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NipThePips road to Professionalism

  • #21
  • Jan 4, 2007 4:06am Jan 4, 2007 4:06am
Quoting NipthePips
The indicator below gives me great support and resistance default settings should work


What I did earlier was waited for the price to break below support by like 5-10 pips. Also I made sure it was under all my EMA guages. Stochs MacD and RSI were bearish. So as soon as it broke support I entered the short trade. My TP are based future supports and resistance.
Thank you for that... So are these daily pivot points?

Also does it matter what server time I am using? I actually use GMT with InterbankFX...
  • #22
  • Jan 4, 2007 4:42am Jan 4, 2007 4:42am
Good job Nip,

Keep going
  • #23
  • Jan 4, 2007 4:55am Jan 4, 2007 4:55am
Quoting NipthePips
I have considered LLC, but LLC does not allow business credit, and does not allow the coporation to act as a sole legal entity...correct? And I wasnt thinking S Corp, I was thinking a regular C Corp. Is there something I dont know? I want to be able to lease an office, get credit etc in my corporations name, once i build my business credit...will I be able to do that with a LLC?

Since all of my clients are family and friends I only allocate 30% of profits. When I actually go into business, depending on the forex product (risk profile package) you agree on will determine profit sharing.


My broker should have PAMM at the end of the month they said. Currently I have to toggle between accounts, but I only have to do this for a month. I use to use IBFX and they had PAMM.
Nip, good job so far! I am also thinking of forming a corporation. I only trade my own funds not other people's, but the tax advantages would be great. I don't know where you live but check your local corporate tax laws. I live in Illinois and for me, it's a better idea to form an S corp than a C only because I would be taxed twice as a C, first on corporate earnings, then again on any income I take, while as an S I would only pay once. Big difference! Good luck and keep us updated on your progress.
  • #24
  • Jan 4, 2007 5:41am Jan 4, 2007 5:41am
Conratulations man !!

I am glad that you've discovered the potential of Forex and that you are gaining money.

May God bless you and give you what you dreamed for.

Goog hunting !!

I

PS I am on the same road for 3 yeras now.


Quoting NipthePips
Hey everyone,


After almost 2 years of studying forex, and practing with personal funds and also friends and family funds, My business is finally going to become incorporated this year (at least that is my goal). To avoid confusion I am not going to say much about it so people wont think I am advertising.

The Reason I am incorporating is actually several things. But the main ones are:

1. I am up to almost 15 accounts that I am managing, all with very satisfied clients (even though they are just family and friends) and in the event of any bad things, I would like to protect my personal assets etc.

2. Last year, I netted about 727%. That is a conservative number, it is not including expenses that I had to take out for computers, to live, etc etc etc.

3. I want to have "Inc." by the business name I dreamed about for several years, and to see it actually come to pass will give me a great great sense of accomplishment.

4. One day I do want to trade for strangers...

The list can go on and on.


But anywho, I am using this year to develop some more track record, work out kinks, gain more experience etc etc.

And for those that are wondering, I am not starting a Hedge fund, I am simply managing people accounts in different risk factors (which will be my products) and offering other manage account services that my qualifications will allow. As I get more qualifications my services will expand.

And the purpose of this journal is to simply post trades I take and the progress of the development of my corporation. I am not sure if it is allowed, but maybe details about it in the future as things finally get organized.

I am accepting of all advice, support, nay sayers anything. All input will help me, it will allow me to look at things that I might of missed.

If you have any expierence in what I am doing, your advice is invaluable to me...I would greatly appreciate it.


So please post all questions comments or anything here. I would really like that.


The way that the main posts are going to be organized is similar to another journal I saw earlier:

1. trade #
2. pair
3. short/long
4. Entry price
5. s/l
6. original take profit


If I modify the stop or anything about the trade

1. trade #
2. pair
3. MODIFIED s/l
4. MODIFED t/p


After the trade closes

1. trade #
2. pair
3. short/long
4. net pips after closing
5. R (net pips/original pips risked or 6/5)
6. number of winning/losing trades

And then under some post I will post updates on the development of my corporation.

The system I use is mostly all technical. It focuses on support resistance, change of trend, and some strength analysis. My system even though can be mechanical, works better with descrition. The reason I am not posting it, is because I feel most of my trades are succesful because i believe i am developing that feel for the ART of trading.

But, if it is requested in the future, I will be glad to post some details. But know, 2 people can trade the same system, and have totally different results

The pairs that I focus on is GBP/USD, and EUR/USD..they are the only 2 i need. When I expierment with other styles of trading I might add pairs.

