+3461 Pips EURJPY & EURUSD | Complete Report Since January

EURUSD and EURJPY since January has gathered +3461 pips for us. Rest of the pairs on the other hand brought the overall total down. GBPUSD out of all was the worst offender. Charts below show the comparisons between EURJPY & EURUSD and all pairs ( including EURJPY and EURUSD ).

Chart below shows cumulative pips for all pairs and EURJPY & EURUSD combined. These two pairs alone surpass performance of all other pairs. This chart is self explanatory and you can click on image to enlarge.

Next up is the Account growth comparison. This is very realistic and I took all measures to make it that way. I started off with recording  initial Stop Loss for all orders. Then I calculated Pips value for each pair based on the entry price at that time. 1 pip is not simply equal to $1, by calculating Pip Value we can identify the correct  Stop Loss per trade. Based on %risk, I then calculated the $ value of risk per trade based on  current equity. This was then divided by  Stop Loss to calculate number of lots. This resulted in lots that were not multiples of 3, hence they were then adjusted slightly to match “3 lot” method. Two factors I didn’t consider were commission and swap.

Below is the comparison between profit targets. When considering all pairs together 1st Profit target is the most profitable, however if we consider EURJPY and EURUSD alone we see that it is worth trading 3 lots method on those pairs.

Chart below compares 1 Lot method vs. 3 Lot method based on individual pairs. Overall it is profitable to trade with 3 lot method, though it is also profitable if you chose to go for 1 lot money management method. 1 lot method simply requires to open trade with 1 lot having same  Stop Loss and 1st profit target. This chart also shows profitability of each pair.

Next chart list total pips from week to week. I don’t think this chart requires any explanation expect that we had one quite a negative week however overall the month was positive.

The last chart in the series shows Account Growth for EURJPY and EURUSD combined for different levels of risk.

Based on the data above it is quite clear that two pairs stands out. You may want to start trading these pair alone, which is not wrong, but personally I will only allocate extra %risk to these pairs and trade other pairs with less overall risk. GBPUSD, though it may seem like a bad apple among others, does have potential. By minor tweaking and with analysis I hope to change it back in our favor.

A variation that is still under testing is to move  Stop Loss to Break Even soon after first Profit Target is reached. This analysis would take longer to complete since I’ve to manually look back at each trade.

I am also testing an Intra-day strategy which I happen to notice while watching charts. This method is simple yet powerful and I may open up a chat room for it. As usual it doesn’t require any indicators.

Your comments encourages me to keep working harder. Please leave comment below

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58 Responses to “+3461 Pips EURJPY & EURUSD | Complete Report Since January”

  1. Rytis 23 March 2010 at 7:05 am #

    I agree with you firepips,that to move Stop Loss to Break Even soon after first Profit Target is reached.

    • FirePips 23 March 2010 at 7:13 am #

      This is still under analysis, I'll let everyone know once I finish testing.

  2. smithson 23 March 2010 at 8:10 am #

    Great Results and Analysis Fire. Look forward to the intraday signals. Really appreciate your work.
    BTW, since Monday (yesterday) I am not receiving the signals via my e-mail.

    • FirePips 23 March 2010 at 8:40 am #

      For some reason your email was not on the list on Aweber. I've added it now and you should be able to receive emails.

  3. Jenny 23 March 2010 at 6:48 am #

    Awesome results Fire. Love the charts :)

  4. Mark 23 March 2010 at 6:55 am #

    Way to go Dude !

    I need to catch only a handful of those pips. When you said you going to open chat room again?

    • FirePips 23 March 2010 at 8:43 am #

      Don't know exactly when…could be weeks or months…I've other priorities right now and once through I'll have more time to pursue it.

  5. Jags 23 March 2010 at 6:59 am #

    Simply the best results I have seen. I Salute you.

  6. Diet Pipsi 23 March 2010 at 7:04 am #

    Sure sure! Just as we are getting to where we are comfortable handling all of it now, you just have to go and show-off, proving you can run even more circles around us, with a new strat and a live room! LOL

    In all seriousness, an intra-day strat to add to this bag of tricks would be cool!

    Look forward to it – -

  7. Brian Campbell 23 March 2010 at 7:10 am #

    I'm just discovering this blog, so forgive me for asking the obvious. Your results are very good. What methods are you using to get them?

