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NipThePips Journal. Small steps to Freedom.

  • #41
  • Apr 3, 2007 12:25am Apr 3, 2007 12:25am
Quoting Scott111552
great job! I'm very impressed with your thread....

Thanks, I really appreciate it
Nothing is hard, some things just take more time and discipline.
  • #42
  • Apr 3, 2007 12:26am Apr 3, 2007 12:26am
Well it looks like GBPJPY is continuing to rise...I was expecting that to happen, but I need to go to bed lol...oh well, like i mentioned earlier, the woes of having a life and trading...one day I should only have to do one.
Nothing is hard, some things just take more time and discipline.
  • #43
  • Apr 3, 2007 12:30am Apr 3, 2007 12:30am
You deserve the rest... Looking forward to your next post....
  • #44
  • Edited 6:20am Apr 4, 2007 12:00am | Edited 6:20am
**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: 234.75
Stop: A close Below 234.10 on M15 (but no more than 50 pips below...this is not set in stone)

Oh and by the way, my entry price includes the spread...So Oanda charges about 7 pips on GBPJPY, so that is including the 7 pip spread


6:26 AM EST EDIT:

+5 and +10 Position Closed, Stop is not yet moved for the last 1/5th, waiting to see if the market moves any

7:00AM EST EDIT:

Closed last 1/5th at +10

Total Profit for the day (New account size): +10 Pips (Worth 10.5 Pips (Oanda's Second by Second Interest) ($79.69)
Nothing is hard, some things just take more time and discipline.
  • #45
  • Apr 6, 2007 12:02pm Apr 6, 2007 12:02pm
Well these past two days have been really stagnent and not much movement. Even though there were some opportunity for trades, they were not the signs I like to see and would rather wait on a definite entry.

Oh well, that is how trading goes sometimes....you shouldn't look for a trade everyday, wait until they come to you.

I will post my weekly wrap up later today.

Back to work I go lol
Nothing is hard, some things just take more time and discipline.
  • #46
  • Apr 8, 2007 12:24am Apr 8, 2007 12:24am

WEEKLY RECAP



Starting Account Size: $66.48

Profit (In Pips): +104

Ending Account Size: $79.69

Percent Increase (of original investment): 65.68%

Percent Increase (of weekly start amount): 19.87%

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/167/4...3441c228d9.jpg

Notes:

This week was a very slow week, 2 days straight on GBPJPY was basically no movement at all. Luckily, I had a great windfall to catch me up and put me ahead at the beginning of the week, so there are no worries here. Also, we are closely approaching 100% return, and it hasnt been a full trading month yet..I wonder if I will get it next week? I guess we will see. I am still testing another entry method, that should allow me to get in sooner, I used it once this week, but I want to continue testing until I have a definate entry method until then, stick with what works...its not like I am in dire need of change.

Anywho, not much excitement this week, but thats the way it goes. I wonder if I am going to hit my yearly (240 Trading days) goal this fiscal year?...$50---->$5,700(11,400%), do you think its possible? I do, and probably even more.

Until next week,

Nip

Nothing is hard, some things just take more time and discipline.
  • #47
  • Apr 8, 2007 11:01am Apr 8, 2007 11:01am
looks like you're on your way to financial freedom!
  • #48
  • Apr 8, 2007 12:29pm Apr 8, 2007 12:29pm
Nip you are living the dream, man.

I just worry you will crash and burn with the huge risks you take. I read in an earlier post that you scalped with high risk to make up for losses. Is that a habit you see yourself getting into?

Good luck on continued success,
Tom
  • #49
  • Apr 8, 2007 5:15pm Apr 8, 2007 5:15pm
Quoting tdion
Nip you are living the dream, man.

I just worry you will crash and burn with the huge risks you take. I read in an earlier post that you scalped with high risk to make up for losses. Is that a habit you see yourself getting into?

Good luck on continued success,
Tom

I have been doing that for over a year lol....Its what scalping is (High Leverage/Short Profit Goal). Trust though, I always have my risk managed some way or another. Just because there is high leverage doesnt mean that my risk isnt the same:

For Example

A regular trade where 1 pip is worth $1, and my stop is 50 pips...That means my risk is $50 right?