Thanks for reading that long post lol. And I hope you enjoy my journal


Nip
  • #25
  • Jan 4, 2007 5:49am Jan 4, 2007 5:49am
Nip... Could you tell me have you been making money for the past 1-2 years using the same system? or have you had to change your systems a few times throughout yor success?
  • #26
  • Jan 4, 2007 10:06am Jan 4, 2007 10:06am
Just curious,

What is legally required to manage FX accounts for other people. I am talking about licensing and stuff like that. I have been asked casually before if I would invest for other people and truthfully when I have a consistent 3 to 5 year track record I would consider it.

However, I would just perfer for people to learn own their own but of course many never will. I am just curious what licensing is required to manage FX accounts. Where can you research things like this.

I have often tried to google how to start a hedge fund because I was curious how people did that. I can't find any info about this.
  • #27
  • Jan 4, 2007 10:25am Jan 4, 2007 10:25am
Hey Nip, great success with your thread here.
I will follow this, I might just become a customer of yours, and let you have all the headaches I am getting trying to trade.

Seems like when I decide to enter, it moves against me every darn time !!

Good luck!!
I still can't believe you are doing this so damn young!! Wow.
Steve
  • #28
  • Jan 4, 2007 10:59am Jan 4, 2007 10:59am
Quoting Micardo
Thank you for that... So are these daily pivot points?

Also does it matter what server time I am using? I actually use GMT with InterbankFX...
Yup daily pivot points,

The charts that I show come from IBFX...which is on GMT. You shold get the same analysis I get

------------------------------

And there is a cute story to why I also still use IBFX.

I was eating dinner with my family during christmas and I was telling them my dreams of how I want to become a financial manager etc. That is when I made my whole presentation and everything and I got a lot of clients. Well my little cousin (9 years old) came up to me and asked how much does she have to invest. I told her well...do you have 50 thousand? she said NO!. And then I asked what do you have? She said one dollar and fifty five cents. (She pulled out quaters and a nickle.)

I told her that was enough. And sure enough I do have an IBFX mini accounted that started with $1.55 on Jan 2, 2007. All the charts that I show you come from that account. I plan to have that account up to at least $10,000 by the end of the year. I trade it alongside my other accounts. Dont believe me? We will see. It would be fun to see what happens. At the end of the week I will post that account's details. That should ad some spice to this thread lol.
Nothing is hard, some things just take more time and discipline.
  • #29
  • Jan 4, 2007 11:01am Jan 4, 2007 11:01am
Quoting coolhand
Nip, good job so far! I am also thinking of forming a corporation. I only trade my own funds not other people's, but the tax advantages would be great. I don't know where you live but check your local corporate tax laws. I live in Illinois and for me, it's a better idea to form an S corp than a C only because I would be taxed twice as a C, first on corporate earnings, then again on any income I take, while as an S I would only pay once. Big difference! Good luck and keep us updated on your progress.
I would like to chat with you live online if you dont mind. If you have Yahoo or AIM can you PM me your screen name or something.
Nothing is hard, some things just take more time and discipline.
  • #30
  • Jan 4, 2007 11:03am Jan 4, 2007 11:03am
Quoting Micardo
Nip... Could you tell me have you been making money for the past 1-2 years using the same system? or have you had to change your systems a few times throughout yor success?

My trading style adapted to my experience. I first started with other people's system and how they traded. Oh but let me say, I ALWAYS HAD MY OWN MONEY MANAGEMENT PLAN. I can take any system that an give me some consistant pips and make it into a high profit system. From the get go, I had a plan of how much I would risk at what level etc etc.

But anywho as I gained more experience, I created my own system, and now I am at the stage where I revise, and modify. But its been fairly the same since August of last year, that was the last time it had a major change.
Nothing is hard, some things just take more time and discipline.
  • #31
  • Jan 4, 2007 11:07am Jan 4, 2007 11:07am
Quoting coastalfx
Just curious,

What is legally required to manage FX accounts for other people. I am talking about licensing and stuff like that. I have been asked casually before if I would invest for other people and truthfully when I have a consistent 3 to 5 year track record I would consider it.

However, I would just perfer for people to learn own their own but of course many never will. I am just curious what licensing is required to manage FX accounts. Where can you research things like this.

I have often tried to google how to start a hedge fund because I was curious how people did that. I can't find any info about this.

Well the good thing about managing people's account is you get profit off of money that is not yours! Especially if you have good skill. Agree on something like 50% of profits and you will be on your way.

If you have them OPEN AND FUND THIER OWN ACCOUNT, at the broker that you are going to use, and you simply sign up with that broker to use thier PAMM software, then you dont legally need any liscense since you are not poolling money and you simply just have the power of attorny over thier account...get what I am saying.

Now if you start to pool money into one account, give financial/investment advice etc etc, that is when you start to need liscensing. But technically anyone can trade someone FOREX account...because forex still has lax regulations.


