NipThePips Journal. Small steps to Freedom.

WEEKLY RECAP

Starting Account Size: $48.10

Profit (In Pips): +131 (Not including scalp trades)

Ending Account Size: $56.60 ($62.15 [with scalp trades])

Percent Increase (of original investment): 17.67% (29.21% [with scalp trades])

Percent Increase (of weekly start amount): 17.67% (29.21% [with scalp trades])

Below is a graph (that will be updated weekly) of account growth starting with the opening balance and date, and ended with the current week closing balance and date.

http://farm1.static.flickr.com/145/4...4a88f637_m.jpg

Notes:

This week has been a good week in trading, mainly because any week you end in profit (especially 30%) is a great damn week. The end of this week was a little shaky though, which happens, and it wasn't like it was THAT bad. I am determined on following my system as close to the rules as possible, but being naturally discretionary affects my trading, more times for the best than for the worse, so I am not that angry for it. And I have adapted my system so that it calls for a discretionary decision (for stops mainly) and so I still feel like I have input in my trades.

And because I am following my system as close as possible, no entries were made yesterday and the entry for the day before that came just too late for me (it was 8:30AM, I would of been dead tired for work if I would of stayed up from 12AM to 8:30AM). Even though some market movement was there, none of my standard trades could be made.

Because there was a loss (and I don't like losses ) I had to make up for it, so during the past day I was making scalp trades. The reason i didn't post them was because I HIGHLY DON'T RECCOMEND THEM. My scalps are for 5 or less pips, using the full available leverage which is soooooo dangerous. I have been practicing scalping for almost a year now, and I still don't consider myself good at it, but I only did it to try to make up for my losses. So dont try to do them, unless you know what you are doing.

The reason why I started this journal is so I can help discipline myself, make my system better (either from personal realizations or help from others) all while helping people any way that I can. Looking back at the loss I had this week, I have made a decision on how I will now exit my trades:

Position size is split up in fifths, so lets say I traded 5 Lots

1/5(1 Lot) of my position closes at 5 pips profit (7 pips for GBP/JPY)

3/5(3 Lots) of my position closes at 10 pips profit (14 pips for GBP/JPY)

the Last 1/5(1 Lot) of my position I will let ride the movement and exit using my old exit strategy (3LB) and will have a dead stop of +5 Pips profit.

The reason why I decided to change my exits to this is because, if you remember what I said earlier as Long as I get 10 pips a day, I am extremely happy (I am honestly happy with 2 pips, refer to my first post of why that is all you need), so this ensures that the majority of my position will lock in pips, and also leaves the opportunity for me to gain profit on a powerful move. This fits my trading style more anyways, because the reason I first added 3LB was so that I could only catch the powerful moves if there were any, and just exit if there weren't. Now that I have most of my position locked in at 10 pips, this will prevent me from being greedy and waiting to exit, and still satisfy me enough so I wont be kicking myself because I missed that huge bullish move. I am also considering just placing a stop at each of those points and letting the whole position ride, like lets say I entered long at 1.3000 an my first TP was at 1.3005 and the price was shooting up and was at 1.3009 I would place my stop for the first 1/5 at 1.3005 (5 pips profit) and let it ride until the next TP point; reset stops for it and so on and so on. This allows me to still stay not greedy, but also catch more of a strong move if it was to happen right then. If it doesnt happen then I dont catch it, which would probably be the scenario most of the time, because 5 pips profit does not require that strong of a move.

I believe that that modification will be for the better, and I can't wait to see how it works out next week.

Well this ends my recap of the week, I will be delighted to read any comments and question anybody might have. Have a great week end.

Until next trading week,

Nip

Sorry I am posting this trade so late, It came in late and I had to go to work, So I kinda rushed through the trade and then rushed to work. The trade came in at 5am and lasted for a while (Until like 9am), I had to go to work at 9:45 am so you can imagine my rush.

Well I am home from work now and I can post the information about the trade:

Trade 1:

Pair: GBP/JPY
Direction: Long
Entry: 231.87 (0915GMT)
Stop: A close below 231.42 on M15 (but no more than 50 pips below)
7 AM EST EDIT:

4/5ths of my posistion is closed (1/5th at 5 pips and 3/5ths at 10 pips) Stop now moved to a close below 231.75. Last 1/5 will be exited according to my regular exit rules
9AM EST EDIT

Last 1/5 of the posistion was closed at 232.29 due to a reversal on the 3lb chart. Totaling 42 Pips



Isnt it funny how like the day you change your exit strategy because of a loss or something is the day that the market decides to make a big move? Luckily I was up in time to catch this move and trade it all the way up to the last minute (DARN JOB!!!) Luckily I made it to work on time with 5 minutes to spare. I am no longer going to really post excel files because all they have in them is the 3lb chart and tid bits of information which I can now include in my post. So you can refer to my first few excel charts to see what I mean by 3lb. Also I will still every so often post a picture of the chart. Well anyhow, I cant get angry, I did finish in the positive, and my account is still growing so that is always good.


