Pepperoni and pineapple please

[QUOTE=“peterma;543366”]

Pizza, sums up all of the psychological gurus’ lengthy and expensive books, none of whom can show they actually do trade with success.
[/QUOTE]

Being in the right psychological stance is definitely a key part of trading… The development of this was a slow process as I progressed from trading rigid mechanical systems to purely using discretion.

[QUOTE=“peterma;543366”]
I got a lot from your thread, hope you might think up something for newbie island for the future - you’ve only to see how needed good info is when you see how quickly the ‘signal providers’ attract a following.
[/QUOTE]

It is definitely needed… But I doubt I will. The way the newbs have attached themselves to the obviously failing signal providers on this forum (and defending them when the obvious is pointed out) is a testament to why the failure rate in this business is so high.

[QUOTE=“peterma;543366”]

  • many thanks for your input - and your stance in squaring up the leeches in other threads.[/QUOTE]

Your welcome! Glad to give you an insight :slight_smile:

Drum roll please!


I’ll post the account reports after October ends from April (when this account was $2,200) to October… :slight_smile:

your battery is always fully charged… how do you do it??

(sorry that’s what I was focusing on mainly, did you make some money or something? :wink: )

[QUOTE=“coreylahey;545865”]your battery is always fully charged… how do you do it??

(sorry that’s what I was focusing on mainly, did you make some money or something? :wink: )[/QUOTE]

Bahaha! It is almost always on my charger… At 6:45 in the morning I just rolled out of bed and grabbed it.


Wut? How the hell did you manage to not bust your account with 1 reward:50 risk?

Congrats dude! You da man!

[QUOTE=“bun;545982”]<img src=“http://forums.babypips.com/attachment.php?attachmentid=52442”/>

Wut? How the hell did you manage to not bust your account with 1 reward:50 risk?[/QUOTE]



10charact

all that matters is expectancy, which includes win rate and R:R

and if i remember correctly, the one trade that went bad was closed before reaching the full 500 pip SL.

[QUOTE=“coreylahey;546088”]all that matters is expectancy, which includes win rate and R:R

and if i remember correctly, the one trade that went bad was closed before reaching the full 500 pip SL.[/QUOTE]

Yep… I’ll close many trades before 500 pips is reached… If the fundamental bias changes I close my trade… It’s that simple. I will however hold onto a trade until it goes 500 pips against me if there is no clear shift in the fundamental bias… That is not very common for a currency to move 500 pips without a fundamental shift though.

I’ve had two of these big losses since opening the thread… One was at the end of July and the other was near the end of September… They will happen. But they are not difficult to recover from… I brought my balance back to pre loss levels on both occasions in under 3 weeks… I will have to double check but even after these losses I believe I have finished every month since opening this thread in April with more then the prior month.

The interesting thing is… Both of the big losses weren’t 500 pip losses… They were the EQUIVALENT of 500 pips at my BASE position size… On these smaller accounts I average into trades somewhat aggressively… If I average in to where my position size is twice my base position size my SL becomes 250 pips… And so on. In both instances where I hit the big loss… I just missed the turn around point of the move by less then 20 pips where it would eventually come back to my TP… So I was correct in my bias but I averaged in too much and could not hold it past its peak.

You’ll see this when I post the account reports.

[QUOTE=“bun;546086”]<img src=“301 Moved Permanently”/>
10charact[/QUOTE]

Yes… That is exactly what it means lol

It’s actually kind of humorous to me to see this flawed idea perpetuated by the novice traders who begin instructing other novice traders on an online forum how important it is to have a high reward to risk ratio.

Your r:r is a product of how you trade… Not a determinant.

Then of course we will get the dense headed folks (here’s to you Mr. Gone) where this concept completely flies over their heads as they begin chanting “idiot!” …


Here’s another update on this account…

Started march with $2,200… That means it stands at 527% as what it was 7 months ago. Again, I’ll post each monthly report on this account from my broker since march once Octobers report is available.

Once October closes ill merge this with my main account and start over at $2K

What’s the risk per trade of your account’s balance (in $ or %, whatever)?

[QUOTE=“coreylahey;551294”]

why are you such a boss??

people more interested in squiggly lines than consistent, profitable trading! Shame, really[/QUOTE]

Here are a few pictures that illustrate the noob mentality…


Attraction to what will burn them. The flame that attracts and eventually kills the moth is “price action” trading … or even worse is trading with indicators. It is the gullibility to get sucked into a narrow view of the market which dictates that the REAL causes of market movement be ignored.


