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Pips Wizard Pro

I have been using Pips Wizard Pro for a time and so far it has been great, but as you know it took me some time to have good results, why?

Because I made some mistakes that cost me, the good thing is that I learned. Are you making some?

Mistake # 1:

Do not use Pips Wizard Pro in a FLAT Market. I broke this rule just a week a go.

​I received a Pop Up Notification to sell USD/JPY, at the end of the USA session, I knew it was a bad idea to trade in a Flat Market.

After all I had read the Pips Wizard Rules, but I wanted to trade, I wanted to make money, so I open the trade.

​The result was my trade hit the Stop Loss, and I lost money!

So don´t open a trade, even if you receive a signal, in a flat market, wait!!

Use Pips Wizard Pro Only at Active Market Hours, for example, London and USA Session.

Mistake # 2:

Because Pips Wizard Pro is so easy to use and to follow, sometimes you forget to follow a basic forex rule:

¨The Trend is your Friend¨

That´s how I made this mistake I received a Pop Up Notification to open a Buy Position on the EUR/GBP, I did not even look at that global trend I just open the trade. Result: I lost money!

Why?

When I analyze the graphic I notice that the trend was clearly down, sadly I look for the global trend after my trade hit the stop loss.

Always look for the global trend, and never trade against the general trend.

For example:

Trend is Up and Pips Wizard Pro shows-Blue Buy Diamond-it´s OK to place the a trade.
Trend is Up and Pips Wizard Pro shows-Orange Sell Diamond-NO TRADE! Wait for the next BUY signal.

Mistake # 3

When you are anxious and you are waiting for a Pop Notification to open a trade, sometimes you don´t analyze the graphic, that´s how I made the following mistake.

I trade in a sideways market!

Well, I lost money!!

When you use Pips Wizard Pro you need to open a trade ONLY when the market is trending.
If the market has not a clear trend, is flat or is sideways stay away. Do not trade!

Pips Wizard Pro

Comments

  • Unlucky that you didn't make pips selling the UsdJpy, it was tanking last week. Depends on you strat and entries I suppose. 

  • Yes but I open the trade in a flat market, it was Thursday near God Friday when the market was with no real movement. I should had not open the trade, but sometimes my head knows but my heart trade. Smile.gif

  • I see, got to keep an eye out for "God Friday", check the economic calendar, the forex factory has a good one. It shows national holidays in silver. https://www.forexfactory.com/calendar.php 

    • Thank you I usually do, and I knew I should not had open that trade, but I did it anyway so shame on me hahaGrin.gif

  • Just clicked the link and the pip wizard pro looks like a serious piece of kit. It signals every swing in the market, really unlucky on the UsdJpy trade. 

  • Nice Forex technical analysis post Maria Galindo and as John says, it seems you were a bit unlucky with market timing for trading USDJPY. You have given FX Traders a great reminder to stick with the trading strategy and trade plan rather than rushing straight in. Thanks for sharing.

    Best Regards,

    Sir Gissachance

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