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1pipatatime

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Everything posted by 1pipatatime

  1. 1pipatatime
    Hi Bobby, Have a look at babypips, they have a good intro section for beginners to grasp the basic's of fx trading. Then have a look a few threads about systems and decide what feels best for you and try them out, just look at learning the system or systems first before you start looking at the $ signs. Ask yourself questions like; How do you identify the trend? How you enter a trade? How you manage a trade? How you exit a trade? How often are you going to trade? to name a few. Workout a trading plan (what ever style you choose) and work your plan and adjust it as necessary. hope this helps cheers 1pipatatime
  2. 1pipatatime
    Hi Everyone, This post is for the people who want to replace their income in a safe manner. This process will take around 5 weeks depending on your commitment and time availability to trade. Starting off with a mini contract (now this is in USD not AUD) which will be around $47-50 so lets just say a mini will cost $50 which will make the calculations a lot easier anyway. After you have been on the charts for awhile you will understand that this pip target is reasonable. We are looking to make 50 points a day, five days a week which equals 250 points a week. If you cannot make 250 points a week yet, then just follow this procedure when you reach 250 points. DON'T PUT UNDO PRESSURE ON YOURSELF. So here is how it works. Starting off with $200 we are trading 25% of the account on margin but only risking 15 points for beginners or 10 points for people that are confident with the system, so the risk is 7.5% for beginners or 5% for the advanced people on their trading capital. NOTE WHEN YOU REACH A LEVEL OF INCOME THAT YOU ARE COMFORTABLE WITH, TRADE A PERCENTAGE LEVEL OF YOUR ACCOUNT THAT SUITS YOUR BELIEF STRUCTURES. 50 points a day = 250 points or $250 a week which now gives us our original $200 + $250 for the week which adds up to $450 at the end of our first week. Start of the second week we take 25% of $450 which = $112.50 or at $50 a contract it lets us trade 2 mini contracts. 50 points a day = 250 points or $500 a week which now gives us our nest egg from last week being $450 + $500 for the week which adds up to $950 at the end of our second week. Start of the third week we take 25% of $950 which = $237.50 or at $50 a contract it lets us trade 4 mini contracts. 50 points a day = 250 points or $1000 a week which now gives us with our nest egg from last week being $950 + $1,000 for the week which adds up to $1,950 at the end of our third week. Start of the fourth week we take 25% of $1,950 which = $487.50 or at $50 a contract it lets us trade 9 mini contracts. 50 points a day = 250 points or $2,250 a week which now gives us with our nest egg from last week being $1,950 + $2,250 for the week which adds up to $4,200 at the end of our fourth week. Start of the fifth week we take 25% of $4,200 which = $1,050 or at $50 a contract it lets us trade 21 mini contracts. 50 points a day = 250 points or $5,250 a week which now gives us with our nest egg from last week being $4,200 + $5,250 for the week which adds up to $9,450 at the end of our fifth week. So after 5 weeks you are now on an income of $5,250 per week making 50 pips a day or 250 pips a week. All you have done is put $50 on margin and risked $15 to make $5,250 a week after 5 weeks. Now the key to this is to not focus on the money but focus on executing the system according to your trading plan, focus on executing the trades and the by product which is money will appear. If it is not appearing then ask yourself why and if you don't discover the answer then seek coaching. Cheers 1pipatatime
  3. 1pipatatime
    Hi Everyone, What is the most important thing you need before you start to trade? !!!!!!!!HAVE YOUR TRADING PLAN UP TO DATE!!!!!!!! How do you identify the trend? How you enter a trade? How you manage a trade? How you exit a trade? What pip target are you intending to obtain? (Once this has been decided forget about it while trading) How long are you going to spend on the market? When are you going to analyze your trades? What do you have to let go of to move forward with your trading? What do you have to take on to have this endeavor become successful? What are your strengths as a trader? What are your weaknesses as a trader? What worked with the trade? What didn't work with the trade? What can you do to strengthen the trading method or manage yourself around the trading method? Are you following the trading method correctly? How are you being around your trading? These are some examples that you may wish to include in your trading plan. Remember trading is meant to be fun and if it is not then maybe you need to look at why it is not and address this/these area's of concern. Cheers 1pipatatime
  4. 1pipatatime
    Hi Everyone, Here is a Diary that I use to keep track of my trading sessions, hope you find it useful. Please note to use a decimal point for the last digit, if you have any troubles let me know. Cheers 1pipatatime Trading_diary for omg system.xls
  5. 1pipatatime
    Hi everyone and welcome to this thread. In this thread we will endeavor to have conversations that will improve everyone’s trading ability whether it be Psychological or Technical. Please respect other participant’s opinions and idea’s. Try and stay on subject, imagine you are searching for an answer; you don’t want to be going through a lot of meaningless chit chat. Remember it’s all about recognizing and dealing with the confrontations that arise during trading and if unable to deal with them yourself to seek advice from someone who has been there before you. The other thing I would like to say is that trading should be fun and if you are not enjoying it then it is either not for you or you are having one of your beliefs challenged and you will be required to deal with this belief and maybe replace it with one that serves you better. Cheers 1pipatatime
