Return of the PIP Lover - Journal of trades | Forex Factory

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Attachments: Return of the PIP Lover - Journal of trades
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Return of the PIP Lover - Journal of trades

  • #1
  • First Post: Jul 3, 2012 1:13pm Jul 3, 2012 1:13pm
My first thread I was fighting the trend. A lot has changed since then.
I always use SL because I have learned that it is a must.
You wont see -2000 pips positions this time around- I won't let the market take my profits back with one huge loss.
I have been trading for around 4 years.
I will post my trades here, some will be short term while others will have longer term targets- BUT - all of them will have SL.

I also work these days for a Forex Broker - I will not say who and I have no intention of finding new clients, I am only mentioning this because it has done wonders to my trading. I am no longer in a rush to put on trades- IMO it is a must to have some sort of income and not depend solely on trading as your livelihood. It is much harder to risk money on a trade if you do not have money coming in to your account.

I have seen all of the mistakes and paths different traders take and I want to really help anyone who is serious about trading forex. So along with my trades I will discuss some psychology . Everyone is welcome to participate. Good luck
  • #2
  • Jul 4, 2012 1:52am Jul 4, 2012 1:52am
Gone Short 1.5880 SL 1.5950 TP 1.5800
RR 1:1

Trade based on daily chart
  • #3
  • Edited 3:17am Jul 4, 2012 3:16am | Edited 3:17am
In the meantime while my trade is running, I would like to discuss one of the worst mistakes traders tend to make which really makes no sense at all.

I am guilty of performing this SIN as well in my past.

What I am talking about is moving the SL farther and farther away. I see traders making this mistake all the time. They set a SL when they enter a trade but for some reason, when the market gets close to it, they decide they want to risk more.

I've seen traders get caught holding positions underwater for hundreds of pips - at first, their intention was to profit but they change to a new intention of exiting when the price gets back to their entry point instead of profiting. In essence, what the trader is doing in that situation is risking everything (or a very large sum) for the chance of gaining nothing (waiting for the price to get back to entry point and exit at BE). This is the dumbest thing anybody can do. There is absolutely no logic in taking risks while there is no chance to gain anything. Please do not move your SL's, better to just lose a predefined sum than to wind up risking a whole lot more just so you could exit without a loss.

Losses will happen, there is absolutely no way to avoid them.
Every trader losses. Even the best of them. Just keep losses to a minimum and always operate with proper money management and r:r ratio.

Enough babbling for today
  • #4
  • Jul 4, 2012 7:23am Jul 4, 2012 7:23am
What a slow day (U.S. Public Holiday).. ZZZ

Waiting for Euro to go down to 1.2530/40 area for possible Long with a tight SL.

If it were a normal trading day I would surely buy, but being that this is such a slow day with unregular trading conditions, we might get exaggerated moves and little interest so I will watch it first and not set a P.O.
  • #5
  • Jul 4, 2012 8:32am Jul 4, 2012 8:32am
Quoting PIP Lover
Gone Short 1.5880 SL 1.5950 TP 1.5800
RR 1:1

Trade based on daily chart
Closed here @ 1.5807 . Enough for today as it is so slow.
Good start + 73 pips
  • #6
  • Jul 4, 2012 9:11am Jul 4, 2012 9:11am
Quoting PIP Lover
Closed here @ 1.5807 . Enough for today as it is so slow.
Good start + 73 pips

And here it is, the original TP hit and looks like this should of been a longer term trade as it looks to still have so much potential. Oh well , gotta be happy with the pips and move on to the next setup...
  • #7
  • Jul 4, 2012 9:47am Jul 4, 2012 9:47am
Quoting PIP Lover
What a slow day (U.S. Public Holiday).. ZZZ

Waiting for Euro to go down to 1.2530/40 area for possible Long with a tight SL.

If it were a normal trading day I would surely buy, but being that this is such a slow day with unregular trading conditions, we might get exaggerated moves and little interest so I will watch it first and not set a P.O.

