March Madness 2009 Student Review

[ForexJoe]

Greetings,

Please share in this thread:

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

4. Currency Pair you chose to stalk

5. Areas of improvement needed for this month

New to Area Students - Keep it Simple Monthly Program

1. Open two practice regimen accounts… one treated as LIVE account
2. Execute ALL trade recommendations in Weekend/Daily Report.
3. Execute any and all trades via position manager
4. Keep a journal to track all trades executed along with note from study.
5. Pick one area, like trend report for at least 30 days and study everyday.
6. Pick a currency pair to stalk and study
7. Review once a week and once a month all you have done to this point

end of report

Forex Joe

[HenryChidgey EAU/USD]

Howdy Joe,
As you requested here are my trades through 6PM CST today, April 6. My first trade ever in the Forex was on March 18th.

Practice account 83 trades: - (minus) 767 pips
Currently three gravy trains going not included in pips above
+367; +327; + 203

Live account 10 trades: - (minus) 37 pips
Currently one gravy train + 70 pips

I've learned a lot & lots more to learn. Given that learning is my most favorite thing in life- life is good. "When the student is ready the teacher will appear."

Henry Chidgey EUR/USD (last week lots of time on GBP/USD & USD/JPY too)

[Marcio]

Hi Joe,

I arrived 2 weeks later and watching the first webinar, I confess I doubt I could continue in the program. But after reviewing past videos, and paying attention to your orientations, it makes sense to me now. I'm more confident in following the reports.
You've been done a great job summarizing your method and tools so we can take a general view on how it works.
I've already started trying to do some studies by myself (I can't say they are OK by now, but it is a beginning).

Since I started to count, I've put 14 trades on the practice account, 11 being profitable (total of +611 PIPs).
I've just opened another demo account to treat it as live, but put only 1 trade.

For this month I look for trade more and gain experience. Sometimes, for a beginner, a small detail in putting an order makes all the difference.
I also need to consolidate in my mind how all the tools come together to help us set trade plans up more naturally.

Thanks.
Marcio EUR/USD

[Fx-Rich]

Hi Joe,

I'm proud to say in my practice account I've done 214 trades with 1,900 positive pips! I keep pushing the button.

I want to open live account soon, but have attachment to money fears that my success will end as soon as I start trading live.

Thanks for all your coaching and sharing your vast knowledge with us,
Your team is doing a great job and meeting all challenges in timely manner,

Richard Butnik, EURUSD, JPYpairs

[Goshen]

Hi Joe,

I thank you & the team for the great job you folks are doing. I was a slow starter and learner but I am beginning to pick up. I missed the initial alerts on USD/CAD; GBP/USD & EUR/USD and also missed the last GBP by just few hours. I was however able to do about 50 trades in my practice account, with +980 pips and -240 pips giving net pip of +740.

I have about 10 trades in my life account with +71 pips and -26 pips, giving net of 45 pips. It was very difficult trading live, as I had to overcome fear and emotion. I run out as soon as I have 10+ pips, especially after I saw positive pips turn to negative. I am currently long the EUR/USD with -22 pips and hoping for this to turn positive and use trailing stop to lock in some pips. I can only do one lot until I build or fund my account, and therefore cannot do TP1 & TP2. I am therefore improvising and adapting your method to suit my situation until I have enough fund in the account. I hope to do more trades this month in both practice and live accounts to be a better trader, and strive to be the best I can.

Thanks again for the excellent service. I love forward to a successful and profitable relationship.

George Olu
Stalking GBP/USD

[the boxer]

Hello Joe,

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips.
+158 pips

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips.
+202 pips -45 pips for nett +157 pips

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class
Have not done a gravy train trade as yet. Been going in and out just to get the hang of Metatrader and pressing the button mode.

My observation so far, is that I need to work on the stop levels as I am too close and get taken out to see it then bounce and take off. Since I am in AUS it is hard to be up for all of the US market, However I can look at the London session longer with our daylight saving ending last Sunday. Most of my stop loss was hit in the London sessions. So I am working on that to improve and place the correct trades as per you training plan.