  8. amdegia 23 March 2010 at 7:56 am #

    Dear Fire Pips.. I have been bugging you to do this from day one. Really really appriciate it. You see it now gives us a good picture as to how the signal is performing. If we dont do this we will be in dark.
    So glad you did this… much appriciate.
    P.S. why dont we trade other common pairs like Audusd and USDjpy?

    • FirePips 23 March 2010 at 8:01 am #

      USDJPY weekly movement is not large enough. I rather allocate more funds towards other pairs.

      AUDUSD and AUDJPY are currently on my watchlist.

  9. Wisemantrader 23 March 2010 at 8:08 am #

    Congratulation FP,

    You have done a good job. Nice statistic.. I have a clear picture with your analysis.. Started from now.. i only trade EU and EJ.. as my favorite pair.

    Thanks for your signal. i really appreciate it..

  10. jayakumar.N 23 March 2010 at 8:31 am #

    What u mean "move the Stop Loss to Break Even" ? Give some example?U service helps lot.Advance Thanks – JK

    • FirePips 23 March 2010 at 8:36 am #

      Lets say Buy EURUSD at 1.3500 Stop Loss 1.3450 and Profit Target at 1.3550, 1.3600 and 1.3650

      The way we do know is we move Stop Loss to Break Even when we hit second target 1.3600. Instead of doing this we move Stop Loss to Break Even after first Profit Target 1.3550. This is still under testing though.

      Refer to http://forex.firepips.com/forex-signals/

      • Jayakumar.N 25 March 2010 at 8:21 am #

        What you mean by Break Even ?

        • liaueg 25 March 2010 at 8:46 am #

          Hi,

          Move stoploss to break even means moving your stoploss to the open price.
          For example, your open price is Buy 122.75. You will move the stoploss to 122.75.
          This way, you will not make any loses even if the stoploss is hit (except for maybe swap values or broker commission)

      • amdegia 29 March 2010 at 6:20 am #

        Dear FirePips… perhaps you could create a tab or a button on the main main of your website titled " Performance" under which all these signal result can be displayed. Also it can be updated every week or so with the latest results.
        Just a suggestion… as the newbies find your page… thats the first place they will go.. to see what sort of result they can expect from you signal… this will draw then in.. plus its genuine.

        Cheers

        • FirePips 29 March 2010 at 6:37 am #

          I did crate a new page today titled "Performance"..though this page only contains summary of trades so far.

          Complete list is quite big every week and not sure how can I present it in a way that does not run to 50 pages long. Perhaps I can put a link to download an excel file with all the trades.

          • amdegia 29 March 2010 at 7:07 am #

            Simplest way is to dispaly an excel sheet.. or even the broker statment( Modified ofcourse)… just a simple lint, with dates, pair, and profit loss or a clender
            example
            < link removed >

  11. jayakumar 23 March 2010 at 7:33 pm #

    Please suggest how much minimum dollor we need to success in Forex trading.IS $100 ok.In your view 1 lot mean how much ? give example if possible attach supported screen shots.

    • FirePips 23 March 2010 at 8:37 am #

      Mate…I suggest you read other articles on my blog and visit Babypips.com/school

    • Diet Pipsi 23 March 2010 at 10:19 am #

      Hey jayakumar –

      1 lot means whatever the correct trade size should be for your account balance.

      In forex there is a "standard lot" but you will not be trading a "standard lot" with $100 of account balance. A microlot is what you will want for that.

      It is possible to begin with $100, and trade from only there. You must have a broker that will allow trading in microlots, but any that will open a $100 account almost certainly will. Even the smallest lot size there (1 cent per pip) is going to be a fairly high risk for this method with only $100.

      However, once you have the feel for your broker's platform, it is better to trade a live account in penny positions than to trade a demo account. If you are new, you are almost certainly going to blow your first account. It's much better to do that with $100 than $10,000 IMO.

      Start with a demo, and trade FP's method (or pick another if you would rather) and just do it consistently for several weeks. If you are comfortable with it and are sticking to it completely, then begin with a live account and penny positions. When you are a month or two into that, and you have proven to yourself that you can follow the trading method exactly, then you can add some more funds and start trading larger.