I'm not taking anything counter in this kind of market. sitting on the sidelines
  • #8
  • Jul 4, 2012 10:03am Jul 4, 2012 10:03am
Quoting PIP Lover
I'm not taking anything counter in this kind of market. sitting on the sidelines
Euro is taking a beating. not just agianst the USD , but against all of the crosses. EURAUD is approaching all time lows. EurNZD is at new all time lows.
EURCAD is crashing etc etc.
Today is beat the Euro day.
Enjoying the show right now and patting myself on the back for not buying EURUSD
  • #9
  • Jul 4, 2012 4:00pm Jul 4, 2012 4:00pm
Quoting PIP Lover
Euro is taking a beating. not just agianst the USD , but against all of the crosses. EURAUD is approaching all time lows. EurNZD is at new all time lows.
EURCAD is crashing etc etc.
Today is beat the Euro day.
Enjoying the show right now and patting myself on the back for not buying EURUSD
I will be popping into your thread ......never stop learning!!
  • #10
  • Jul 5, 2012 12:38am Jul 5, 2012 12:38am
Quoting PIP Lover
Euro is taking a beating. not just agianst the USD , but against all of the crosses. EURAUD is approaching all time lows. EurNZD is at new all time lows.
EURCAD is crashing etc etc.
Today is beat the Euro day.
Enjoying the show right now and patting myself on the back for not buying EURUSD
I am gonna follow your post..keep posting your trade here..
  • #11
  • Jul 5, 2012 1:07am Jul 5, 2012 1:07am
A lot of high impact news releases today. Standing on the sidelines for now to see if ECB cuts and how the BOE will go about with the asset purchases.
It is a mixed bag now with Eur looking like short Aud looking strong and Cable is all over the place. I might try a position right before the news with a tight SL (some will say suicide- I say great chance to catch 50-100 pips with risking only 20).
Catch ya later
  • #12
  • Jul 9, 2012 3:52pm Jul 9, 2012 3:52pm
Hi, I have 3 lots EURNZD short at level of 1.5389,
the trend is going down, as mentioned very deep level.
Now I have 74pips minus, I did not set a stop, how much pips should be
the ideal stop for this positions. Will the trend sink, or going up?

what do you think?





Quoting PIP Lover
Euro is taking a beating. not just agianst the USD , but against all of the crosses. EURAUD is approaching all time lows. EurNZD is at new all time lows.
EURCAD is crashing etc etc.
Today is beat the Euro day.
Enjoying the show right now and patting myself on the back for not buying EURUSD
  • #13
  • Jul 11, 2012 2:54am Jul 11, 2012 2:54am
Quoting lomex
Hi, I have 3 lots EURNZD short at level of 1.5389,
the trend is going down, as mentioned very deep level.
Now I have 74pips minus, I did not set a stop, how much pips should be
the ideal stop for this positions. Will the trend sink, or going up?

what do you think?
Well, the trend long term still looks like down until proven otherwise.
This pair is quite a wild mover and has moved down around 1000 pips these last two months. I would place Sl above 1.5640 which is fairly wide but as long as this level is not breached it can go further down. Your entry is quite dangerous since it right at the bottom and not ideal. Personally I would wait for a pullback to enter short.
You had a chance to reduce your position size just know as it was trading at your entry.
Sorry for the late reply I had a bit of a nasty flu and did not post anything as well.
Hope to get back to business from now on.
  • #14
  • Jul 13, 2012 9:01am Jul 13, 2012 9:01am
thanks for reply, finally I made 70-80 pips profit, your advise is fine
very uncertain..where the bottom is..I will focus on it, I think it can find the bottom of 1.51 level.

Cheers!
  • #15
  • Jul 16, 2012 3:31am Jul 16, 2012 3:31am
Long Eur/Usd @ 1.2224 SL 1.2204

Only 20 pips risk

tp around 40 pips (1.2260 area)
  • #16
  • Jul 16, 2012 4:02am Jul 16, 2012 4:02am
Quoting PIP Lover
Long Eur/Usd @ 1.2224 SL 1.2204

Only 20 pips risk

tp around 40 pips (1.2260 area)

Euro got me -20 ooouch
  • #17
  • Jul 17, 2012 9:42am Jul 17, 2012 9:42am
Long GBPUSD 1.5560 SL 1.5515

TP 1.5660
  • #18
  • Jul 17, 2012 10:48am Jul 17, 2012 10:48am
Quoting PIP Lover
Long GBPUSD 1.5560 SL 1.5515

TP 1.5660

Close now +35 PIPS at 1.5595
  • #19
  • Edited 11:33am Jul 17, 2012 11:02am | Edited 11:33am
Quoting PIP Lover
Close now +35 PIPS at 1.5595
My mistake not to wait longer but I was in pretty heavy so wanted to cash out. already +50 now , oh well..bring on the next trade Mr. Market

edit: now already + 70 pips. Note to self: never touch your trades once they are taken. If you set SL and TP let the trade run until one of them is hit.
  • #20
  • Jun 26, 2013 5:20am Jun 26, 2013 5:20am
OK....
so after a very long break from Forex Factory
I have decided to come back and post some of my trades.
Been very busy at work and trading (as I mentioned in the first post of the thread - I work for a Forex Broker)
Would like to discuss trading and trade ideas to relieve some of the boredom of day to day trading.
Any discussion about trading psychology is very welcome as well.

Right now I am in some trades, won't help to mention after the fact. But looking to get into some new trades, specifically watching Auzzie Dollar
for a short opportunity at the 0.9330/50 window. Will update later once trade is initiated.
Also watching Gold, as in the coming days we will see if a good buying opportunity presents itself ( I will not try and catch a falling knife unless there is good indication of buying)

Also in Eur at the moment , I am in short with target around 1.3000 and possibly 1.2970 area. Big potential for much deeper falls in EuroUsd
GOOD LUCK all!
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