4. Currency Pair you chose to stalk
EURUSD, GBPUSD, USDCAD, USDCHF

5. Areas of improvement needed for this month
Setting Stop Loss levels correctly and practising the Gravy train method. Using MT4 to set up automated buy/sell/SL/TP, etc. I am getting there

I am enjoying the training with you and Sunil.

Cheers,
Lionel W
Stalking: EURUSD, GBPUSD, USDCAD, USDCHF

[Michael Kirol]

Hello from Durango, Colorado. Michael Kirol EUR/USD
I think that I am starting to over think (attachment to money issue)

Practice account: I quickly burned through about 1000 pips learning the mechanics of MetaTrader. Once I started trying to follow the daily alerts I started gaining pips and have gained approximately 1000 pips since then. A lot of these came at the run up of the FOMC meeting and I have been pretty free wheeling, which has worked out OK, but I not thinking it is easy. I’ve made about 50 practice trades since mid-march.

“Live” Practice Account: Have made 14 “serious” attempts of practice trades for a gain of 563 (running total of TP1 or TP2- whichever is the most, less pips lost when stopped out. This is not total pips or gravy trains) pips since March 24. At first I was pretty carefree and free wheeling and this is where I had my most success. In some of the later trades, which I have tried to plan (probably over plan) I have had less success. I’m thinking this is my over analysis and attachment to money issues coming into play. I am happy about the possibilities that this experience points out, but realistic enough to know that this not a real outcome all the time and would be a lot more difficult with a “real” live account.

Comments and Questions: I did get into some “gravy train” positions and wasn’t quite sure how to manage it. Do we leave stop at TP+1 or create some type of trailing stop scenario?

Also I noticed that some trades hit TP1 overnight and then came back and stopped out TP2 and gravy train before I checked on the trade in the AM. Is there a practical solution to this?

Question on numbers: With all the numbers I find myself picking some numbers just to satisfy R/R ratios. Currently I have started limiting myself to the numbers on just the daily alerts (the ST21 and trend report). Is there a way to prioritize which numbers are important or should I just look for clusters of numbers (which is the conclusion that I have come to).

Areas to improve: Obviously I need to quit stressing out about the analysis and make more of a reflex action to conditions that I recognize as favorable. Also I need to accept that getting stopped out of trades is part of the game and is OK. I also know expecting these practice numbers all the time won’t happen. Need to be happy with a 200 pip / month goal.

Finally a message for Forex Joe: I really admire people with the energy and commitment to assimilate so much information, and then be willing to share it with us so we can learn without “reinventing the wheel”. I see everything improving daily. THANK YOU!

Mike

[sparksie]

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips.

Lost 7753 pips Gained 1514 pips Nett Loss 6239 Pips
My a/c at Deal Book 360 does not make it easy to count actual trades or at least not when you are doing scale out trades.

These trades came from the 4 majors with the majority in my dearly loved very stalked Euro. There were lots of just push the button trades and many that frankly were experiments for different order types. As much as I could, I pushed the button whenever I looked at the market.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips.

I actually had 1 live trade on the AUD/USD at the beginning of the month for a 20 pip loss

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

Where do I start...what a month and what a great last minute decision to sign up...I nearly passed on joining...as I have a lot of other commitments...that...well quite frankly were not really working.
No doubt I had blinkers on when it comes to what is needed to be a successful trader...probably why I have not been so successful in my trading in the past.

I now understand better the commitment needed...Funny enough one of the support people for my trading platform even commented today that it is great to see someone so committed to learning how to trade. Thanks Joe for showing me the light.

I started the month off doing the bare minimum...cutting ever corn I could...but interestingly as the month neared the end I was doing most of what you recommended. By next week I will be doing all plus some...its a momentum thing...exciting stuff.

My biggest learning is that there are no short cuts...none ...narda.
My next biggest learning is to use the demo account and use it hard. My confidence and understanding is increasing by the trade...I know that would not of happened any other way. And its a lot of fun to trade a million dollar a/c. I just set up my $5 million demo for the Stalked Euro trading starting next week.