A scalp trade where 1 pip is worth $5, and my stop is 10 pips....means my risk is still $50 right?

Same risk, high profit potential...just gotta get in at the right time.


But my general trades are not "High Risk", and as my account size grows, my risk lowers. The amount of risk I use on this account, is not near what I use on my standard account.

And I only scalped once these past 3 weeks, its something I do only when I feel confident. A method that has proved to me over and over again.
Nothing is hard, some things just take more time and discipline.
  • #50
  • Apr 10, 2007 6:54am Apr 10, 2007 6:54am
This is reserved for my trade I made today.

I am on my way to work so do not have time to post it


it was:

Long GBPJPY at 234.71 at around 8:45 GMT

+5 and +10 was closed at 9:15 GMT

Last 1/5th was closed at +40


Account details and other information coming when i get back from work (1PM EST)

See you all then
Nothing is hard, some things just take more time and discipline.
  • #51
  • Apr 23, 2007 12:16am Apr 23, 2007 12:16am
Hey guys, sorry for just kind of leaving


I just came back from a near 3 week vacation in Southbeach (Miami Beach), Florida...It was long needed and I really enjoyed it...didn't want to think about trading, work or anything of the similar.

I will try to resume trading towards the beginning of this week or maybe next week...Probably going to use this week to try to get into the groove.


See you all then.
Nothing is hard, some things just take more time and discipline.
  • #52
  • Jul 5, 2007 12:56pm Jul 5, 2007 12:56pm
Hey Nip,

I find very encouraging reading your blog, when will u resume it?

Quoting NipthePips
Hey guys, sorry for just kind of leaving


I just came back from a near 3 week vacation in Southbeach (Miami Beach), Florida...It was long needed and I really enjoyed it...didn't want to think about trading, work or anything of the similar.

I will try to resume trading towards the beginning of this week or maybe next week...Probably going to use this week to try to get into the groove.


See you all then.
make some money, have some fun, leave some footprints
  • #53
  • Jul 18, 2007 7:52am Jul 18, 2007 7:52am
Hello
I wish good luck!
I have a few question about your method.....
You say that you enter with 5 lot...that seems SL is about 250 Pips ? (5 lot* aprox 50 pips= 250)
  • #54
  • Jul 19, 2007 4:26pm Jul 19, 2007 4:26pm
Quoting raad
Hello
I wish good luck!
I have a few question about your method.....
You say that you enter with 5 lot...that seems SL is about 250 Pips ? (5 lot* aprox 50 pips= 250)
Well I mean, that is because I would be able to afford 5 lots. 50 pips is 50 pips, no matter how many lots i trade. What matters is how much your pip is wroth. My rule of thumb is 1 lot traded for every 5-6K in your account. So that means, if I was trading 5 lots, I would have a 25-30K account. That would mean a 50 pip loss would Result in 2500, which would be about a 8% loss. At the time I wrote this blog that was acceptable to me. Currently I dont try to risk more than 1-3% now. I think I am going to try to resume this blog, since my trading style has greatly changed, and I think is far more stable.

I still only aim for small pips, but I do have a more "let your profits run, cut your losses short" method. It is somewhat based off of the "boomerang" which was mentioned on another thread....and it even still uses 3lb.

I will see if this becomes worth doing...If so, I will probably start next week.
Nothing is hard, some things just take more time and discipline.
  • #55
  • Last Post: Jul 19, 2007 4:28pm Jul 19, 2007 4:28pm
Quoting raad
Hello
I wish good luck!
I have a few question about your method.....
You say that you enter with 5 lot...that seems SL is about 250 Pips ? (5 lot* aprox 50 pips= 250)

I think I understand what you mean by 5 lot.

I never said I enter with 5 lots...I said I split my position up by 5....


meaning if I am trading 1 lot...I split it up by 5..meaning .2 lots each. So when I say I am closing 1/5th of my position I am referring to closing .2 lots.
Nothing is hard, some things just take more time and discipline.
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