I would first off like to thank everyone here at FF for being so generous and willing to lend a helping hand.
If it was not for that very mentality running through the forum, most of the beginners would lose hope and confidence VERY quickly!
These people (FF community) are the same ones who have kept me going and kept me confident that there is a way to be the elusive 5% we hear of so often.
My intent in this journal is to publicly document any changes to my present configuration, and report the progress of any implemented changes.
I am also completely open to any input from anybody that feels compelled to contribute.
Lets just make sure that you have a valid way to back up your statements and ideas (charts, docs, etc.)
Like most people on FF, I spent my fair share of time searching for NEW and BETTER systems than what your using. Only to find out that I would have more than likely done better with just learning ONE of those systems completely (Stick w/ it) before judging if it is successful or not.
When I started FX, I began in the M5-M15 chart scalping aisle. Like I have come to find out that MOST do. In these TF's your Money Management is CRUTIAL! Your MM will be the BIGGEST factor to if you are profitable in the end of the month.
*I would like to take a second to now preface and tell you that I came to Forex Trading from Online Poker (Full Tilt baby!) This also is a quite common crossover so I hear....both ways actually! For anyone who has played poker at all, let alone been long-term successful to any extent, will tell you that MM is the SINGLE BIGGEST aspect of poker! PERIOD! I would rather be a moderate player with GREAT MM than a GREAT player w/ moderate MM skills.....
All that being said, I spent YEARS perfecting my poker MM (Real Money acc.).... so this was something VERY easy to pick up on!
I then began to look @ the win/loss ratio on some of these strategies, and how this needed to affect my MM
(I still like to call it my "Bankroll" - poker term)
I began to notice I was having to put so much @ risk for each return, that your win ratios need to be VERY accurate to say the least! (+85%)
I then started to compare that to the Win/Loss ratios I was dealing with in poker..... I will keep from boring you all with the details but suffice to say....
"Show me a poker table that gives me a consistent +85% winning and I'll show you the last day I ever work!"
That was the last realization to finally start feeling like the lower TF's are not for me after all....
(ME IMHO, others on here (FF) pay the bills from M1 M5 M15 charts... to each their own. Nothing but respect for ya'll)
I guess all of that was just a long winded way to say that I have moved on to higher TFs and a system that trades MUCH less often w/ a higher return, and lower, less often risk..... Is that not what we all are looking for? LOL!
I have spent the last 5-6 months in the LGTJ Weekly Trend Trading Thread here..
http://www.forexfactory.com/showthread.php?t=203334
This was the beginning of my “Mid Term/Long Term” intervention. In a sense, weaning myself off of the M5-M15 “Crack” charts as I call them now...
I cannot thank Lg enough (although I'm sure he would tell you I have!) for opening my eyes to a calm, smooth, Daily and Weekly chart.
In the good nature of all things (progression), while practicing and learning the Lg method, I was also trying things of my own on these TF's.
Many Ideas, Templates, Indis, and OTHER system manuals..... trying to find a common factor in them all.
A few of the most common ones I found were...
“Let the trade come to you” (Meaning - Buy/Sell Stops)
“I don't spend ALL day watching charts!” (Meaning - Bigger TF's)
“Stick to the system!” (Meaning - stay committed to predetermined TP/SL's and Entry/Exit rules)
Now fast-forward a few more months of Back/Forward testing and I am here....
With what I have loosely dubbed “The Bottom-Less Pipshake!”
* Recommended before reading this journal is to watch “There Will Be Blood” w/ Danial Day Lewis
So I recommend checking it out if some of the “jokes” are not as funny to you as to others....
Enough about me and my favorite movie....
Lets see what this so-called “Pipshake” is all about huh?
If it was not for that very mentality running through the forum, most of the beginners would lose hope and confidence VERY quickly!
These people (FF community) are the same ones who have kept me going and kept me confident that there is a way to be the elusive 5% we hear of so often.
My intent in this journal is to publicly document any changes to my present configuration, and report the progress of any implemented changes.
I am also completely open to any input from anybody that feels compelled to contribute.
Lets just make sure that you have a valid way to back up your statements and ideas (charts, docs, etc.)
Like most people on FF, I spent my fair share of time searching for NEW and BETTER systems than what your using. Only to find out that I would have more than likely done better with just learning ONE of those systems completely (Stick w/ it) before judging if it is successful or not.
When I started FX, I began in the M5-M15 chart scalping aisle. Like I have come to find out that MOST do. In these TF's your Money Management is CRUTIAL! Your MM will be the BIGGEST factor to if you are profitable in the end of the month.
*I would like to take a second to now preface and tell you that I came to Forex Trading from Online Poker (Full Tilt baby!) This also is a quite common crossover so I hear....both ways actually! For anyone who has played poker at all, let alone been long-term successful to any extent, will tell you that MM is the SINGLE BIGGEST aspect of poker! PERIOD! I would rather be a moderate player with GREAT MM than a GREAT player w/ moderate MM skills.....
All that being said, I spent YEARS perfecting my poker MM (Real Money acc.).... so this was something VERY easy to pick up on!
I then began to look @ the win/loss ratio on some of these strategies, and how this needed to affect my MM
(I still like to call it my "Bankroll" - poker term)
I began to notice I was having to put so much @ risk for each return, that your win ratios need to be VERY accurate to say the least! (+85%)
I then started to compare that to the Win/Loss ratios I was dealing with in poker..... I will keep from boring you all with the details but suffice to say....
"Show me a poker table that gives me a consistent +85% winning and I'll show you the last day I ever work!"
That was the last realization to finally start feeling like the lower TF's are not for me after all....
(ME IMHO, others on here (FF) pay the bills from M1 M5 M15 charts... to each their own. Nothing but respect for ya'll)
I guess all of that was just a long winded way to say that I have moved on to higher TFs and a system that trades MUCH less often w/ a higher return, and lower, less often risk..... Is that not what we all are looking for? LOL!
I have spent the last 5-6 months in the LGTJ Weekly Trend Trading Thread here..
http://www.forexfactory.com/showthread.php?t=203334
This was the beginning of my “Mid Term/Long Term” intervention. In a sense, weaning myself off of the M5-M15 “Crack” charts as I call them now...
I cannot thank Lg enough (although I'm sure he would tell you I have!) for opening my eyes to a calm, smooth, Daily and Weekly chart.
In the good nature of all things (progression), while practicing and learning the Lg method, I was also trying things of my own on these TF's.
Many Ideas, Templates, Indis, and OTHER system manuals..... trying to find a common factor in them all.
A few of the most common ones I found were...
“Let the trade come to you” (Meaning - Buy/Sell Stops)
“I don't spend ALL day watching charts!” (Meaning - Bigger TF's)
“Stick to the system!” (Meaning - stay committed to predetermined TP/SL's and Entry/Exit rules)
Now fast-forward a few more months of Back/Forward testing and I am here....
With what I have loosely dubbed “The Bottom-Less Pipshake!”
* Recommended before reading this journal is to watch “There Will Be Blood” w/ Danial Day Lewis
(at least look up some youtube clips)
I would say 75-90% of my humor in this system is based off that movie and its amazing one-liners!So I recommend checking it out if some of the “jokes” are not as funny to you as to others....
Enough about me and my favorite movie....
Lets see what this so-called “Pipshake” is all about huh?