  6. 1pipatatime
    Hi everyone just to let you know where I'm at, I have not run away or anything but I noticed the system I was using had a flaw in it so I have been working on correcting the flaw and have been back testing the sytem and also live testing the adjustments to the system and will be posting here again soon. I hope everyone is doing fine and trading well. cheers 1pipatatime
  7. 1pipatatime
    Very tempting to start over thinking again but presenced myself to the indicators and worked the system. Trading results for the night DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.63294 $ 10 1.62705 $1,760.00 DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.62765 $ 10 1.63051 $2,760.00 DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.62819 $ -10 1.62821 $-20.00 DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.62790 $ 10 1.63233 $4,430.00 DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.63040 $ 10 1.63255 $2,150.00 DEAL Closing trades 28/08/09 Spot FX GBP/USD - 1.63259 $ 10 1.63300 $410.00 For a total of 114.9 points. Trade 3 was a stupid thing as I went against the trend and was very lucky to get out only .2 pips down. Had enough for the night and will be back Monday to start the game off next week. Our aim is to make 100 points a day and after each 100 point target has been reached we intend to double the amount of contracts starting with 1 standard contract. After we have achieved our goals of averaging 100 points a day for 2 weeks we are going to reward ourselves with a holiday drinking black russians by the pool and may be a bit of sight seeing. cheers 1pipatatime
  8. 1pipatatime
    Sorry for not posting after trading last night but got side tracked with skype conversation. Only did 2 trades last night as the trading platform crashed and as above got into a who your being conversation. DEAL Closing trades 27/08/09 Spot FX GBP/USD - 1.61977 $ -10 1.61815 $1,620.00 DEAL Closing trades 27/08/09 Spot FX GBP/USD - 1.61831 $ -10 1.61731 $1,000.00 For a total of 26.2 points unfortunately, need to keep focused on the game at hand. Got into a conversation about trend and started over thinking again and when I looked back went oh bugger. Will post tonights trades and possibly the game the two of us are going to play, might post the later tomorrow when I have more time will see. Cheers 1pipatatime
  9. 1pipatatime
    Thanks for your message JBWTrader. Back to business re-configured the trailing stop technique which kept me in the trades alot longer (better managed trades), also added a new technique to identify the trend which strengthened the entry system and the results down below show that the system is producing better and safer results. DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.63294 $ -10 1.63059 $2,350.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.63187 $ -10 1.63233 $-460.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.63207 $ -10 1.62881 $3,260.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.62884 $ -10 1.62466 $4,180.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.62569 $ -10 1.62551 $180.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.62587 $ -10 1.62395 $1,920.00 DEAL Closing trades 26/08/09 Spot FX GBP/USD - 1.62529 $ -10 1.61837 $6,920.00 For a total of 183.5 points bloody hell didn't realise it was that much, I was just focusing on executing the system to the letter instead of over thinking and judging the system. Cool. Will be teaming up with my trading buddy tomorrow and aligning on a new game and will share the game plan when finalized. When designing the new techniques I found myself being attached to doing it my way and was only able to let go of this point of view by anwsering the following questions; What is it that has me stuck in this situation? What do I have to let go of to move forward with my trading? What do I have to take on to have this endeavor become successful? What are my strengths as a trader? What are my weaknesses as a trader? What worked with the trade? What didn't work with the trade? What can I do to strengthen the trading system? I think that was all the questions I asked of myself, If I remember that there was more I will post them here later on. I'm pleased with the results tonight and hope they continue. Cheers 1pipatatime
  10. 1pipatatime
    Sorry for not posting but I went place's asking questions about the purpose of life etc after my uncles death, (he was a father figure as my real father left when I was a young lad). Got back into it tonight and traded a modified version of the system and here are the results. DEAL Closing trades 25/08/09 Spot FX GBP/USD - 1.63981 $ +10 1.64268 $2,870.00 being 28.7 points DEAL Closing trades 25/08/09 Spot FX GBP/USD - 1.63941 $ -10 1.63938 $30.00 being .3 points DEAL Closing trades 25/08/09 Spot FX GBP/USD - 1.6382 $ +10 1.63955 $1,350.00 being 13.5 points DEAL Closing trades 25/08/09 Spot FX GBP/USD - 1.63941 $ -10 1.63746 $1,950.00 19.5 points For a total of 62 points This was just a practise run to get back in the groove after so long. Will be at it tomorrow. Cheers 1pipatatime
  11. 1pipatatime
