Can I Fix the Problem I Have with My Ps3 Controller?

When i press the PS button it shows 4 red lights blinking and stops without connecting to my PS3 then when i plug it in my PS3 it shows light no. 1 & 2 blinking continuously but it still works ,I've even tried resetting it by putting a paper clip in the hole on its back ,is there anyway i can fix it or will i have to buy a new one?

Suggestion:

in the hole on its back… interesting !