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!
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.
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!