Noobs will follow anyone who can summarize “how to trade currencies for dummies” and write generic trading advice. They get infatuated and cling to anyone they think will help them make money. As a result all common sense they might have gets thrown out the window as they chase after someone dangling a carrot in front of them.


The noobs tend to feed off each other and create self perpetuating myths that, through group think, they convince each other is fact. It takes maybe two or three minutes of perusing the current threads to see examples of noobs passing off horrible advice to other noobs. They pat each other on the back, feeling good that they think they have a grasp on a concept they really have no clue about.


Noobs will do everything possible to ignore and discredit people who have opinions contrary to what their guru is telling them. They throw tantrums… They shout insults… They scoff. It takes experience to spot experience. More often then not the experienced traders get labeled as “haters” and “trolls” when their experience points out HUGE flaws in logic that the noobs are committing to follow their guru or other form of misguided adventure in their attempt at a trading career. In what other arena are experts who know what they are doing, harassed for trying to point out mistakes being made?


Downright laziness. There are countless numbers of threads on this forum created by a noob who is asking a question that they could EASILY find on google themselves. “What is the difference between stop and limit order” or “what is a pip”. Not only do they expect for someone else to do the leg work for them, they typically get answers by other noobs who have no idea what they are talking about to begin with.


Another form of laziness that is also extremely rampant in the noob world is the pursuit noobs have for signals providers. They don’t want to put in the effort to learn how to trade, so they try taking a shortcut and find someone to copy. The laziness of noobs holds them back from developing their own trading techniques and they are doomed to fail in an emotionally painful fashion as they see their accounts blow up without controlling their own destiny.


There have been many scammers on this forum who have made pretty outlandish claims without a single piece of evidence to back it up. Many have made claims of profits, or employment with investment banks, extent of experience trading… Very few have offered evidence of any kind to verify those claims . The noob gets starry eyed and accepts whatever the questionable individual says without batting an eye. In one particular case here at baby pips involving a yellow Porsche, a few noobs lost several thousand dollars to a somewhat convincing scammer making quite exciting claims.

You can be a novice without being a noob… Just say no to being a noob.

So why am I such a boss and can consistently beat the market? Because I have none of the above traits :slight_smile:

One question, Pizza Man,

You will indeed be starting a new 2K account, and posting from trade #1 on this thread? I have recently been availed the time to keep up with with each one of your upcoming posts. I would like to follow, learn, post myself, and exchange ideas. I want to be a profitable trader and yours is a strategy that I would like to learn thoroughly.

Congrats, btw. I was rooting for you to reach your goal when I first happened upon this thread a couple of months ago.

[QUOTE=“Prince of Pips;551320”]One question, Pizza Man,

You will indeed be starting a new 2K account, and posting from trade #1 on this thread? I have recently been availed the time to keep up with with each one of your upcoming posts. I would like to follow, learn, post myself, and exchange ideas. I want to be a profitable trader and yours is a strategy that I would like to learn thoroughly.

Congrats, btw. I was rooting for you to reach your goal when I first happened upon this thread a couple of months ago.[/QUOTE]

Thank you :slight_smile:

Nope I will not be posting trades or analysis to this forum again. I deleted 90% of the hundreds of posts, trades, and analysis I made to this thread a week or two ago.

I updated the progress of the account for those who were following before I stopped posting my trades.

Shame.
Sorry to hear that.
Thanks for the reply.

Great post Pizza, I completely agree with it… and congrats on the impressive results.

Now you are only missing a Myfxbook account to set yourself apart from all the rest of the hacks. Don’t respond that you don’t use MT4 or that your account is not compatible with it. A man with such a wealth of experience and impressive track record should be able to put a couple of grand in a account that CAN be linked with Myfxbook.

Brilliant post - some weeks ago you referenced the fundies on the usd, you posed a simple question, which cross to trade against it.

The answer you gave was the nzd - their central bank was speaking of the possibility of interest rate increase(s) ahead.

In the following weeks it had risen by over 300 pips - all the pin bars and price actions and top secrets and myfxbooks in the world are meaningless when a person trades against the central bank - but trading with it and suddenly R:R becomes an aid instead of a hindrance …

Your approach to R:R coupled with the fundies is an eyeopener - again many thanks.

You can see the screenshots of the mobile app he uses to place his trades. Myfxbook is only compatible with MT4, FX Trade/FX Game and Trading Station. He already said that he’ll be releasing his account reports at the end of October. Seeing as how you’re on an anonymous free online forum, you’re not really in a position to bargain.