Refer to the link below for what I was saying above.

http://www.interbankfx.com/pamm_software_overview.php
Nothing is hard, some things just take more time and discipline.
  • #32
  • Jan 4, 2007 11:09am Jan 4, 2007 11:09am
And to everyone that gave support


Thank you! I really appreciate it



But just to say, if you are on Forex Factory, I honestly dont expect you to become my client. You are here learning, just like I am. I am not going to allow you to give up...you just now found the golden resource.
Nothing is hard, some things just take more time and discipline.
  • #33
  • Jan 4, 2007 12:11pm Jan 4, 2007 12:11pm
Thanks for your reply. Anyone know where you can do research to learn how to start hedge funds.

Also what are a list of brokers that have PAMM software?

Nip, this is a very interesting thread I wish the best on your journey.
  • #34
  • Jan 4, 2007 12:22pm Jan 4, 2007 12:22pm
Quoting coastalfx
Thanks for your reply. Anyone know where you can do research to learn how to start hedge funds.

Also what are a list of brokers that have PAMM software?

Nip, this is a very interesting thread I wish the best on your journey.
http://www.greencompany.com/

They have information on hedge funds etc. After consulting with them, it is Forex Factory though that made me realize that a Hedge Fund is too much right now, and i am better off just managing other peoples account.
Nothing is hard, some things just take more time and discipline.
  • #35
  • Edited 10:37am Jan 5, 2007 10:10am | Edited 10:37am
Hey guys,


Hope everyone has a good weekend.


Didnt really place any trades yesterday---Ive been out celebrating my birthday wich is today .

But luckily in forex there is always another trade around the corner!

See you all Sunday for another fun trading week.

Im about to go out with friends now


EDIT:

Oh and I forgot...remember I am also trading my little cousins account. Wanted to post her results for the week.

The account started with $1.55. The trades are not exactly like posted here, because I tend to get to that trading account late. But you can see it is in the relative same area.


http://img300.imageshack.us/img300/2...jan5lz5.th.gif
Nothing is hard, some things just take more time and discipline.
  • #36
  • Jan 5, 2007 10:25am Jan 5, 2007 10:25am
Quoting NipthePips
Hey guys,


Hope everyone has a good weekend.


Didnt really place any trades yesterday---Ive been out celebrating my birthday wich is today .

But luckily in forex there is always another trade around the corner!

See you all Sunday for another fun trading week.

Im about to go out with friends now


EDIT:

Oh and I forgot...remember I am also trading my little cousins account. Wanted to post her results for the week.

The account started with $1.55. The trades are not exactly like posted here, because I tend to get to that trading account late. But you can see it is in the relative same area.


http://img406.imageshack.us/img406/4...jan5dx0.th.gif
that's cute trading your lil cousin's account

I tried to pursuade my wife to invest $100, even when she knows that i'm doing good she's still nervous...
  • #37
  • Jan 5, 2007 12:51pm Jan 5, 2007 12:51pm
Quoting hilmy83
that's cute trading your lil cousin's account

I tried to pursuade my wife to invest $100, even when she knows that i'm doing good she's still nervous...
Lol yea,

After she came up to me so innocent like, I couldnt resist. So I just withdrew from one of my accounts until it was at 1.55..just for her lol
Nothing is hard, some things just take more time and discipline.
  • #38
  • Jan 5, 2007 1:00pm Jan 5, 2007 1:00pm
But at this time even if your not pooling funds and trade a PAMM account 99% of the FCM require you to be a registered CTA.

turbo

Quoting NipthePips
Well the good thing about managing people's account is you get profit off of money that is not yours! Especially if you have good skill. Agree on something like 50% of profits and you will be on your way.

If you have them OPEN AND FUND THIER OWN ACCOUNT, at the broker that you are going to use, and you simply sign up with that broker to use thier PAMM software, then you dont legally need any liscense since you are not poolling money and you simply just have the power of attorny over thier account...get what I am saying.

Now if you start to pool money into one account, give financial/investment advice etc etc, that is when you start to need liscensing. But technically anyone can trade someone FOREX account...because forex still has lax regulations.


Refer to the link below for what I was saying above.

http://www.interbankfx.com/pamm_software_overview.php
  • #39
  • Jan 5, 2007 3:28pm Jan 5, 2007 3:28pm
Quoting turbokaos
But at this time even if your not pooling funds and trade a PAMM account 99% of the FCM require you to be a registered CTA.

turbo
Good to know

Working on that now
Nothing is hard, some things just take more time and discipline.
  • #40
  • Jan 5, 2007 3:48pm Jan 5, 2007 3:48pm
no worries all you need is series3
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