how many pips did you lose before becoming a succesful trader? | Forex Factory

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how many pips did you lose before becoming a succesful trader?

  • #1
  • First Post: Jul 8, 2008 11:58pm Jul 8, 2008 11:58pm
and doesn't matter if 1 pip =100$ or 1 pip = 1$ or 1 pip = 1 cent.

not trying to break any record here, but i guess i shed about -50k pips.

funny i still got profitable got profitable when things got ready.
Once A Trader Always A Trader.
  • #2
  • Jul 9, 2008 2:12am Jul 9, 2008 2:12am
About the same. I would guess in the order of 10s of thousands. All fairly cheap, though (less than £1).
The market reveals who we really are...
  • #3
  • Jul 9, 2008 2:40am Jul 9, 2008 2:40am
inside 1k pips
  • #4
  • Jul 9, 2008 7:03am Jul 9, 2008 7:03am
Yeah Spamspamspam..


My calculations show about 20,000 pips (all "fairly" cheap as well)
  • #5
  • Edited 11:55pm Oct 9, 2014 11:28pm | Edited 11:55pm
Quoting Liviu
and doesn't matter if 1 pip =100$ or 1 pip = 1$ or 1 pip = 1 cent. not trying to break any record here, but i guess i shed about -50k pips. funny i still got profitable got profitable when things got ready.



Hi Liviu,


my answer might sound a bit 'off topic', but the secret to becoming a good (profitable) trader lies in understanding
what trading is all about. I prefer to make an analogy with the doctors profession: without understanding the underlying
cause(s) for symptoms, you'll just find yourself in a sinking boat, shuffling water out of it without first trying to fix the holes...


So, you can keep fighting the forex market (study the technical/fundamental aspects of it - for which brokers and the bigger
players, who basically are in control of the market, thank you very much) or gain an understanding of it (why does price move
the way it moves?). When you come to the point where you're treating the cause and not just the symptoms anymore, then
everything becomes more easy and you'll wonder how you could have missed what's going on.


One of the main things I learned the hard way is the old adagio: 'cut your losses and let your winners run' (which basically boils
down to: 'don't fight the market, but move along with it - don't try to prove you're right, just try not to be too wrong :-)


If this comment seems useless (or pointless), just delete or ignore it...


Cheers and good luck to you all!
95% of the people don't believe 100% they can win, that's why they lose
  • #6
  • Oct 12, 2014 8:15am Oct 12, 2014 8:15am
Quoting Liviu
and doesn't matter if 1 pip =100$ or 1 pip = 1$ or 1 pip = 1 cent. not trying to break any record here, but i guess i shed about -50k pips. funny i still got profitable got profitable when things got ready.
well you have to convert the USD into pips . and that PROCESS ISNOT VERY SWEET
  • #7
  • Oct 16, 2014 7:30am Oct 16, 2014 7:30am
Hi, thanks for replies. Things are consistently good for more than one year now.

Money management is the key for me, much more than technical or fundamental analysis (they work, but sometimes they don't).

Too much time spend with the charts and too little time spend on money management was the sinking hole for me (this included poor time management too).

Regards !
Once A Trader Always A Trader.
  • #8
  • Oct 23, 2014 12:15pm Oct 23, 2014 12:15pm
About Five K or round about that..it is hard to keep count, everything starts to blur in the beginning when you are a newbie..
  • #9
  • Oct 24, 2014 7:12am Oct 24, 2014 7:12am
Quoting Ronald123
{quote} 'don't fight the market, but move along with it - don't try to prove you're right, just try not to be too wrong :-)
Ronald 123, this is the point which speaks the most to me. Thanks for it. I am a complete newbie to FOREX and just collecting the info for my entry to this market (basics, boreker selection, software.....). I have some experiences in the commodity markets of ferro-alloys, base and noble metals (real trades), but here in forex I will need some support, and looks like here in these forums one can find very good and pragmatic answers with patience for newbies. "Dont fight the market...or do, if you are a billionare" was my attitude when trading above mentioned.

Fly safe!
Duge
  • #10
  • Oct 25, 2014 12:27am Oct 25, 2014 12:27am
My estimate is that I lost several thousand pips before becoming a profitable trader. Can't nail the exact no. of thousands.
Striving to Develop & Implement Innovative Ideas
  • #11
  • Oct 25, 2014 5:44am Oct 25, 2014 5:44am
What about if you still loosing pips yet your are successful and make money every month?
All posts are my personal opinion
  • #12
  • Oct 25, 2014 9:07am Oct 25, 2014 9:07am
Quoting Rtm
What about if you still loosing pips yet your are successful and make money every month?
How exactly does that work? Unless of course, the price starts to retrace from your TP in which case, the loss would be an assumed loss and not a real one..
  • #13
  • Oct 26, 2014 6:39pm Oct 26, 2014 6:39pm
Quoting Forexnuts
{quote} How exactly does that work? Unless of course, the price starts to retrace from your TP in which case, the loss would be an assumed loss and not a real one..
Well just think about it. You could average down, martingale, scale positions. Lots of different tools and possibilities. For example: If you buy .1 lot at first level and you have x amount of levels you will use to scale before you bail out and if each level was progressively bigger in volume .1 , 1.3, 1.8 etc and your TP moved down as you opened more levels so that it was still enough to maintain your profit and edge, then You could have a situation where you are loosing pips but because your winners are larger in volume you still make money. So you down .1 lot 100 pips but you win 1.3 @ 80pips. I think that makes sense. I left a lot out because there are many varibles, and I can already assume the response I will get from FF.
All posts are my personal opinion
  • #14
  • Oct 27, 2014 7:15pm Oct 27, 2014 7:15pm
Quoting Rtm
{quote} Well just think about it. You could average down, martingale, scale positions. Lots of different tools and possibilities. For example: If you buy .1 lot at first level and you have x amount of levels you will use to scale before you bail out and if each level was progressively bigger in volume .1 , 1.3, 1.8 etc and your TP moved down as you opened more levels so that it was still enough to maintain your profit and edge, then You could have a situation where you are loosing pips but because your winners are larger in volume you still make...