      FirePips' method will take a relatively long time to grow to meaningful amounts if you start with only $100, but you will not be spending very much time at your computer each day doing it. Other methods that will grow faster will take more of your time. If you have more time, then you might want to also look into some other methods. It is possible with moderate risk but maximum discipline to double that account in a shorter period than this method will. And if you can double it once, you can double it twice, and so on. It is very possible to start with $100 and make a $1 million, it simply takes discipline and time.

      Sorry if this isn't more helpful, but there is no exact answer to your question.

      • FirePips 24 March 2010 at 9:27 am #

        Another great answer mate…we need to get this in a post, so we can refer to it in future :)

  12. james 23 March 2010 at 8:49 am #

    Moving stoploss to breakeven after TP1 hit is an excellent idea, i think it will protect a huge number of profit. Any idea the diepepsi EA will have this feature added in?
    Kudos to all your hardwork !

    • Diet Pipsi 23 March 2010 at 10:03 am #

      Yes, it will ease a lot of anxiety when the first target is hit, so we'll know we have profit locked in. But some of those will then only show us that first target, and not still be around for the big money at the second and third targets. I have not personally tested or kept that particular record, but certainly some.

      Meanwhile, if and when FP says we are now going to do it that way, I will mod the EA right away to do it that way.

      Of course it is possible to put a selector in it so the user can set it either way if they choose. But I have been sidetracked for a bit here, and I have not done some other things to it we need already! So a selector option will be down on the list somewhere . . .

      But I will not deviate from the rules, so if FP says he is changing the rules, I will make that change immediately.

  13. andydoc 23 March 2010 at 9:41 am #

    Hi Fire – Love what you are doing here. I have, along with others, been helping Eng with his EA which is taking shape nicely. However, what this shows is that really we need to be able to choose for each pair, whether to Trade 1 or 3 entries, and how much risk, and in the future how to deal with the stop loss. I have also been looking at the possibility of a more sophisticated trailing stop which would allow the stop to be trailed up from half the original stop once first TP was hit which still gives some room for the second position, whilst minimising losses prior to the TP2 being hit.
    For my own part I am now going to trade 2% per position on EJ and EU and 3% on TP1 only on CJ until further analysis complete. This should give me >6 times the performance if same conditions prevail – 7822 pips against 1221 for a similar margin requirement and less time in the market.

    • FirePips 23 March 2010 at 12:17 pm #

      Good to hear that Andy. Eng has also done great with EA.

  14. andydoc 23 March 2010 at 9:43 am #

    sorry that should be 6% on CJ TP1 and 8700 Pips > 7 times the performance

  15. richard 23 March 2010 at 9:50 am #

    hi FP are you going to continue to update these charts as we go along into the future?

    • FirePips 23 March 2010 at 12:15 pm #

      Yup…I plan to update them as often as I can. Though I think once a month works better since it will give us enough data to analyze.

  16. barry 23 March 2010 at 11:11 am #

    As others have said, it's great that you have presented a summary of your results as you have here… and they are great results too. Congratulations!

    • Mark 23 March 2010 at 12:29 pm #

      Totally agree. By analyzing data like this way makes so much sense. Most people list their trade to trade data and you can never make any conclusion out of it.

      This is one of the reason, I guess, FP is better than us.

  17. Ed 24 March 2010 at 1:21 am #

    A professional tip FP..
    Organise to automate your calls and trade records into/even out of a database application. Use robots to log spread, slippage and dynamic multitrade drawdown history. Use Spreadsheets only for analysing and presentation.
    Good work.

    Ed

    • FirePips 23 March 2010 at 8:55 pm #

      Thanks for your suggestion Ed…I think I need to do more research about it.

  18. Mary McNamara 24 March 2010 at 1:31 am #

    Thanks FirePips for all the great work. There are many of us here in Australia who are following you now. I love the community of like minded people who willingly share their knowledge. So, thanks to all the other 'bloggers' as well. I hope to be able to make meaningful contributions at some stage, when more experienced perhaps!

    • FirePips 24 March 2010 at 9:29 am #

      Good to heat that Mary and appreciate your participation.

  19. murattt 23 March 2010 at 4:22 pm #

    does chart 2 means that you made less than 5% since january?

  20. OzJames 23 March 2010 at 5:07 pm #

    Good analysis ! Charts are easier to understand than just P/L statement.

