Finally! After a couple of times of being close to reaching 1,000 pips, I finally did it. And, I have to emphasize that - it was without cheating! I followed the “meetpips standard” in pip counting. Whew! Up next, 2,000 pips… I hope it comes soon! Now, I understand that the next trades might bring my stats back to below 1,000 pips. I understand that pip counting fluctuates. But, I am just happy that I finally belong to the 1,000-pip club… for now.
The last two trades that helped me get in the 1,000-pip club is my GBP/USD and GBP/JPY trade. I was tempted to close the trade before it hit my TP price when it was up by around 100 pips for GBP/JPY and 50 pips for GBP/USD. If I had, my pip-count will still be below 1,000 pips. Good thing I resisted the temptation.
I have to admit, though, that not all of my trades are logged here. When I am trading using 15-minute charts, I do not log it. I tried to before, but the trades were too fast. Sometimes, I was still busy editing the chart for posting, the next candle already invalidates the trade. But I got positive pips total for short term trading, so, even if I included it in my logs, I will still be in the 1,000-pip club. :-)
The first trades that I logged in meetpips do not have SLs. I probably got around +100 to 200 pips by trading without SLs. I closed the trades manually when EMAs crosses against my trade. The result, as you probably would expect, well, my account got beaten like how Squidward got beaten by the seabear (if you’re a fan of Spongebob, you know how it went :-) ). I think I lost around 200++ pips in one trade. But my account was still alive after that beating. In fact, it was still in the positive after it happened. But it made me promise to use SLs on future trades.
The last two trades, GBP/JPY and GBP/USD, I used a 1:2 risk-reward ratio. But most of the trades I did were 3:4 risk-reward. I will now concentrate on, at least, a 1:2 risk-reward ratio for future trades.
Thank you, meetpips.com, for making me a better trader. It was when I started logging my trades here that my trading finally got some direction.
Green pips, everyone!
On Wednesday September 8th, 2010 at 09:53AM by obiwan23 - Like - 0 People
Now I wonder how long (if ever at all) it'll take before I get to be a member of the exclusive 1,000-pip club. Haha!
On Wednesday September 8th, 2010 at 10:28AM by erib - Like - 0 People
I'm sure you'll get to the 1,000-pip club sooner than I did. It took me 5 years (I think) before getting some sense of direction on my trading. :)
Green pips! ;)
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