Pip crazy

Community Introduce Yourself
1

Hello everyone.My names Joe, I’m in my middle 40s and live in the USA (ohio)…
After over 6 years of learning the Forex and losing 1000s of dollars…
I need to start over…Baby Pips has always seemed like a very good Forex based website…
So I’m going to take the course’s and go too school here …
I have taken 2 Forex courses already and read many books and websites and there not working lol…

Thank you for reading this and good luck too all of You and your trading …

                                                                                   Joe
2

Man you are really hanging in there. A true lifer. Have you tried diversified long term trend following?

-Adrian

3

I have tried everything…long term and scalping…I can get in the tread but I never know when to get out…
I always seem to give back atleast half the pips I could of had…no money management skills at all also.
I’m just lost in all the mess…

I trade using normal tread lines and EMAs of 3,5,8,13,21
use a Stochastastic indicator and also CCI and MACD…divergence trading

6 years lol…and its almost killed me,ended up on a EKG machine at the Emergancy room the night
I lost a 1000 buxs in about 25 mins.(i’m not rich)…lmao…I’m too far in at this point to ouit…

4

Hi Joe,

Hang in there mate, everyone here has the best intentions & is willing to help :slight_smile:

My #1 tip if I can be so kind, get rid of all that sh!t off your charts! They should be called “reports” instead of indicators, they in no way indicate what’s going to happen, they only report what has happened :slight_smile:

Pick a few pairs that suit your timezone, study them. When price moves, where it moves to, what effect the Daily chart has on a lower timeframe bias etc…

Hang in there though

5

Agreed, you have too many parameters and you are probably curve fitting your setups. Trade simple. Trade a ten or eleven week Donchian Channel or something simple like that with a solid exit that gets you out with a profit. Trade longer term (no day trading) in small position sizes and wider stops that don’t have you in and out all the time.

Risk management, that is a big topic and I have thought a lot over the last year about how to best look at it and I am now leaning more and more in the direction of limiting one’s position size to one small enough so that a big move against you will take a smaller percentage of your account with it. Then, use the freed up capital to trade other markets.

Example:

You have a $1,000 account. You want to go long EUR/USD at 1.1000. If you put on a microlot (1,000) and EUR/USD slips against you (imagine your stop is slipped in some disaster event like the recent January SNB bomb) by say 900 pips to 1.0100, you would lose $90.00 (9%) of your account. I used to think: “Oh, that is not so bad.” I have changed my mind. I think that IS bad. If EUR/USD falls from 1.1000 to 1.0100, that is an 8.18% move. I don’t want to lose 9% of my account on an 8.18% move.

If you have a $1000 account and you want to go long EUR/USD at 1.1000, it would be better if you could put on a position of say: 500 units (half a microlot). Then, that 8.18% move against you would hurt your account by a mere 4.5%. Meanwhile you could put on another 500 unit position in a different pair like AUD/JPY or GBP/CAD that would not be as effected by some sudden illiquid move in EUR/USD.

That is just an example. Many of us do not have access to a broker that can offer odd lots and you would need a bigger account size than 1,000 to get that kind of diversification. Oanda is the only U.S. broker I know of that allows odd lot trades.

Have you tried longer term diversified trend following?

-Adrian

6

Welcome.
Change you nick name and attitude right away!
Be positive and you will be successful!
You lost 1000s? Thats mean that you have learned a lot!
Look at the bright side! Be pumped with optimism and enthusiasm!
You have decided to start all over again? Awesome!
Make new approach, trade with new things, start learning all over again!
Forget about the old things! Go to new platforms.


7

Hello everyone,wanted to reply yesterday but I was too wrapped up in my trading and reading…
What everyone has said to me is RIGHT…
I need to be long term…For years I worked on scalping,they say 10 pips a day can make you rich,
this is true(you would need a huge account to do this though).

