You are currently browsing the archives for the Uncategorized category.

Track Your Goals

December 30th, 2010

Last time I talked about how I got started and what I found to be useful.  I found that one of the key elements to successful Forex trading is to treat it as a business.  Throughout my training I heard this time and time again.  Even though I had run a successful pharmacy retail business for many years, I couldn’t quite understand what was meant by this. 

After thinking about it for a bit and occurred to me that any successful business tracks their expenses and their profitability.  Likewise with Forex.  I started tracking how much I was spending on training, Expert Advisors and various tools.  I looked at my accounts and realized there wasn’t much profit there (actually, there was a loss!).  So I became determined to slow down and take things one at a time.

While I developed my own methodologies, I would test the various EAs for a minimum of 2 months to determine if they were profitable.  Each month I would take a look at the profit/loss from each of the EAs.  I found two major EAs that seemed to be consistently profitable.  I placed these two EAs into my real account and started to track them.

 

I was determined to minimize losses and track the profitability (or lack thereof) as often as possible. When it comes to real money, I didn’t want to find out a week later that something was going wrong with the EAs. Every day at approximately the same time, I would enter the balance of my account into a spreadsheet.  Then I would have the spreadsheet calculate how I was doing.  I then added a more general, overall sheet so that I could project what effect the current return would have on my account long term.  Every month I could add the month’s ending balance to this sheet and determine if I was on track or not.  It also allowed me to project where I would be at the end of a few years.  I then added a few graphs since I tend to be more of a visual person. It has now become a habit and I can tell each day if the EAs are still performing or if the particular currency environment is incompatible and I should pull the plug. I call this Excel workbook GoalTracker.

 

The same could be done for methodologies. There are just as many methodologies out there as there are EAs.  It could be a full time job just exploring them all.  I found that out the hard way as well.  GoalTracker to the rescue here as well. I take a given methodology from someone I trust (see the blog on Ed Ponsi for example) and use it consistently for 30-60 days.  I start a new GoalTracker and evaluate the profitability. I then note any tweaks I might apply to make it my own and evaluate these as well. 

 

GoalTracker has helped me quite a bit.  It has kept me thinking and treating my trading as a business.  By using it at the same time each day, it has taught me patience and given me the flexibility to see trends in my trading that would have otherwise gone unnoticed.

 

I would like to share that with anyone out there that might be interested. There is no charge for this version and it is the version that I am currently using. The only thing I ask is that you let others know about this blog and let me know if you have anything you would like to see added to GoalTracker.

If you’re interested, drop me a line directly to goaltracker@pipstracker.com 

 

April Fool

April 1st, 2009

I just checked my April fools email and noticed all the messages about the latest, greatest, automated, Super-Duper Robots that will make you millions.  At first I thought it was humorous until I realized these folks have the marketing down to a science.

I’ve bought my share. The best money I spent was not on Robots but on books.  Or instruction cds. Anything to learn. The super-duper robots just rust away now in some directory somewhere.

I wondered who the April Fool will be this year.  As tempting as it is, not me.  But it really looks promising, doesn’t it?

www.pipstracker.com

Where I’ve been and why I’m here

March 22nd, 2009

Pretty exciting time ahead. I’ve had a lot of great jobs and a lot of not-so-great jobs. I’ve had good side businesses on my own and no-so good ones there as well.

After a few stints in MLM and sales, discovered I’m not a sales person.  Dont get me wrong, I believe in certain products.  I can tell anyone about them..just cant sell them.

So where to turn to make some extra money that could potentially turn into my livelyhood? Motivational books kept me looking.  Then the ideas started rolling. Came down to one : make currency in the currency market.  Forex.

Fast forward a few years with a lot of CDs, DVDs and books under my belt. Lots of Expert Advisors (EA – automated trading within Metatrader) and lots of losses. 

There is money to be made in Forex. Not overnight but most every day. And there’s lots of room for error.  It’s just a matter of probability and most importantly knowing yourself.   So that’s where this blog comes in. Tracking my trades and ideas as they occur perhaps with some comments from others and their experience. As I learn, I’ll teach others.  As others learn they’ll teach others.  There’s plenty of hype out there. This aint it.  It’s work. It’s boring at times. It tests whatever needs to be tested within you.  And it pays extremely well, when it’s not taking it back.  Sounds like a perfect place to be for me.

The best technique for making money in Forex is the one designed by you.

Tags: ,