How many pips did you get lately. Please list time frame.
For Jan. I had some positive and some negative.
The end result is +1149 pips.
You do realize that pips mean absolutely nothing, right? I could say I made 10,000 pips last month, but if I traded very small it might mean nothing in terms of actual profits. Similarly, I could have made 50 pips, but was trading a really big position and doubled my account.
If you really want to know how well you are doing, think in terms of risk-adjusted returns.
yeah ur r absolutely right. if i gain 10000 pips it is nothing than a dollar since i use 5$ platform
i think it shows how you really did…maybe not monetarily but it still indicates that you might know what you’re doing or did well…no??
what he said
With all due respect to everyone, i suggest that it is somewhat useless to post how well you are doing with a simple pip tally. In the end what benefit does it bring to others on this forum?
When evaluating your own performance, it should be based on your own goals and objectives. You should measure your performance against what YOU feel is reasonable to yourself.
There is always someone who has more pips and someone who has less. Slapping on these lofty performance figures only helps encourage people to continue to compare their own results against that of others. This is not constructive at all. We should ignore everyone else’s performance results because it really does nothing to improve our own.
oneofwisdom posted +1149 pips. This is amazing. I applaud you. I wish you continued success. But if i may humbly suggest, you should impart some of that wisdom in the form of your detailed trading plan, chart shots and some enlightening explanations with respect to your trading decisions. This kind of thing is much more helpful than just simple pip tallies, the kind of thing that makes better traders.
Please accept my apologies in advance if i sound frustrated, but i have been distracted one too many times by these types of performance claims with no supporting explanations as to the thought process behind them.
It definately shows he/she has a good system or method that they are using. Hell I’d be happy with $1/pip wityh the monthly return 
. You’d be trading $10/pip in no time which is my goal.
Topgun
A simple pip tally can be very misleading, especially with exotic currencies.
A 1000 pip gain in usd/nok in one month is not uncommon at all, and with a 100k lot this is is roughly $1,590.00 in profit. The same pip gains go for many other exotics/gold/silver.
That same gain in gbp/jpy is $8,310.00 and highly unlikely for one month.
It’s all relative. Someones sharpe ratio and % return is a much more accurate way of determining how well they are doing.
Thank you pipbull and mugen for supporting my earlier comment. There are way too many variables involved when you talk just about pips. They may be a good basis for assessing your own performance because you have clear comparissons, but not when you start comparing with other traders.
You are most welcome. For me it comes down to the basic question: “How does it help others on this forum?” Isn’t that the idea of this forum, to help each other? Where does pip tallying fit that idea?
Pip tallies are utterly useless when looked at by other traders and unless they are accompanied by a detailed thought process, we should stop posting them.
Lots of pieces of wisdom in lots of people. Now put them all together.
I realy like everything everybody had to say. I do have a good trade style. I have found a way to raise my balance daily. I have a live account and several demos. I am trying to find even a better way to trade.
As far as helping people on this forum, I could do that. I am amazed that people want everything for free. I have spent $4,400 and 5 years of my life find the first trade style. I have 6 trade styles now. When market conditions change I use a different style. Back to the time and money I have spent. No one wants to pay for info. Every one will have to pay with time anyway. Time=Money. Find someone you trust and pay them to teach you how to trade. Showing you a trade style doesn’t work to well. I fave several people trying to trade my way. They are not doing as well as I do. They want to change this or that. Why change a good thing.:rolleyes:
Well thanks everyone for your posts.
This Thursday was the first time I traded Forex. After I finished the babypips school several times, I opened up a demo account and started trading like I knew what I was doing (not!) I struggled a lot especially when the prices were going up and down.
After I opened up a real forex account I traded thursday. I was so afraid with real money that I couldn’t decide what to trade. I went to babypips blog and started reading what ‘Big Pippin’ had to say about the picks of the day. I saw the one he was talking about selling short on EUR/USD at 1.3130 and put stop loss at 1.3160. The target was 1.3100.
