Low Drawdown, Consistent Pips

Beginner Questions Trading Psychology
1

I feel there is a lot of noise out there around Pips made rather than risk controlled. For instance, I see a lot of threads that are “Watch me make 1000 pips.”

Well I felt inspired to start this thread “Watch me hold on to the pips I do make!”

I have been following these guys for a while, and they are teaching me how to keep drawdowns low, take calculated risks, and keep the pips I make. To be honest I was losing consistently until I started to apply these basic principles. Here is the MyFXbook link.

Please post your myfxbook link if you have a system with less than 10% drawdown, because what I am finding, is they are few and far between. Many of the people saying “Watch me make…” end up having 50+% drawdowns, which I personally see as a lot of risk.

2

Nice wish you all the best on this journey and I hope you are able to keep your head above water during the bad patches…
But if I may ask, why are the trades section sealed off… I believe trades with negative pips also count towards the calculation of drawdowns so it might be ideal to have that section also visible… so your followers know which trades you are holding and ask why?
I also wanted to know will it be just about the equity curve and drawdown or you ll be showing us how you trade?

3

Thanks liftoff. I am simply using TradeCopier with them, so I probably couldn’t do justice in explaining in complete detail how the trade is placed. I do know the trades are placed at major support levels and there is at least 5+ hrs in each trade to patiently await the outcome. So I plan on sharing the education they are teaching me while I copy the trades to benefit my fellow Babypippers.

I wanted to start this thread to hopefully draw other traders out who are having similar success with 10% or less drawdown as the forums seem littered with a Pips making contest without treating it like a true business.

4

I understand… then it will be best to use their HTML links that shows your account stats in the thread post…

5

Yep I need to setup myfxbook myself.

6

oh I see… so this is for the signal provider you are following?

7

So, your copying another? Whats going to happen to YOUR business once they dissolve? How are you going to show anyone whats being done, when you YOURSELF is just following someone else? Its like letting someone else run YOUR “business”, no?

8

Good point moneynvrsleeps. I am pretty confident with the coaching they have been giving me, I would be ok if anything were to happen. Like I said I will get my own myfxbook going, and talk to the trades I am placing. For now, I will ride this wave and learn while doing it!

I personally turn off trade copier when I am awake or not sleeping, to allow myself the opportunity to place trades, because I find that I get in at more optimal prices due to my entry criteria. However, they manage risk better than I could alone.

[B]MoneyNvrSleeps would you mind posting your myfxbook stats? It looks like you have many posts, and I am sure your trading could teach us a thing or 2![/B]

9

Hey Steve, What ever works for you. We all have the same goal, TO MAKE MONEY…!!!

I just personally dont like the signal thing, because, What if it ends on their side… THen, your back to square 1, but atleast you know how to trade… Its just something I was never big on… I think THATS gambling, lol…

Now, Im not perfect, I have abandoned many account,… Even trading demo, I dont wait for my account to “blowup”, I just start another one, get back on track, and roll.

Now, what I tryed to do was perfect entry, as I see that the biggest clog in the wheel. I guess I dont know what downdraw is, as I got crap flung on me in another thread, but I see downdraw as movement against an open trade. Thats how play it anyways… My daily goal is 5% on daily opening balance. If I have a trade that falls behind more then 5%, Im done for the day. So 5% is my max… Now, I might be incorrect on this, but I go by trade by trade basis. Now account downdraw is another thing. Im not worried about that… When I refer to downdraw, it pertains to my current trade…

I have no tips, my trading style is pretty fluid at this point. I use many factors, but alot is just instant reaction…

I do use a couple indicators, but I know how to read them, and know their method of Operation…

Im currently at 55-1 and my 1 loss was for 6 Pips, or 2.3% drawdown. Thses Numbers represent Trading since Wed Morning.

Im at 30% balance increase,

my z- score is 99.6%

Great Profits to you Steve,

10

MoneyNVRSleeps,
I think the main idea of this thread is to show a consecutive consistent money management approach, without account equity dropping more than 10% at any given time.

Is there a reason you are telling us how good your last 7 days were, but not showing us the last 30 days or 6 months? I think you really need to look in the mirror and be honest with yourself.

11

Numbers never lie…

gains.jpg700×299 16.5 KB

12

You’ve had a really good few days. Keep it up.

I aim for 10%pm with no more then 10%DD. Doesn’t always happen though.

I like the fact that u are looking at account drawdown and not only risk per trade. I set the risk per trade based on account drawdown history.
I think u make a really important point regarding low drawdown. You need to know more about your worst trades, then your best ones.

13

Nice thread and I agree with the point you are trying to get across here. Like goldy stated DD is very important to watch as well as risk per trade. I will be following and nice trading

14

Thank you Goldylox and bobmaninc,
I don’t imagine this thread to be a “popular” thread, but I hope that with your help we can show the Babypips up and coming traders that a key to profitable trading is holding on to those hard earned pips!

15

Steve… Are you affiliated with the people you are copying your trades from…

You’ve been referencing this service with your myfxbook results in several threads/posts… Maybe I’m wrong but it makes it seems like your intentions may be to advertise albeit in a subtle fashion.

16

Steve, we were on that webinar together, I just now put 2 and 2 together when Banker was asking me questions.

17

So your Steve? Did you forget to sign off one account and on to the other…???

Banker becomes suspicious again…

18

hahahaha good one Banker928… I was thinking the same… :smiley:

19

I got the notification in my inbox, as I am subscribed to this thread. Banker, you have been asking me questions all day. I simply replied from my smart phone, as I figured the question was aimed at me. Steve lives in New York, I live in the Western part of the US. Go ahead, check IPs

20

Lol… Well I addressed the question to Steve… And you answer as if you are Steve… Right after me saying it’s suspicious that your accounts are so similar…

Do you see the humor in that?

If you are subscribed to his thread how would you not have known earlier then today that he was from your webinar?