There are many other valuable learning's...especially the Daily Goals which I am also getting great traction from.

Considering my first month was complimentary thanks to my past memberships with OU I had an exponential ROI.




4. Currency Pair you chose to stalk
Euro

5. Areas of improvement needed for this month

It took me until this week to use the trade plan regiment properly...I was short cutting until your calls this week...now I fill out all four majors.

I have done my monthly summary and have picked the numbers/Trend report as my primary focus for April...

I will also be covering as much as I can on the mind set content as well.

Let me say I am very grateful to you and your team...it simple amazes me to know someone with your commitment and skills is on my team...I promise you and anyone else who cares to read this post...I will become a very good trader by following your advise, learning your systems and listening to your never ending enthusiastic encouragement as well as my fellow students. THANKYOU ALL :)

Finally I can only in part imagine what you must of gone through this past month...Thank you from the bottom of my heart...Enjoy a well earnt rest if you can this weekend you certainly deserve it...A very happy and joyous Easter to You, Your family, your team and my fellow students

[Tash]

Thak you for being there dear Joe!
Number of trades executed in Practice Regiment: 49
Number of positive trades: 38
Number of positive pips: 1500
(I have to admit that most of losing trades were executed in nervous manner, unattended timing or SL was not adequate).

Today, April 9: Sold EUR/USD at 13259
TP 1............63 pips
TP 2............70 pips
SL at BE (+1) and GT is on his way........

[CollonFox]

I haven't tracked my trades keeping them on note pads but now I have a book and will keep better track in april.

Biggest disappointment - stopped out for 25 pip loss on the downside before the FOMC 700 pip explosion so I got nothing from that. I had s/l 10 pips above the low and had my buy entries in the demo acct. closed. I think the s/l setting was changed at some point and I had set at the earlier setting but at any rate, I will be more watchful on the setting. Its all good learning and I find losing makes me pay more attention than winning.

I have recently started trading daily and am positive in both demo accts and my live acct is up 15 pips this week which was another 80 hr work week so can't complain. The treated as live acct is up on one of my first really good trades tp1=40 pips tp2=70 pips and tp3 is floating at +30 so I am happy about that. I did a divergence trade yesterday on chf jpy and made +1 but it was up 30 pips but dropped to hit s/l at b/e+1.

Current treated as live account + 111 pips for +2%

I need to refresh my practice account and trade every day. That is such a cool concept and willl get me over the button pushing blues (is there a song there?) I also want to test the theory that if I do everything backwards I will make tons of pips since I seem to be able to loose tons doing what makes sense or seems like the right move at the time. I will also get a printer and have the trades on my desk so they can be accessed easily at any time.

I will catch up on the webinars as I couldn't get onto either one this week, firewall on monday and tuesday just a blank screen when I logged to the webinar from home.

This is very very good stuff and I know we can get the financial freedom bus with this program. Many thanks to Joe for the hard work this past month and the wonderful analysis he is doing. Thanks Joe.

[Gary H]

1. Number of Trades Executed in Practice Regimen Account: 147
Positive Pips: 3333
Negative Pips: 2716
Net Pips: 617

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips. Haven’t done yet.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class.

A. Started out completely new to Forex. Biggest challenge is trying to figure out what to focus on with only about 2 hours a day to do so (have a job). Had to spend many, many hours trying to figure out how to use PFG Best Direct MT4 (even talked to them right after getting it but was given minimal help…instead of running me thru setup and how to use he asked me what I would like to know…I had no idea what to ask!...Sunil’s classes are beneficial). Every day gets better as I just keep at it.

B. First few classes there was a lot of chatter that what Forex Joe was saying didn’t make sense & he needed to take more time for explanation. I felt the same way but just decided to try to absorb and apply what I could, doing the most important thing he said to do…Push the Button. I have had amazing results, and, as he said, I have no idea why (except I just did what he said). It reminded me of the movie “Karate Kid”- the kid assured Mr. Miyagi that he wanted to learn karate, so the sensei had him start out waxing cars and painting fences, which flabbergasted him…he didn’t understand the benefits of doing such seemingly unrelated tasks until he was in competition. So, I will gladly “wax” away till I get what Forex Joe is saying, since he’s the Forex sensei who has proved himself and I'm just the kid (not in age, by any means) who wants to learn what to do when I step into the Forex ring.

