Is There A Way ? | Forex Factory

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Is There A Way ?

  • #1
  • First Post: Jan 31, 2008 9:49am Jan 31, 2008 9:49am
I am new to forex and it seems like i am chasing pips all day watching my account get smaller and smaller. And it seems everyone has a method to this madness. Is there a way to get pips consecutively everyday?
Maybe a dumb question?
  • #2
  • Jan 31, 2008 10:08am Jan 31, 2008 10:08am
Hi,
No, there is not but of course you can make profits.
If this is your first account don't feel bad that you are loosing , everyone does it in the beginning. Try to create your own tradingsystem but most importantly learn risk and bankroll management.

Good Luck!
There are no certainties only oppurtunities.
  • #3
  • Jan 31, 2008 11:09am Jan 31, 2008 11:09am
Quoting NoBread
I am new to forex and it seems like i am chasing pips all day watching my account get smaller and smaller. And it seems everyone has a method to this madness. Is there a way to get pips consecutively everyday?
Maybe a dumb question?

Describe in more detail what it is you are doing and what exactly are you trying to achieve, then perhaps you will open the door for advice from others
  • #4
  • Jan 31, 2008 12:16pm Jan 31, 2008 12:16pm
usdsek has it right i need a trading method, I have been chasing tops and bottoms all the time and get burned.
  • #5
  • Jan 31, 2008 12:16pm Jan 31, 2008 12:16pm
Nobread - The first thing I would suggest is to reduce your trading risk to 1/2% or less - give yourself a chance to learn how to trade before your acct dies. You need at least 1000 trades - preferably more before you start to get an idea of what trading is about and more importantly - what YOU are about.
There are many threads here on systems that work for the author - but they may not neccesarily work for you, which is why it is stated that you need to develop a system that works for you.
Read Books, then read more..., re-read the ones that make a diff to your trading or that you adopt ideas from again in 6 months cause you are at that point a different trader than when u started.
Good Trading to you.
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Jan 31, 2008 2:36pm Jan 31, 2008 2:36pm
i subscribe to what mrgreen said earlier, plus you should stick around ff, you'll find plenty or usefull tips and tricks to make your life easier
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #7
  • Jan 31, 2008 2:48pm Jan 31, 2008 2:48pm
All good advice above. Study, read, trade, keep the trades very small, trade a penny a pip or less if possible until you are consistent.

It may take a year, it may take 2 or 3.

You will see advice that spans the spectrum, in the end you will pick and choose little bits from here and there that you discover work for you. These become your own system.

That is the key -- what YOU discover works for you -- and it will only be gained through trading.

This may help speed your progress - practice helps http://www.forexfactory.com/showthread.php?t=60849
  • #8
  • Feb 1, 2008 5:12am Feb 1, 2008 5:12am
Ok so I changed my strategy and di a small trade last night sold eur/usd
and set my stop loss and woke up to a 103 pip gain. Biggest I have ever had
got to tell you that was awesome.
  • #9
  • Feb 1, 2008 5:49am Feb 1, 2008 5:49am
yeah, nothing better than waking up to 100 pips.

Biggest problem in trading is overtrading and revenge trading. Concentrate on managing and thinking thru each trade - less is usually better.
History is written by the victors.
  • #10
  • Feb 1, 2008 6:17am Feb 1, 2008 6:17am
Quoting NoBread
I am new to forex and it seems like i am chasing pips all day watching my account get smaller and smaller. And it seems everyone has a method to this madness. Is there a way to get pips consecutively everyday?
Maybe a dumb question?
The only "Dumb" question, is the question you don't ask!
  • #11
  • Feb 2, 2008 6:05am Feb 2, 2008 6:05am
These scripts helped my trading considerably.

http://www.forexfactory.com/showthre...t=26962&page=7

If you want to read that thread, ignore everything before post 83, there's not much of value up to that point!
  • #12
  • Feb 2, 2008 8:21am Feb 2, 2008 8:21am
The posts above in answer to your question are gold dust, please take heed. I only wish that I had found FF when I started trading forex. I had traded stocks successfully but found the transition to forex costly. It's a different beast. My first lesson, well and truly learnt, cost me £4000. Doing exactly as you, chasing tops and bottoms. A fruitless task. Hope this gives you food for thought.
Dave
  • #13
  • Feb 19, 2008 2:48pm Feb 19, 2008 2:48pm
Ok so I started trading live whoops there goes 3 k hmm now what demo land smoked a 3k there as well. And I think I have the awnser to the problem all new traders have and why we all get frustrated.

1 Got to have a trade strategy, or for god sakes something.

2 No strategy no dice dont wing it.

Here is where the problem comes in folks, one guy trades with pitch forks and fibs next guy trade with ema, next guy has the holy grail that jesus made for forex trading. So what is my take on all this crap?

Find a style that works for you and rember to KISS keep it simple stupid

Oh and since i took this route i am winning trades.
  • #14
  • Feb 19, 2008 2:57pm Feb 19, 2008 2:57pm
You are right with many things.
But you don't have to keep it simple.
I have a very complex trading system that requires
some talent skill and experience.
IMHO every "IF A THEN B" fails at some point.
My style is much better because I can adapt to change in market
sentiment etc.
  • #15
  • Feb 19, 2008 6:37pm Feb 19, 2008 6:37pm
Quoting NoBread
Ok so I changed my strategy and di a small trade last night sold eur/usd
and set my stop loss and woke up to a 103 pip gain. Biggest I have ever had
got to tell you that was awesome.
You are still soooo much better than me. If I going north, the market will going south. If I am going south, the market going north. Still try to figure out how to trade. Whenever I set stop loss, tight stop loss or big stop loss, it will burn into smoke.

