Morbid you’re on the right tracks, read and digest. don’t forget to make some manual trades on your own.
Below is my total pips for each week (going back 5 weeks, inc. this week),
and in brackets is what pips i could have gained if i followed my
Strategy 100%
62 (584)
-7 (340)
87 (1029)
58 (145)
172 (393) (this week)
So it’s Thurs and am up 172 pips (out of possible 393) but still a huge
marked improvment. Do i trade tomorrow as usual and follow my Strategy
and signal(s) or do i take the 172 pips and run!
My Biggest and ONLY issue is FEAR! this is mainly due to the fact that
my account size is quite small so am scared to make the trades i am
supposed to. Even if i back test and see the results week in, week out
if i had done it properly i would have been better off as it turns
out NOT following my Strategy is leading to losses\reduced gains as i enter
the wrong time, or amount or pair(s).
Take today for example, if i had followed my Strategy i would have made
66 pips min or 170 pips max. yet instead i made 19 pips! :mad:
How do i overcome this FEAR??? i’ve been trading since Feb and yet
i cannot seem to shake if off! Will you be doing a thread\post about FEAR
or whatever it is that is stopping me from trading my Strategy fully 
I’m not sure if your account can ever be “too small” unless you’re trading with something like 25$ or 1$ lol. Don’t be afraid to make the trades. If you have to, lower your lot size so you’ll have less risk which should, hopefully, decrease your fear. You’ve shown yourself that if you follow your strat you’d be making money so just trade a lower lot size. Who cares if you earn like .1% a day, that’s still profit right? “If you’re scared to make trades you’re risking too much” I forget where I heard that.
I don’t mean to interject with the ongoing discussion, however I just wanted to let the OP know I’m extremely glad you’re taking the time to do this. I will follow along and look forward to your future lessons.
Hello to all here. Sorry for being off-topic a little bit!
I’m new here.
I trade on demo-acount by 3 weeks.
I’ts not hard to make money on demo-acount but it’s realy hard to keep-it. As I’ve learnd until now, any boy of 12-14 old years can learn and achieve the technical skills but the real battle on forex is not with the forex it’s-self but with ourselfs. It’s us against our own greed. If we/you can manage the greed then you make money. The fear to lose comes from the greed too. The risk and money management is in fact the greed management too.
All we/you have to know and to make is to find a way to overcome the greed. To manage and to overcome the greed is the most dificult part to learn.
Since I trade on forex I have learned about my-self more than I have learn from all the psychologic books I’ve read!!!
Forex it’s a good scool about our-selfs!
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Hi, i understand your view point but mine is not about GREED, i don;t want all the 100’s pips, dreams of making millions etc. In fact it’s quite the opposite, am jsut scared of losing what little i already have lol! 3-4 trades would blow my account and i’ve got no 2nd chance, my daily trades comprise of 3-4 pairs with 50pip stops so that equals 150-200 pips, if my trade swings the wrong way i lose a lot.
Someone said on a ealier post maybe i should look at having tighter STOPS but my strategy relies on 50pip STOP as i have tested it with lower 30,25, 20etc and they just get hit quite often, maybe 7/10 which is too high. My current signal stands at 3/40, that;s 3 failed signals in 40 days, in the days it has failed which is 9, it has swung back enabling me to either regain my pips or make a gain, which isn;t bad at all is it! (rem this is back testing, out of these 40 days i didn’t trade every single day due to FEAR on some days!)
But no matter, am slowly but surely getting there. Today i didn’t trade as i already have 172 pips so if i was greedy i would have risked it but i didn;t, my signal for today was a sell (tentative) and the pairs all ended up being a buy so i could have lost the lot! then again seeing as the signal was a tentative SELL i would have waited for another signal and gone with the BUY, so i would have been okay anyway, but still i’d rather be safe than sorry.
ah well, lets see what next week brings, happy weekend all 
if a few losses would wipe out your account then your trade size is too big.
Its not that you wont be successful with a DD broker, but if you start to win TOO often they may ask you to leave. DD brokers trade AGAINST their customers. Thats how they make the majority of their money where as NDD brokers get paid on a spread or commission so they WANT you to succeed so you will continue to trade with them
Please post a link to the TT thread in here so I can read it
CTA: Commodity Trading Advisor (CTA)
CFA: Chartered Financial Analyst - Wikipedia, the free encyclopedia
CMT: Certified Management Accountant: How to Get Certified as a Management Accountant (CMA)
If you are interested in forex I would go with CTA
I will be covering FEAR in the future. In the mean time a couple quick suggestions.
Dont start with less than $1000
Dont risk more than 2% of your account balance in any one trade
10% a week gain is good…
15% a week is doable but alot of work to be consistant
I’m somewhere in the middle of 10-15% weekly.
I do Day and Position trades when they come up
You should be able to make 40+% of your entire account balance each month.