I can get 10 pips everyday with no problom,but when you close a trade with 12 pips gain and then see
the market moved another 50 pips,I get mad…
So at that point I get greedy and make stupid mistakes and start trading reckless…

I took a Forex course that cost me 1700 dollars and I have learned alot from it
but in the course he tells you to interact with other traders threw
message boards and trading groups…I HAVE NOT DONE THIS YET…

Thats why I signed up here,to meet and talk with other traders
and maybe make a few friends along the way and most
importantly,learn the disipline it takes to trade…

Thanks for all the advice and the warm welcome everybody…
Oh BTY I picked the name PIP LOSER…to
remind myself why I’m here and what trading has been for me so far…

thank you everybody…JOE

8

Hey Pip Loser,

I know what it is like to lose money. I have literally lost MILLIONS in the past (trading and real estate investing). I actually lost over $425k in under 10 minutes. I literally vomited after that too. lol

BUT, I learned a lot from my mistakes. And number one was if you don’t have the right mental state (psychology), and money management skills, you SHOULD NOT be trading ANYTHING!

BabyPips is a wonderful place to learn and share. Glad to have you on here buddy!

Karma

9

Hi pip loser

I’m very moved by your honesty and humility. I’ve struggled and failed so many times myself with fx trading in the past, and there were many times I gave up too. I kept coming back just like you, and now have finally learnt how to be patient and consistently profitable. I’m a swing trader and I don’t use any fundamental or indicator based analysis, only candlestick /price action analysis.

10

Well you’ve shown that you’ve got the dedication required by still being here & you’ve made a massive step in the right direction by posting this thread & asking for help. Without change, you would just reproduce the same mistakes over & over again.

Regardless of your system & the “indicators” that you do & don’t use, the very first thing that you HAVE to address is your money management. It is imperative to get on top of this as even as a losing trader, it will extend the life-span of your account. The time period between a newly funded account & a busted account will be bigger & it’ll give you a bigger window to turn your trading around & become profitable.

Only enter a trade if you have a signal telling you to do so (this is system dependent) & know exactly where your stop-loss is to go. Then risk only what you are willing to lose (eg. 1% or an amount that wouldn’t require an EKG if the trade went against you) & familiarise yourself with a position size calculator - there’s one here on BabyPips.

I would agree with the others to have your charts clearer but this is all system dependent & down to personal opinion - different strokes for different folk.

Here’s hoping that the changes that you need come sooner rather than later. Good luck!

11

All of you are giving me great advice and I’m reading every word of it…
I cleared my charts out…I spent so much time on learning divergence trading using indicaters and cross overs of MAs, I got lost in the mix…

My win lose rato is 80 to 90%…lol…
I made 5 trades in one night last week…
Won 4 of them…about 22 pips total gain…only had one loser===75 pips…lol…

I went into a EUR/YEN trade a few nights ago and everytime
I wanted to sell it,I looked at the replys on here to me and let the trade go.
I used everything I know about tread lines,support and resistance and also candle sticks.
Keep the trade going,waited for the swing highs and then moved my stop to them.
Trades worth over 300 pips now and I have about 260 of them locked into profit.
I’m using the Daily chart the 4 hour and 1 hr charts for the trade…Its starting to look
like it might swing back up on the one hour soon.

And I’m going to start learning more about Elliot Wave and Fibonacci…
I do like my MACD indicater though…I’m keeping her…lol

Learning this Market is not easy,and its made harder because of all
these Forex Master Guros out there who sell us there courses for 1000sss of dollars,
then they tell us too wait for this line to cross that line and when it does buy my other course.

The stuff I learned in the courses and books I have,its all here on
BabyPips…should of came here years ago

You guys are right,its risk and money managment,long term trading,price action and the
Biggest one of them all…MENTAL…Learning the psychology it takes to trade is the
hardest thing I have ever tried to do

One-thing though,I lost 1000s but others lose 10,0000sssss…the person who posted called Karma Senge said he lost millions…WOW. thats alot of money…
Its like the storys we heard about the Stock Market crash…Guys jumping out there office windows at the end of the day…
Look at how life is now,Kids coming out of school today 100,000 in student debt just to get a job making 50,000 a year, if there lucky…There’s a cost for education…have we lost or are we learning…

At this point I’m not in this for me,my soul is in it…for some people they see the light pole a mile away and for others,
we walk right into the dang thing…Humble is the word for the Forex

Thanks again everyone…Joe