  21. @VerdugoJones 23 March 2010 at 5:19 pm #

    This is the first time I have commented on your blog but I wanted to thank you for a very detailed report. It tells me two things; if I truly want to trade Forex for a living I have to be extremely disciplined in my trading habits and keep very detailed reports and data so that I can analyze and recognize when I am faltering in the former.

    I stumbled across your blog a few weeks ago and have been trying to not only follow your signals but also trying to better understand the price action that you see. I think it’s great that you don’t explain everything because it’s sometimes better to learn by analyzing than it is to just regurgitate what someone else said.
    I am grateful to you for sharing your thoughts with us on your blog. I have learned a lot from this site. Thanks again for taking time out of your day to help others.

    • FirePips 24 March 2010 at 9:26 am #

      Thanks for you comment mate…appreciate it.

  22. Cheetah 23 March 2010 at 5:48 pm #

    My first post. This is a great service and a great report. I have followed for a while but still struggle with taking action every four hours. I look forward to more great performance and hopefully an EA or an auto trade service. The new email process works well; there is only about a five minute delay from your send to my receive. It used to be more than an hour; I guess mail got lost in the trek from Down Under to California. Cheetah

    • FirePips 24 March 2010 at 8:48 am #

      Good to hear that you receive emails now. Glad I moved over to awber :)

  23. Angel 23 March 2010 at 7:52 pm #

    I only took a week following the signs. But I appreciate a lot of work, seriousness and discipline. Thanks FirePips.

  24. Laranja 23 March 2010 at 8:55 pm #

    My first post here.

    Great job! I follow your trades but I don't take them since I don't feel that my account is big enough to follow them properly.

    Anyway I red carefully your study and results and they are pretty amazing… So i'm thinking on doing just 1 target given the above results.

    Normally Stop loss is slightly bigger than first target. You say that for 1st target MM should be SL=1TG
    So my question is should we reduce SL to the level of Target or do the opposite, increase target to the size of SL?

    Thanks!

    • FirePips 24 March 2010 at 8:40 am #

      It is hard to answer since I don't have any testing results to confirm it.

      The chart above is based on past trades where Stop Loss may be lager than 1st Profit Target, if you wait for 1:1 RR then you would miss out on most signals.

  25. Germán from Spain 23 March 2010 at 9:06 pm #

    FirePips and Diet Pipsi you are angels!!! :) Congratz for the excelent job.

  26. GEoff 24 March 2010 at 7:14 am #

    Why not just set up an account and trade it with myfxbook?

  27. pete 26 March 2010 at 2:01 am #

    hope your friends list grows to over 10000 then put together we can move the market….: )

    • FirePips 26 March 2010 at 2:24 am #

      I hope so too Pete :)

      Though in practical sense it won't be possible, everyone would compete for the same price and traders getting filled late would either make less profit or no profit depending on the profit target.

  28. Fxkiss 29 March 2010 at 5:04 am #

    Hello Fire,
    thanks for this great job!

    When you use one lot method, does it mean, that you only have one third of the risk? So if you would take the same risk like with the 3 lot method, would you have had 1290 pips on EUR/USD (in your chart you show 430)?

    Regards Fxkiss

    • FirePips 29 March 2010 at 5:15 am #

      You are right. If the risk remains the same then number of pips should go up for 1 lot method.

  29. thesmsguide 6 April 2010 at 2:45 am #

    excellent results for March…but there was a big loss end of it…Lets hope we make more in April

  30. Comodoro 10 April 2010 at 12:50 am #

    Thanks Firepips

    I received your emails and I find it interesting, but so far the signals arrive late and me and I can not try on my mt4.
    I hope to know more about his program and power elite get good results.

    That’s the idea!

    Greetings and congratulations

    Commodore

  31. mohanraj 17 April 2010 at 12:18 pm #

    Thanks Firepips.
    After joining the Elite Traders Club, The first week is a profitable one. I got 20% profit of my account this week.
    I appreciate your punctuality in posting the signals every four hours.
    Great work..
    Keep it up …

    Mohanraj.

  32. Tom 29 October 2010 at 6:02 am #

    Hi Firepips,

    you are doing a great job here… What about making a trade copier so everybody who doesnt have time to watch the charts at particular time also participate on your signals by copiing your trades you make…?


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