The moment I sold short, I was behind 3 pips already because of the spread. I had no problem with the demo account, but in the real account I got really nervous. And the worse thing is that the price kept going up. Ouch!
But the good thing is that I had a plan (well, Big Pippin had a plan for me) Of course I didn’t just take his advice without studying if it made sense. The plan was 30 pips and the stop loss was -30 pips. There were so many times I wanted to just liquidate the position because it hits the ‘stop loss’, but experience from the demo account had taught me how ‘not’ following your plan could slaughter you in this business.
I went to sleep with my limit and stop loss all set. Well, I couldn’t sleep well so I came up to the computer after an hour and voila! the price went down and I had ‘unrealized gain’ instead of ‘unrealized loss’. I was so excited I couldn’t wait for my target. I took the profit of 17 pips instead of my target 30 pips. I didn’t want my first trading experience to be bad so I cheated a little by not following my plan. And in the morning I found out, while I was sleeping, EUR/USD went down and hit below my target of 1.3100. I didn’t make 30 pips but I made 17 pips. Just wanted to share my first trading experience and I want to thank everyone on this website. I really learned a lot from the school and everyone else’s comments. The best part about this website is free. Thank you all
Hi mate,
I guess thats understandable, everyones been there.
You do need to let your profits reach your profit target.
think of it this way if the reason you enterted the trade still stands then there should be some level of confidence that your profit target will be reached.
The only reason i will exit is
- my profit target has been reached.
- Stopped out
- Something has changed in the set up, that made me decide to take the trade in the first place.
Your example is a classic, if you take 1 loss you will need to make 3 wins just to make that back, one of the main reasons you must stick to your system.
N
Thanks N,
I’ll sure to follow my plan next time and everytime. Once I get used to the intensity of real trading I’m sure I’ll be able to have more self control and eliminate my doubts.
Well done fuside, Good luck on your future trades.
I am relatively new to trading. I first opened up a demo account and did OK. I thought technical trading might be the way to go, but there are so many variables and details you need to know.
From my experience technical trading has really produced some bad trades. I’ve done the tutorials and lessons and have tried to learn from others, but it still produces losing trades.
News trading seems a lot more logical, afterall, it is news that actually moves the market no matter what the technical indicators are leveled at.
I have found a pretty good website that is new and is really focused on sharing information and focused on training.
Hi Bretonwoods, welcome to the forums and the world of forex.
Before you completely write off technical trading in favor of news trading you should be aware of a few facts with respect to the nature of trading:
First, technical trading is not what produces the bad trades per se. It is more likely how you manage the trades once you are in them. You could have the gretatest technical system in the world but if trades are managed poorly then you won’t come out ahead. What do i mean by managing trades? That’s where there are so many variables that should be considered long and hard. Do you test the waters by scaling into the trade first? What stops are you using? A fixed stop? Is it based on what the market is telling you or some randomly chosen stop based on what your wallet can handle? There is a world of difference. You can have a great system, but if your stops are too tight then you will get stopped out every time.
In a nutshell, when you buy or sell is one thing, but HOW you trade is even more important.
Also, have you tested your technical system across a variety of markets? If you are looking at a single type of system, it will generally work in one kind of market but not another. In other words, if you are looking to pick up on bigger trends, your system will suck during ranges and vice versa.
If you can provide more specifics as to what you’ve had bad experience with, i’m sure people here would be happy to provide you with specific input
As for news trading, be very careful. It seems to be the logical course of action because as you said, that is where alot of movement occurs. But this approach is filled with all kinds of risk if not done properly. Poor fills, changing spreads, platform freezes are just a few examples of some of the things you need to consider when news trading
Take care
Well said, I used to think the easiest way to trade the Forex would be through the news. It didn’t take me long to figure out it was tougher than it first appeared. That is how it is with most things though. :o