Last night, 100 pips stop loss evaporate to the air.

However, lucky, I trade very small. So, it not hurt much. Besides, this is demo account, but I train myself endure the feeling. hehehee.

Regards,

Forex Star.
  • #16
  • Feb 19, 2008 7:46pm Feb 19, 2008 7:46pm
Quoting Forex Star
...If I going north, the market will going south. If I am going south, the market going north. Still try to figure out how to trade. Whenever I set stop loss, tight stop loss or big stop loss, it will burn into smoke. ...

Regards,
Forex Star.
I would bet that (get yer Math Caps out) 95% of the "So Called" 5% have experienced EXACTLY what you are saying. I know I certainly have. And it would have been nice if Merlin (didn't know him then) could have waved his wand and Transported my Trading to a Few Years Down The Road.

Why?
Well... one facet of reasons are...
Because that is how long the combination of...

Understanding MY System, {*Note* that this is After I had "My System"}
a Better Understanding of the Environment in which I was Trading,{Brokers, Slippage, Not Held...}
a Better Understanding of The Market Itself. Including all influences. {Embassy Assaults... 9E...War... ALLAN de Man... Frost in Florida}
AND
To Trust in Myself in understanding the knowledge of the above & Not Be Timid. {If I see a Trade, Take it. Don't wait 'till it's almost over Before I get IN}

...To grasp the requirements of Trading Currencies, Let alone Forex in these Shark Infested Waters!

*Note* I still use that system athough it has morphed considerably since then.


So, here's the Deal. Study ALL of that Tonight... &... Tommorow, you will be a better Trader.
Sorry, but, at this time...
We Have No Blue Pill for Forex. @
Good Luck and remember...
Trading successfully requires an Apprenticeship.
Trading Forex requires a degree.
But, presently, you do not require a certificate.

Hang in there and employ MM to ensure you "Stay at the Table."
  • #17
  • Feb 20, 2008 12:31am Feb 20, 2008 12:31am
Quoting NoBread
I am new to forex and it seems like i am chasing pips all day watching my account get smaller and smaller. And it seems everyone has a method to this madness. Is there a way to get pips consecutively everyday?
Maybe a dumb question?
Aside from everybody else's good advice. All I can contribute is:

  1. Explore personal history and reflect on opportunities.
  2. Explore what personal success would be like, suggesting choices, through considering results and implications.
  3. Decide and proceed with implementation according to what is realistic.

And of course.
http://www.forexfactory.com/showthread.php?t=2331



All the best. Persevere. Never give up, or give in.

Carpe Divitiae
  • #18
  • Feb 20, 2008 5:55am Feb 20, 2008 5:55am
Quoting Forex Star
You are still soooo much better than me. If I going north, the market will going south. If I am going south, the market going north. Still try to figure out how to trade. Whenever I set stop loss, tight stop loss or big stop loss, it will burn into smoke.

Last night, 100 pips stop loss evaporate to the air.
Hey man, things can only get better.
  • #19
  • Feb 21, 2008 5:28am Feb 21, 2008 5:28am
You are still soooo much better than me. If I going north, the market will going south. If I am going south, the market going north. Still try to figure out how to trade. Whenever I set stop loss, tight stop loss or big stop loss, it will burn into smoke.

Last night, 100 pips stop loss evaporate to the air.

However, lucky, I trade very small. So, it not hurt much. Besides, this is demo account, but I train myself endure the feeling. hehehee.

Regards,

Forex Star.





I have been there and still find myself there from time to time, I think as a new trader you will find yourself chasing tops and bottom but you will never catch them. You must find a way that works for you, and I can tell you, that you wont win every trade heck i still loose my fair share. I can also tell you the more you study charts, the more you will see the opportunity's.
I still dont think I am a good trader, and the reason why Is i will take my self out of a trade. By that I mean if I watch it i freak out on the draw down. I place my trade and walk away for 2hrs, If it worked cool if not i go back and study why ? and what did i miss? I feel your pain but stick with it.
  • #20
  • Last Post: Feb 21, 2008 6:05am Feb 21, 2008 6:05am
Quoting NoBread
I am new to forex and it seems like i am chasing pips all day watching my account get smaller and smaller. And it seems everyone has a method to this madness. Is there a way to get pips consecutively everyday?
Maybe a dumb question?
Wht's your forex experience...? You seem's to me a newbie...???
Actually it's a problem with all newbie's that they think it's an easy game and do all their experiences on real... well it's not the Right way to start this business... You said "Is there anyway to get pip's consectively everyday" ???
Offcourse there is a way but you have to find it by ur ownself with ur hard work and hard practice on demo... Do all new experiences on demo , try different stratigies on it, figure out the best possible way to survive in this business by the help of ur experience , hard work and ur successfull stratigies... Otherwise you may keep blowing your account...
My experience on demo is of almost of two year's , seem's silly to all but this thing believe me make so easy for me to get pips everyday...I have tried almost all other's stratigies , system's and techniques.... Boring and keep losing on demo in my two year's demo practice... At the end i reliazed that i can only learn from other's system's and techniques but i cannot be successfull through them, Coz these thing's are not the creation of my own mind ... At the end i was and still successfull by the help of my own system and stratigies... And believe me it's working for me...Im sure you feel this right that you can only learn and learn alot from other's system's and stratigies but at the end you'll be successfull by the help of system of your own creation and ur own made stratigies...& This the only way for you to get pips consecutively everyday...
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