okay, these is creeping me out! but in a good way What ever David Song discuss in his presentation is pretty much what I do! especially that when I wait 5 min. after the news releases or so on a NFP news releases, and then yes I also trade E/U because they are more volatile (usually) when news came out from the US. Though, when it is way better /worse than expected results, I tend to open another pair to trade at the same time.
I’ve learn that waiting 5 min. or so before going into the trade from ILovePizzaMore when he have that Fundamental thread before. I was really active on that thread until… its gone…oh well, but I am glad I catch it early on before everything falls apart and I still apply it until today
Thanks for the link. I need to take notes with some key things that David Song mention in his presentation. I probably stop mentioning anything again because for some reason you always find something that it was also reference from other website that most of them I didnt know about lol…just kidding!.. which is good I guess, it validates my thought process on here.
Thank You!
or Maybe you should try and trade news…sometimes, its free money
[QUOTE=“PipNRoll;622002”] or Maybe you should try and trade news…sometimes, its free money :)[/QUOTE]
Indirectly I do. How else do I take so many pips? Lol. I take the whole day before and after the news
April is a losing month for me at -8% or so… I know I expected this will happen although I am not happy with it but i can moved forward, stay focus, look at the days and weeks ahead. Last month is already my passed that I cannot bring it back. I will take more precaution this month because I do not want this to be the starting point to be in a consistently in a losing side. Reviewing my trades that I took, it seems like my strategy didn’t work. I have missed some good opportunity to trade as well. I could go on what went wrong but bottom line is I lose.
Times like this, I needed to step back, re evaluate and plan out a game plan for this month.
Have a great trading this week! I am sure we will have plenty of opportunity to trade this coming week.
Hello Traders,
Have you guys/gals read Van K. Tharp book called “Trading Beyond the Matrix (The red pill for Traders and Investors)”? I have this copy but it was just collecting “dust” so to speak lol. I started reading it last night and thought it was interesting… If any one of you read this book, let me know how it is… I am planning to read 1 book each month about trading… As always, I am more focus on the personal Psychological side of trading.
Try this 3 books
Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader
Trading Price Action Trading Ranges: Technical Analysis of Price Charts Bar by Bar for the Serious Trader.
Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader
Problem you need more then 3 months
Great! So after reading this 3 books , I should be “Price Action” pro by the 3rd month lol…
Thanks!
I am afraid that you will spend a couple of thousand hours in front of the computer screen to master the knowledge that the author is trying to convey …
The author has a black belt in over complicate something that can be writen 1,000 times more easily .
Statistics will, you do not manage to read the books before giving up …
On the other hand, it is probably the best books ever written about price action trading …
Good luck