Lets go PIP'IN

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forexkerry

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Let me take a minute to introduce myself. My name is Kerry and I trade full time, I am married and have two boys who both have very successful careers.

I have been trading off and on for approx 10 years and enjoy every minute of it. What I would like to share with this forum is the ups and downs where I have been and what I have found works for me. If I can help one person become successful that is my goal.

Please take this info and digest it; use it if it fits and toss it out if you don’t like it.

I will try and post daily a few things at a time which I hope will bring great success in your trading. I will keep it simple as I have found simple works best for me. I will try and answer your questions in the best way I can, just remember my trading style is simple my methods are simple so with that lets keep it simple.

Why do I trade Forex.
1. It gives me the opportunity to trade when ever I want. A 24 hour market with an opportunity to make some great money.
2. Trading Forex is not a get rich quick scheme. It takes great forethought, planning, and money management just like any business.
3. It allows anyone to use a simple methodology to make additional income, full time income or just a little extra weekend money.

I look forward to posting and sharing my strategies and hopefully great dialogue with other traders like myself.

Have a great Day and lets go PIP’IN

Kerry
(y)
 
Kerry, this is very kind of you to offer such altruistic help. What would be the first advice that comes to your head to people starting out?

Thanks

Daniel
 
Pip'in 101

FX Flyboy said:
Kerry, this is very kind of you to offer such altruistic help. What would be the first advice that comes to your head to people starting out?

Thanks

Daniel
Click to expand...

Thanks Daniel,

1. Let me say my method allows no lagging indicators only(y) support and resistance lines and trend lines.

2. I only trade 1 pair the Eur/USD.

3. I only trade the 4h TF.

4. I only take 2 or 3 trades a week. With a profit targe of 50 pips per trade.

5. I do not spend hours wating for trades I set my board up set a few alerts and wait..

Over the nexxt several days I will elaborate on each point,,

Thanks again
 
Tip #1

FX Flyboy said:
I'm sure I'm not the only one to gladly wait for it :)

Thanks,

Daniel
Click to expand...

To those of you posting, Thanks for the interest in my Trading Method.

My goal is to help all those I can from making the same mistakes I made.

I start off the top with Indicators and then will work into my method of trading. I feel this is important as the first thing everyone is thinking is what magic indicators he uses. Please understand in my eyes indicators and EA’s only cloud the thought process and allow you to make decisions you would not otherwise make.

Why I don’t use Indicators!!!

Indicators are lagging they tell past history of what has happened I am interested in what is happening now. I understand everyone believes that indicators are useful tools and will make you the next Forex Millionaire, but in reality they won’t. Not because they don’t work but because most don’t understand them.

How many people reading this forum could write the formula for RSI or MACD and tell everyone the breakdown of the formula and what it meant.. Not many!! Could you make a cake if you didn’t know the recipe if you leave out the eggs you have no binding… anyway I hope you get the point.

I have traders show me charts all the time and you can’t see the bars or candles for all the indicators. When I ask what does that indicator do; their response, “I am experimenting with it to see if it works.” I will be more than happy to take the money they are about to lose because that is what is going to happen.
So you’re asking what do you use. The answer lines only lines nothing else. Support and resistance lines and trendlines.

We will get more in depth as we go but for starters as we take this journey start looking at your charts without indicators get use to it, you will be amazed at what you will actually begin to see.
Until net time

Have a great day and Lets Go PIP’IN!!(y)
 
To those of you posting, Thanks for the interest in my Trading Method.

My goal is to help all those I can from making the same mistakes I made.

I start off the top with Indicators and then will work into my method of trading. I feel this is important as the first thing everyone is thinking is what magic indicators he uses. Please understand in my eyes indicators and EA’s only cloud the thought process and allow you to make decisions you would not otherwise make.

Why I don’t use Indicators!!!

Indicators are lagging they tell past history of what has happened I am interested in what is happening now. I understand everyone believes that indicators are useful tools and will make you the next Forex Millionaire, but in reality they won’t. Not because they don’t work but because most don’t understand them.

How many people reading this forum could write the formula for RSI or MACD and tell everyone the breakdown of the formula and what it meant.. Not many!! Could you make a cake if you didn’t know the recipe if you leave out the eggs you have no binding… anyway I hope you get the point.
I have traders show me charts all the time and you can’t see the bars or candles for all the indicators. When I ask what does that indicator do; their response, “I am experimenting with it to see if it works.” I will be more than happy to take the money they are about to lose because that is what is going to happen.

So you’re asking what do you use. The answer lines only lines nothing else. Support and resistance lines and trendlines.

