School of Pimpology - page 74
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Norti Norti
1m maniacs are out in force on this quiet morn.
Little play upto the 60m 20 and weekly support 3, then a little break of 15m 20 and a 1-2-3 south.
Naughty, but nice
why?
What has happend?
Why gold went up so strong..?
Most important US fundamental news of the month just came out.
Check some forex calendar for important news..
endy
What has happend? Why gold went up so strong..?
Sorry mate.
Konow you were keen on next lesson. It will be tomorrow morning so make sure your wife has some nice bacon in the house. I like 3 slices with melted ches on brown bread.
We'll get cracking at 10am. Is that OK ?OH WELL,
eaten all the bacon sandwiches and 5 pounds heavier and no lessons
maybe another time but no promises on the bacon sandwiches
Thanks
Paul
Bill you spot on ,Ive been trading since June ,won some, lost some,but have gained a lot of experiance.Everytime I trade what I think instead of what see I get battered.
Okay. I'm putting this up here for the world to see and hopefully learn a vital lesson
Now, some might think from posts that I am doing pretty well at this strategy.
Well, at the strategy, I am, but with the discipline I have been terrible.
There were a lot of pips to be made this week and a lot weremade.
Going back over the charts I printed off:-
1. All the winners, I took my time, ticked all the boxes and waited for 5cci or breakout.
2. There was 1 loser that I took my time with. But, I still believe it was a good entry. It just wasn't to be.
For the remainder of the losers, I simply jumped in, thinking they looked good.
Yesterday, I was about break even for the week.
Today, Friday, I thought "all that time and nothing for it. I've got to make some today". Somebody mentioned a potential in the Boiler Room, I jumped in and stopped out -25 in less than 2 minutes. That and a few others took me to -67. (MINUS 67).
The frustrating thing is not the losses, but the fact that I know this strategy works. But, discipline is key.
So, the next time you're about to pull the trigger, just ask "Did I take my time and tick all the boxes or am I jumping in?"
You know what to do if the answer is "jumping in"
Okay, no more revenge trades, so I’m off the pub…….I mean gym…….pub…..no wait gym then pub.!!Your posting gives credit to your name ..HONEST.
Very few people would make a posting about their weaknesses.
In your posting you explain what I have in my signature....
Am I looking for a trend (or set up) because I want to trade or am I taking in a trade because the trend (or set up) is really there...
The problem is that you trust the system but there is still a little voice in the back of your head......( afraid for losses ..not enough money....lost already to much money in the past...I don't know)
So trade on demo as long as it takes till you are 110% confident about the system.
Trade demo as long as it takes till you can start to trade the system with real money and even if you have emmidiatly 5 consecutive losses in a row you will still feel 100% confident. Because you can rely on the track record you build on your demo account.
Trade in demo as long as it takes because the FX market is not going to run away or shut down. It will be there tomorrow and the day after and even longer then you will be around.
As long if you don't feel 110% confident you will never find the 100% discipline you seek.
regards...iGoR
FxPimp
As we all know, the EURJPY is in a strong downtrend. The EURJPY hit the weekly low support line, and then went to the upside of over 150 PIPs on the hourly candle. How would you handle such a situation especially one trades such a volatile pair? If one waited for the hourly to exit, its easy to get killed - yes, I know about S/L....
OH WELL,
eaten all the bacon sandwiches and 5 pounds heavier and no lessons
maybe another time but no promises on the bacon sandwiches
Thanks
PaulShame on me. Full of empty promises. Even haven take liberties with your culinary skills.
I sould be ashamed of myself.
Sorry, would have waffled a lot yesterday. Wasn't feeling very special.
Will definately do everything over the course of the weekend.
Apologies for the inconvenience
Good honest post Bill. I think you and me suffer the same lack of discipline. If I can keep the discipline then I'll make money, if I don't I'll be broke. Had one day last week were I completely lost it. It went like this;
1st trade: -15 pips jumping in before clear signal
2nd trade: went up 20 pips but ended BE. Correct entry, incorrect exit!
3rd trade: -43 pips revenge trade.
4th trade: -12 pips revenge revenge trade.
So -70 for that day. Positive every other day of the week.
I find it best to post every trade I do in the boiler room. If you don't think it is worth posting or are too embarrassed to mention it, then it probably isn't worth taking the trade.
Away to eat some Oysters.