This is the current one. The other two are linked from the first page.
http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html
Lesson #2: What the new 50:1 leverage really means and why you shouldnt care.
The Dodd-Frank Act goes into effect on Oct 17th 2010.
This is reducing the leverage for all American based accounts from 100:1 to 50:1. Essentially instead of have a 1% margin its a 2% margin.
The leverage only affects the margin required not the pip value/lot size value.
For example:
As of 100:1 leverage, If you have a mini account with 100:1 leverage the margin required for a EUR/USD is $136 per 1.00 lot.
On 10/18/2010 when the leverage will be 50:1 the margin required will be the double that means $272 per 1.00lot of EUR/USD.
With 100:1 leverage, in a EUR/USD trade of 50 lots ($500pip) will be $136 x 50.00 lots = $6,800 of free margin required.
With 50:1 leverage, in a EUR/USD trade of 50 lots ($500pip) will be $272 x 50.00 lots = $13,600.
The two main differences:
- Will be you will need twice as much margin to get into a trade
- The new margin call levels.
We covered #1 already.
#2:
With 50:1, No new trades will be able to be placed once you reach a margin level of 125%, and trades will be stopped out if they reach a level of 100% or below.
With 100:1, No new trades will be able to be placed once you reach a margin level of 100% and trade will be stopped out if they reach a level of 50% or below.
This should not affect you and you should not care because if you are trading with propery equity and risk management you arent going to risk more than 2% of your account in any given trade anyways. Thus you are unaffected. If you are worried about it, your trading strategy probably needs some review and changes.
Lesson #3: The importance of knowing what you want out of Forex, and Life.
Part of any good trading plan is a list of weekly, monthly, quarterly, yearly and decade goals.
You have to know exactly what you are trying to get out of the forex market and life in order to be a successful trader. Writing down your weekly, monthly, quarterly, yearly and decade goals will help you determine where you are and where you want to be. For example, my weekly goals use to be 500 pips a week and then I quickly realized that 500 pips a week every week is probably not a good goal. People overestimate what they can accomplish in a year and underestimate what they can accomplish in 5 years.
Your goals need to be realistic and clear. With any good goal comes a good action plan. Your goal could be 100+ pips a week which would equate to 5200 pips a year. 100 pips a week doesnt seem like alot but if you are trading at $5000 a pip you will see that it equals $26,000,000 a year. now obviously you shouldnt trade $5000 a pip unless you have $5,000,000 or more in equity.
It takes time to reach your goals and trading is not a race. Put in the time and effort and what feels like a long time you will realize is only a year until you see dramatic results. The second year you will have MASSIVE results.
Trading is not an easy task and takes ALOT of study and preperation. Once you know it, you know it for life and have a life long skill that other people will constantly bother you to show them how you are making $10,000,000 a year without working. Problems don’t go away when you have money, problems just change to different problems.
I want you as the reader to write down your weekly, monthly, quarterly, yearly and decade goals forex and non forex related.
Be REALISTIC and post them in this forum for me to see. If something is not attainable I will tell you.
so it would look something like this:
This week:
Learn 5 new things about the forex market, open a demo account with a broker after researching which kind of account STP or ECN I want, Workout 3 times this week
This Month:
Make x dollars at my job and set aside x dollars for my real forex account on January 1st
The rest of 2010:
Demo on my account
April 2011: Have X dollars in my forex account from trading, make x $
August 2011: …
December 2011:…
December 2015:
…
Remember to be realistic with your goals. Consistant focus and consistant action will bring you to where you want to be.
Some good info mikeanthonyb, subscribing to this thread.
I’m fresh out of babypips.com school and there’s a lot I have to learn. Keep it comming!
[B]what is your weekly goal for pips, what kind of trader do you want to be, what are your other goals for the year 2011 not forex related?[/B]
The rest of 2010:
Demo on my account
Jan 2011: Deposit $1000
Goal is 30 pips a day (Based on 4 days of Trading)
30 pips a day means $60 a day aka $240 a week
Which then equals $960 a month roughly. This isn’t accounting losses through.
April 2011: Based on the previous calculations, if I’m consistent. Turn my account into $3880
August 2011: Turn my account into $7720
December 2011: My end year goal is $20,000
December 2015:
My income in 2015 from my forex business will be in the 300,000’s (possibly more?) a year by then.
my short term goal is to be consistently profitable and grow my account 2% per day on average, I don’t care how many pips that is.
My long term goal is to do the same for family and friends… because they can’t even spell FX much less trade it.
This is one of the best article I’ve read this week here. Thanks mikeanthonyb!
OK, I’m new, as you probably read and please help me with some good advice about what broker to choose. I live in Romania wich is an EU country, so, do you know any good european broker?
Thanks!!!
Personally I use FXCM.com if you are in Europe its FXCM.co.uk
check them out and see if you like them. Remember, the decision is yours.