I will include the total amount of pips, and then the average pips if I would of kept a full position (Basically how much a full position is now worth, considering I split the trade). Keep in mind the total pips is how much the trade bagged, I am just calculating how much the trade is worth since I split the position.

Total Profit for the day (New account size): +42 Pips (Worth 15.4 Pips) ($63.69)

Until next time

Here is an update on the Long term trade on GBPJPY that wa splaced a while back:

This was the trade:

Trade 1:

Pair: GBP/JPY
Direction: Long
Entry: 230.64
Stop: A close below 229.66 on H4 (but no more than 100 pips below...this is not set in stone)

Update:

Stop is now moved to a close below 231.82 on h4, but no more than 100 pips

**Post will initially just include the signal, and then after the trade is done, include a full debriefing.**


Trade 1:

Pair: GBP/JPY
Direction: Short
Entry: 230.73
Stop: A close above 231.48 on M15 (but no more than 50 pips above...this is not set in stone)

12:30 EST EDIT:

Both the 5 pip and 10 pip profit position has now closed in one big move, 1/5 of the position is open and is riding any possible continuing downwards movement, with a dead stop of +5 pips. Stop will be moved as price continues.

1:15 AM EST EDIT:

Stop now moved to 230.44 for the last 1/5th of the position...that would put us in +30 pips.

2:00 AM EST EDIT

I now closed my last position at 230.30 for a total profit of +43 pips. It might still continue going back down, but at least I end the night early and get to get some good sleep for work tomorrow. Posting my debriefing soon.

UGH, Well trade is closed, I ended up being -50 pips down, about 2.00 dollars lost. Well im through for the night , No debriefing tonight other than, next time, I think I should secure like 5 pips or so once I have it. Oh well, gotta love news.

Hey Pip,

I read your 1st post, and agree with you re: small moves can = $$ with fair capital. Though isn't your gearing a bit high....my question comes from this post..... losing 50 pips.....at approx $412usd / pip.....that would have cleaned out a 20k account. Did I read right that you are trading this "micro" accout same as your standard account (100k).?
Or were you using an example? My apologies if I'm incorrect, I didn't read all the posts....The 1st post caught my eye, and I skimmed the rest til I saw the above entry. I also realize that some prior captured moves would have more than covered this -50 loss.....seeking clarification is all, and I agree with you locking in some $$ once you have it (your last line)

Good Luck

Well with that trade (the one where i loss 50 pips), I was actually 20 pips up at one time, which, according to my first post would of more than covered my "2 pips a day" goal. News was the reason of the big drop, and unfortunately it went back up later that day anyways lol. This trade was the catalyst to making me alter my take profit method to securing 10 pips early in the trade.

And that $824 dollar daily average was based on the year (meaning i took the total estimated profit of the year, and divided it by 240 trading days), so not everyday would be 412 dollars a pip, it would start off being worth like 100 a pip, then with compounding the pip value moves up along with your account size

But over all yea, that first post was more of an example than a real recommendation...even though, that is sorta how i trade, when I am only scalping 2-5 pips, my losses never go to far down anyhow, and my trades usually last no longer than 15 minutes. But with my main trading style, my leverage isnt geared way so high, only when i am scalping. My main trading style is what I am posting here.

And yes, I use the same trading style on my standard account and this micro account. I am mostly posting this micro account information to add a different picture of the profit potential etc..also just to see how far i can take 48 dollars lol. But I also scalp sometimes on my standard account, which as you see, I only do on my micro if I am at a loss.

I hope that clarified everything, let me know if you have any questions

Thnx for posting
Nip

This trade started at around 2:00 GMT and ended at 5:50GMT. This is the second trade that I have done using my new take profit system. And I have to admit it does calm my nerves to have 4/5ths of my position closed at 10 pips and I dont feel like I am missing out on something if the trade continues to move in my favor because I still do have 1/5 of my position open to catch those few little profits. The whole night I was a little less stressed then normal, which is what i was going after, So I think I am going to stick to this new take profit method.

One thing I noticed is I forgot that when i trade GBPJPY I am suppose to use 7 pips and 14 pips (not 5 and 10) I short changed myself out of a little profit. Next time I will remember.

Below is a chart of todays trade (M5) The blue oval was my entry. The first (bigger) green triangle is my first two exits (+5 and +10). The second green triangle is my last exit (+43). Those two green lines are my 3LB reversal points, so basically if the price closed above the upper reversal point, I would close my trade (which it did). So my trade was closed at 230.30 because of a potential reversal...and now looking at the chart, I am glad I did close the trade at that time .

http://farm1.static.flickr.com/145/4...195363fc_m.jpg


Total Profit for the day (New account size): +43 Pips (Worth About 15.5 Pips) ($65.13)

As always, any night where I end in profit, is a VERY GOOD NIGHT.

