MeetPips.com

I joined meetpips only about 1 week ago and I've already seen major improvements in how I organize my trades. Before meetpip, I used to have a plan but I tried to do everything off the top of my head, which would make for a ton of confusion, mistakes and illogical moves. It's funny, cause when I first started learning about FOREX trading, I used to get annoyed at all these training courses that would charge thousands, just to stress the importance of money management and documenting trading plans and feelings in a journal. It all seemed like common sense wishy washy stuff and I didn't want to pay big bucks to be taught common sense. I wanted to know how to make money! But you'd be surpised, even though all this stuff is straight forward and common sense, very few people (even after being taught about this stuff), will still not follow through. I, shamefully, would have to say that I was one of those people, up until most recently. Over the last year that l've tried my hand at trading live, I have been most fortunate that my bad trading style didn't result in me completely obliterating my account. Even though I've successfully made money, a few bad trades in a row would easily send me back to square 1.If one trade live long enough, one will realize how important these "commonse sense" strategies really are. I help mentor some friends and family in FOREX trading and I can eyes rolling when I talk about "Money Management", "Psychology Management", "Documenting Trade Plans"... It's unfortunate, but for many, it takes loosing their shirts to realize that the key to building wealth...For those who do not know, the key to building wealth is not so much dependent on how much money you make but how little you spend/loose. I've learned that lesson the hard way and to any noob I see.... I try to stress it. The only thing traders have complete control over in trading is how much they loose. Even for me, someone with 10 years experience behind me, someone who should know better.. I do make bad decisions at time and struggle with the psychology of it all. Anyways, since ive been here, I also discovered that I'm a bit dyslexic when it comes to reading and typing out numbers. In the past I would make tons of mistakes when entering market orders, stoplosses and limit orders simply by misreading and/or mistyping prices. Almost every order would have some type of mistake. I'm more of a visual trader, which is why I focus so much on charting. Even when I project down/up the difference between my stoploss and entry point to create my 1:1 level, I don't use a calculator to calculate exactly where my 1:1 level needs to go. Rather, I just use a vertical trendline to outline the difference, move it in the direction of where i want the market to go and then I round to the nearest ten pips. It works for me. I've gotten used to check everything at least 3 or 4 times. And even here on meetpips, you will find that I do update quite a bit just to make corrections on miss typed data. My first 2 trading plans were deleted my mistake when I was attempting to just correct mistakes and post updates. But I've gotten used to the site now. I don't want anyone to think that I'm just making stuff up as I go along.I currently have 3 trades going that I've outlined in my plans. So far, I'm up almost 200pips. I have stops set to breakeven on my NZD/JPY and USD/CAD trades. My trade on the AUD/JPY was a bit rocky and my nerves were a bit rattled when price broke below my entry point at 82.550. Price was no where near my stop;oss but I still felt the need to micro-manage a bit, project a new trendline and buy into the fall below my entry point. So at that point, my account risk was at 5%. I'm definately not comfortable with that type of risk so I decided to ajust stops and get as many of my orders moved to breakeven as soon a possible. I'm still around a 3% risk with just my AUD/JPY stops not quite moved all the way up to breakeven.I will document the 2 instant executions on the AUD/JPY just to keep things honest. I have to say I did go against my plan when I bought them. I compare my feelings about these 2 trades to that of a girl who accidentally gets pregnant at a "not so ideal" moment in her life. After everything is all said and done, I dont quite regret it because everything still managed to work out well. But it's still not something to be proud of either. It's a mistake that, hopefully, will not be made in the future. *Big sigh of relief*Anyways, this has been theraputic... I may have to do this more often.