We will get more in depth as we go but for starters as we take this journey start looking at your charts without indicators get use to it, you will be amazed at what you will actually begin to see.
Until net time

Have a great day and Lets Go PIP’IN!!
 
forexkerry said:
Thanks Daniel,

1. Let me say my method allows no lagging indicators only(y) support and resistance lines and trend lines.

2. I only trade 1 pair the Eur/USD.

3. I only trade the 4h TF.

4. I only take 2 or 3 trades a week. With a profit targe of 50 pips per trade.

5. I do not spend hours wating for trades I set my board up set a few alerts and wait..

Over the nexxt several days I will elaborate on each point,,

Thanks again
Click to expand...

I like it. Except of the point#4 and profit number. You do not know the future - cutting profits is bad IMO. You never know how much it could give you. IMO better to set STOP loss order at +50 (assuming market went your way). But as long as you method REALLY works for you I am fine.
 
What is your typical stop loss size Kerry? And is it a rule of your system to only take 2-3 trades a week, or are you just saying that is an average amount?
 
Calinor said:
What is your typical stop loss size Kerry? And is it a rule of your system to only take 2-3 trades a week, or are you just saying that is an average amount?
Click to expand...

Typical S/L 50 PIPS

This is an average amount, there has been weeks where I only took one trade for 200 pips, all depends on the S/R Lines.

My weekly target is 100 - 150 pips per week, thats what allows me to make a living. If I make 150 pips on monday I will not trade the rest of the week. I belive in taking my profits to the bank.

You will find (of course no trader will admit it) the more someone trades the more they potentially lose. I take the highest probability trades that I can.. I may ony make 20 pips but my target is 50..

You cant predict the market just take a well educated guess!!

Thanks
Les's Go PIPIN(y)
 
disi said:
I like it. Except of the point#4 and profit number. You do not know the future - cutting profits is bad IMO. You never know how much it could give you. IMO better to set STOP loss order at +50 (assuming market went your way). But as long as you method REALLY works for you I am fine.
Click to expand...

I can agree to a point, fortunately I have made it a point not to set in front of my Charts, I set my Positions and let the market do the rest.

I am not in for 200 or 300 pips per trade, although i have let my profits run on Dailies for 2000 pips over a very long period..

What I am sharing is a consistent plan to make consistent PIPS.

I would strongly suggest for someone new to set a target of 10 - 20 pips per trade.

Thanks for Your Post.
Kerry
Let's Go PIP'IN(y)
 
danpayne said:
sounds interesting, Why a 4 hour time frame ?
Click to expand...

Sorry it took so long for a reply.
I trade the 4H to eliminate as much market noise as possible. It allows me to trade at a slower pace to evaluate the exact trade I want to take.

I will make my entries off of the 15 min and 5 min charts but allow my setups to generate on the 4H

Hope this answered your question!

Thanks
Kerry
Let's Go PIP'IN(y)
 
Last edited:
Interesting stuff Kerry, thanks

Why would a newbie look for only 10 - 20 pips, wouldn't that make them scalpers? Shouldn't we encourage longer term trading?
 
SirFrancis said:
Interesting stuff Kerry, thanks

Why would a newbie look for only 10 - 20 pips, wouldn't that make them scalpers? Shouldn't we encourage longer term trading?
Click to expand...

I truly belive the worst thing any new trader can do is try to long term a day trade.. I remember when I first started every trade was the big one just to have it turn against me. Then I realized after many long hours of analysis, I was getting in a little later than I should I missed 10 or 15 pips, I was trying to capture more than the Average Daily Range so for over a year My goal was 15 - 20 pips per day, and averaged 50 - 70 pips per week.

As I watched everyone around me going for the Gold and losing 50 - 70 pips per week I decided that was my strategy. Profits are the goal. Set that goal and stick with it.

You may have a long history of trading, and understand Long wick reversals, spinning tops consolidation and so on; most people who are just beginning to trade need to take it slow and be consistent.. Whether your trading a micro or a standard lot it is still real money..

Thanks for your Post..
Kerry
Let's Go PIP'IN(y)
 
Last edited:
forexkerry said:
Let me take a minute to introduce myself. My name is Kerry and I trade full time, I am married and have two boys who both have very successful careers.

I have been trading off and on for approx 10 years and enjoy every minute of it. What I would like to share with this forum is the ups and downs where I have been and what I have found works for me. If I can help one person become successful that is my goal.

Please take this info and digest it; use it if it fits and toss it out if you don’t like it.

I will try and post daily a few things at a time which I hope will bring great success in your trading. I will keep it simple as I have found simple works best for me. I will try and answer your questions in the best way I can, just remember my trading style is simple my methods are simple so with that lets keep it simple.

Why do I trade Forex.
1. It gives me the opportunity to trade when ever I want. A 24 hour market with an opportunity to make some great money.
2. Trading Forex is not a get rich quick scheme. It takes great forethought, planning, and money management just like any business.
3. It allows anyone to use a simple methodology to make additional income, full time income or just a little extra weekend money.

I look forward to posting and sharing my strategies and hopefully great dialogue with other traders like myself.

Have a great Day and lets go PIP’IN

Kerry
(y)
Click to expand...
Let's Go PIP'IN
 
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