C. For newbies who may be having trouble keeping track of their trade results (perhaps not posting here yet because don’t have the time to total them), I figured out how to get this info from a report in PFG:
1. Account History
2. Cursor in Order Line
3. Click Save as Detailed Report
4. Open file with Word (can open with Internet Explorer also)
5. At bottom of report statistics are listed

D. Most importantly- I believe this works!

4. Currency Pair you chose to stalk: EURUSD

5. Areas of improvement needed for this month: focus on Trend Report, keep up with Forum, and review training materials.

Gary Hale
EURUSD
Colorado Springs, CO

[Ricky Tse]

1. Number of Trades Executed in Practice Regimen Account and number of + or - pips.

57 trades - 41 wins and 16 losses
1123 - 601 = net +522 pips

2. Number of Trades Executed in Practice Regimen Account treated like LIVE trading and number of + or - pips.
None; I have not traded live since the end of last year. I got "hurt" badly in the live market. But I have done my goal setting 101 and I aim to get 40 pips a day (or 800 pips a month) trading in the live market.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

Joe, Sunil: Thank you for giving us all the wonderful trainings in the first month. Yes, we have a lot of technical difficulties but I will still say that the qualities of the content that you have delievered are great.

Joe: I love the way you train us. I can feel that you are passionate about teaching us to trade successfully in the FOREX market. Also, you have definitely expand my horizon to learn about how to be a swing to position trader in the FOREX market. I know it is possible but I just do not know how it is done before you show us your method.

4. Currency Pair you chose to stalk
EUR/USD, GBP/USD, USD/CHF, USD/JPY

5. Areas of improvement needed for this month
I would like to have more training classes on the area of trading psychology with the mindset principles - exactly how do we get rid of doubt and fear when we trade live in the market?

Also, I would like to hear about your concepts on damaged psyches and attachement to money. When I trade live, I just do not cut my losses. One of the worst trade that I did last year was back in July 2008. I entered long for a position in EUR/JPY close to the high (169.71) and the pair starts dropping rapidly in Aug 2008. I put a hedge to lock in an unrealized loss instead of closing out the trade. I ended up with a negative of 1808 pips loss when I finally closed that in Sept. I know it sounds illogical but that's what I did. I definitely need help and guidance in psychology of trading.

[Amy]

1. Number of Trades Executed in Practice Regimen Account
and number of + or - pips.

Executed 55 trades with a loss of -1422 pips.

2. Number of Trades Executed in Practice Regimen Account treated
like LIVE trading and number of + or - pips.[/COLOR]
No live account in March, I opened one for April.

3. Any and all questions, comments along what you think, what you know, and what you can prove about first month of class

This first month was incredible. I am like a child in candy store: listening to the archives, going over the numbers. Everything is wonderful. Thanks for all your effort in sharing your knowledge with us.

4. Currency Pair you chose to stalk

P and E, but practice also with the S and Y

5. Areas of improvement needed for this month

Practice on live account (opened with a 1M to feel what it is trading with a lot of zeros and get rid of money attachments) Focus on your recommendation and keep pushing the button.

[the boxer]

Hello Gary,

Thank you for sharing the tip with getting detailed report from MT4. I am sure it will help everyone in the group.

Cheers,
Lionel W

[Darrell Peterson]

Sorry I'm so late in reporting
I had 59 trades not all Joe trades
I had 46 trades with cost 1580 pips
I had 13 trades with profit 753 pip
That would be a total cost -824 pips
I did no trades in live/ demo account
I think this is a plan that will work for me ones I get past the Math.
I know this is getting easier to do the deeper into it I get. The more I know.
I'm not sure I can prove anything untel I can keep better records on what I'm doing.
I'm not stalking a pair but when I do it will probable be the EUR/USD.
Area to improve record keeping,stalking,listening to Joe. My very own Yoda.