Stay Positive,

Nip

Even though there was a lot of market movement yesterday, I did not get a clear signal to trade (3/28/2007). There were ample opportunities though to catch pips for those scalpers out there. I am now waiting for a trade signal today, lets see what happens


Nip

**Post will initially just include the signal, and then after the trade is done, include a full debriefing.**


Trade 1:

Pair: GBP/USD
Direction: Short
Entry: 1.9582
Stop: A close above 1.9624 on M15 (but no more than 35 pips above...this is not set in stone)

7:50 GMT EDIT:

+5 and +10 position was closed, the last 1/5th has a dead stop at +5


8:15 GMT EDIT:

Last 1/5th was closed at +10 pips

http://farm1.static.flickr.com/173/4...d16413c5_m.jpg

This was a short trade, and GBPJPY hasn't given a signal yet. Since I am off of work today I am going to wait to see if I can get more trades out of the day.

Total Profit for the day (New account size): +10 Pips (Worth 9 Pips) ($66.48)

___________________________________

Trade 2:

Pair: GBP/USD
Direction: Long
Entry: 1.9708
Stop: A close Below 1.9647 on M15 (but no more than 35 pips below...this is not set in stone)

15:45 GMT Edit:

+5 Position closed, still waiting on +10 and the last 1/5

THIS TRADE IS NOW CARRIED OVER UNTIL SUNDAY. IT WILL COUNT TOWARDS NEXT WEEKS PROFIT/LOSS



The last trade that I placed was sort of dangerous considering the weekend was approaching. I still have it open and am optimistic about it closing next week. Luckily, I was able to secure some profits today with a short trade earlier. I am going to write up my weekly recap over the next night or so (because I need to analyze my trades, and also test things) and will post it when I am done. Slow, but great trading week.

Looking good Nip. Keep up the good work. I am very anxious to follow this journal. All the best.

While looking at GBPUSD, I saw a pattern that I once read about. It appears taht a cup and handle is forming on GBPUSD m15 and on D1

This would indicate that it is soon to have a strong upwards breakout. What do you guys think?


M15

http://farm1.static.flickr.com/172/4...229da4b99f.jpg

D1

http://farm1.static.flickr.com/168/4...70749c5b4b.jpg

Thank you, I will try

WEEKLY RECAP

Starting Account Size: $48.10

Profit (In Pips): +95

Ending Account Size: $66.48

Percent Increase (of original investment): 38.21%

Percent Increase (of weekly start amount): 6.97%

Below is a graph (that will be updated weekly) of account growth starting with the opening balance and date, and ended with the current week closing balance and date.

http://farm1.static.flickr.com/174/4...1d49f5cb_m.jpg

Notes:

This week was the first week that I tested my new take profit method. Even though it does not provide as estravagant profits as playing your full posistion, it does provide a peace of mind which I would rather have any day. It secures enough profit, and still allows me to take advantage of big moves, which I like.

I am going to be testing an entry based on M5 that should get me in certain moves quicker this week. I am not going to trade it because right off it still seems unstable to use it. I have been noticing that I am missing moves that could of had me in and out instead of waiting...IE this last trade of the week. This new entry (same rules different timeframe) should allow me to catch those moves and be done with my trade earlier...the immediate downfall that I see though is it provides less wiggle room, and thus I might miss a big move. So I will be testing alongside with my original entry at least for this week but maybe a couple of more. This is why I enjoy a journal because it helps me analyse and constantly improve my trading.

I only ended in 7% this week because of my new take profit method....But considering the highest savings account that I know of earns 5.05% interest a year....I still say this week was a damn good week.

Well that is my wrap up for the week, see you all next week!

Nip

Geez, Nip,

You are tearin it up! Keep up the good work my man

Kevin

Thanks.

This is a carry over trade from last week. I decided instead of just staring at the screen all day, I would set a stop and come back and see how the trade was doing later. To my advantage it went up and both positions (3/5ths and the other 1/5ths) closed at 77 Pips profit. (I just closed the positions manually.)


Trade 2:

Pair: GBP/USD
Direction: Long
Entry: 1.9708
Stop: A close Below 1.9647 on M15 (but no more than 35 pips below...this is not set in stone)

15:45 GMT Edit:

+5 Position closed, still waiting on +10 and the last 1/5

Total Profit for the day (New account size): +77 Pips (Worth 63 Pips) ($75.87)

Perhaps you should handle my retirement fund.

LOl thnx, thats the goal one day

**Post will initially just include the signal, and then after the trade is done, include a full debriefing.**


Trade 1:

Pair: GBP/JPY
Direction: Long
Entry: 233.19
Stop: A close Below 232.99 on M15 (but no more than 50 pips below...this is not set in stone)


Edit 12:30 AM EST:

+5 Posistion closed

12:40AM EST:

+10 Position Close
The only position now is the lats 1/5th, stop is moved to +5

1:00 AM EST EDit:

I closed my last posistion at +17 pips, I have to go to bed and I am satisfied with my results.

Total Profit for the day (New account size): +17 Pips (Worth 13 Pips) ($77.99)

great job! I'm very impressed with your thread....