    I have decided to keep a journal here of my trading results. I will be trading the GBP/USD pair. My method for this game is based on scalping. I am trading with a good friend and we are doing this basically for a bit of a laugh, to see what can be accomplished with this system that we have started using. I will be posting results after the trades are complete as I will be focused on the trades. All trades will be posted in GMT and in USD. And yes these trades are live trades. Today we decided to start off with 1 mini contract. Margin used for this was $23.47 USD giving us $1 USD per pip. Trade 1 Entered long at 02:28 hrs at 1.69529 Exited at 1.69755 for a profit of 22.6 pips or $22.60 USD Trade 2 (this trade was against the trend) Entered short at 02:57 hrs at 1.69621 Exited at 1.69608 for a profit of 1.3 pips or $1.30 USD (thats a big trade lol) Total profit for the day was 23.9 pips or $23.90 USD Trading for the day was stopped due to a death in the family. Will be back trading tomorrow. cheers 1pipatatime
  12. 1pipatatime
    Thats fine to do that but make sure you are doing it for the correct reasons. For example when I was trading awhile ago I was missing valid entries and getting really p$#sed off with myself and did what you mentioned above to no avail, but when I went to search for the source of the problem I found that it was just me trying to be a perfectionist and when I realized that all I had to do was focus on the probability of the trade then everything eased up and I was trading well again. I still get caught up in the perfectionist thing every now and then but I have a message next to my screen to remind me to trade with probabilities. Cheers and hope this helps 1pipatatime
  13. 1pipatatime
    Hi gifropan, I never chase the market, if I miss an entry I grab a drink and relax while I wait for my next set up. Being a scalper thats generally not that long away. cheers 1pipatatime
  14. 1pipatatime
    The thing I do is get really really mad at myself, no no just kidding those days are behind me now. But seriously enquire as to why you didn't execute your trading plan to the letter, is it because you don't trust your system or do you have a fear of losing. I know for myself I have a need to be perfect when it comes to trading and if I allow this need to get in the way of my trades I freeze and no trades eventuate, so I have a sign on my trading computers to remind me that trading is all about probabilities which allows me to trade freely. If you are blocked in anyway and you have a system that works the anwser generally lies btw ones ears. I always look inward to find out what is going on with my trading when issues arise. Hope this helps cheers 1pipatatime
  15. 1pipatatime
    The way I look at Law of attraction is you can think about say being an ideal trader and as long as you keep thinking about it nothing may happen, it will be just a pipe dream. If you then put effort into becoming the ideal trader then with thought and effort your dream mybe on the way. I believe that the law of attraction works for the trader, but not by wishing for a result but by transforming yourself into becoming the ideal trader. So instead of your manifestation coming to you, you transform to meet your manifestation. Like energy attracts like energy. Anyway just my opinion. cheers 1pipatatime
  16. 1pipatatime
    Thanks gooni I am getting to know how the site works and will be posting a lot more soon cheers 1pipatatime
  17. 1pipatatime
    Hi swansjr, Sorry but I have not gone through all of the posts in this thread yet, but reading your last post may I suggest reading the post in the Trading Psychology section named "Conquer the four fears of trading", its a good read and it may help. Anyway I hope things workout. cheers 1pipatatime
  18. 1pipatatime
    I had a financial mentor but I have never had a human mentor only books and research on the web. I sort of tried things to see how they worked and modified them to suit my personality. When I switched to FX I found the systems that I used to trade options and shares did not go so well, so I started from scratch and developed another system for FX that to my surprise worked really well with options and shares as well. But that being said I would highly recommend getting a mentor as if you get a good mentor they will help speed things up a bit. cheers 1pipatatime
  19. 1pipatatime
    I found this post on "CouldaWouldaShoulda (The Wyckoff Forum)" interesting and have nominated it accordingly for "Topic Of The Month June, 2009"
  20. 1pipatatime
    Use to trade options but for the last few years have been trading forex. Have to agree with you on the quality of the site, although I am still learning the ropes here. Thanks for the welcome cheers 1pipatatime
  21. 1pipatatime
    I meditate evevryday, basically to clear the mind so that I can get a blank canvas and then to play a senerio through my mind on that canvas that has me trading successfully the next day throught each session that I choose to tade. The other thing I use meditation for is if I have an issue with any part of my trading style, I will go into the meditation with an intent in coming up with a solution to the situation. cheers 1pipatatime
  22. 1pipatatime
    I agree with most of the replies but I differ as I trade with Indicators. That being said the thing that I would add that made me profitable was trading with intent, and self assesment after every trading session. cheers 1pipatatime
  23. 1pipatatime
    I was actually researching a question for a friend and came across this site and thought it looked good. I'm mainly a scalper and have been trading for a living for over a decade. Looking forward to participating in the forums. cheers 1pipatatime
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