This is very similar to what I do - keep real leverage low enough that you can continue to scale positions (no SL). Haven't had to bail out on one yet this year - but have generally traded a lot with trend (or range when consolidating) which puts the odds firmly in your favour and I trade NZD a lot which I feel is 'capped' to the upside.
  • #15
  • Oct 28, 2014 12:48am Oct 28, 2014 12:48am
how many pips did you lose before becoming a successful trader?

Terrible logical fallacy to believe you have to lose before you can win - or that success means that you have to lose first, and that losing is a way to success..

If you are losing what makes you think you will even win ....
  • #16
  • Oct 28, 2014 1:03am Oct 28, 2014 1:03am
Quoting Mingary
how many pips did you lose before becoming a successful trader? Terrible logical fallacy to believe you have to lose before you can win - or that success means that you have to lose first, and that losing is a way to success.. If you are losing what makes you think you will even win ....
Good point Ming, the way to stop losing is to stop trading, temporarly.

Reconsider your strategy, your discipline and your attitude and then resume trading, if your method is a loser, it will never become a winner, you have to change something in it.
"There's a sucker born every minute" - P.T. Barnum
  • #17
  • Oct 28, 2014 1:14am Oct 28, 2014 1:14am
Quoting Proximus
{quote} Good point Ming, the way to stop losing is to stop trading, temporarly. Reconsider your strategy, your discipline and your attitude and then resume trading, if your method is a loser, it will never become a winner, you have to change something in it.
Indeed.
I may be the only one, but I find it impossible to build on a negative.
  • #18
  • Oct 28, 2014 4:44am Oct 28, 2014 4:44am
haha. quite new. But I don't have the numbers but I turn profitable in 2013.
That is after I paid $5k for a offline course conducted locally at Singapore.
Roughly about $2 - $3k in tuition fees like chatroom and online course.
Then around $10k pour into the mouth of the forex market.

Have I made the above investment back? Nope. Not yet.

How long have I been trading? About 7 years. Started in 2006.

Why I persist? Because dream is like the best sex you ever had. So I hope to dream it again.
Forex Price Action Hacked - Price Action Rockstar
  • #19
  • Oct 30, 2014 2:32pm Oct 30, 2014 2:32pm
Quoting Rtm
{quote} Well just think about it. You could average down, martingale, scale positions. Lots of different tools and possibilities. For example: If you buy .1 lot at first level and you have x amount of levels you will use to scale before you bail out and if each level was progressively bigger in volume .1 , 1.3, 1.8 etc and your TP moved down as you opened more levels so that it was still enough to maintain your profit and edge, then You could have a situation where you are loosing pips but because your winners are larger in volume you still make...

Ah Scaling..and on the variables, yup, that about sums it right ..thanks for the exp..
  • #20
  • Last Post: Dec 14, 2014 8:59am Dec 14, 2014 8:59am
Quoting Mingary
how many pips did you lose before becoming a successful trader? Terrible logical fallacy to believe you have to lose before you can win - or that success means that you have to lose first, and that losing is a way to success.. If you are losing what makes you think you will even win ....
Hi Mingary,

I think the true fallacy is that traders are expecting to be succesfull right from beginning, and most of them are failing to understand how to manage their losses and to survice the game in the medium term (months or most likely few years) in order to reach the next stage and to become profitable afterwards.

Maybe my choice of words was not the best -one can use "shed" instead of "lost", but I hope that the meaning of my question was clear. One can think at the lost pips during training period as the necessary toll to get to the next level. However, many of these things become apparent only in retrospect, and my question was addressed to those traders who are already consistently profitable.

To reach a professional status in any field one needs to dedicate many hours of study and to focus on your job. Having talent helps, but is not enough. How many hours a piano player or a surgeon dedicated to get in the top of their fields? 100 hours, 1000 hours or more than 10000 hours ?
Actually a better question would be how many hours did you need to study in order to become a succesful trader?

Note that it is your decision to ban yourself from this thread (this is not my job, but yours) - I let you decide if your contributions are positive or not.
Once A Trader Always A Trader.
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