School of Pimpology - page 92
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Honesty First
Pimp;
You are so right about this one thing. The deal that kills is not fessing up to poor trading or actually saying you make pips, when in fact you are loosing pips. The reason being you are only fooling yourself. Nobody else! In fact its worse than that - until you accept you have a problem; You cannot move forward.
I am not a quiet sort - and I have been vocal in trying to understand - yes understand where adnd why I have gone wrong. This morning for example I traded crude, it was a reasonable entry. What did I do, I put the s/l too close; instead of 100 pips win I loose 36 pips. I could have said nothing; I could have said look at me I've made pips. No the reason I show and tell, is because I want to improve. I want to learn. If I know what success looks like then I can repeat it. Each time I am successful I am moving forward. If you the reader are not being honest with yourself about EXACTLY where your trading is right now, then the only person who it affects is you.
For me I can acknowledge the 'pain' I went through. The jumping in to trades, not seeing support and resistance, trading in to big MA's, against the trend, and many more. It has taken me over 8 months to get to positive pips and I can confess I am achieving more that 250 pips per week. I remember, as I am sure many other traders do, the immense satisfaction of getting some positive trades, and then getting consistent positive trades. This for me only came when I sat down and said 'do I really get this', you know 'really get it'?
Be honest fellow traders. There is no shame in saying I don't get this! The only shame is that you are kidding yourself and will probably end up blowing your account.
Le Pimp - I understand the strategy. I make pips from the strategy. I still make silly mistakes (human error), and I still want to improve. Can you send over the receipe for Thai curry; that looks rather good!
Confessional Rockie
Hi Guys,
Some good comments and suggestions, evening updates would be great as there does seem to be opportunities to place overnight orders, even if it with a a small limit - stress free trading !
With regard to my success with the system, I find that my success rate is only 50/60%, but this still gives me about 150 pips a week. I understand the system, but my biggest problem is the discipline, too many times i take a trade with too much hope value in it and disregarding some of the rules. I must confess that when the original live room was open I was making nearer 250 pips a week on a regular basis.
My other problem is looking at too many charts trying to grab those extra pips, it is just not possible to plan a trade correctly and execute with continuing flicking around.
So I am looking too improve my discipline, a quicker understanding of the charts and have my confidence to grow so that I am comfortable using larger stakes on my pips.
Enough from me - looking forward to next week and some decent trends up to Christmas.
Chris
Sorry Pimp, the missus does the cooking. I do love a curry tho so I'll pass on the recipe to her.
Personally I've been keeping a spreadsheet diary for the past couple months. A sheet per week and noting down the news first then the trades taken with my thoughts about what I did. Really helps to focus the mind I find. Forgive the accuracy
Weekly results are: +54 +20 +25 +56 +46 +86 +28 and this week -60. aaarrrrgggghhhh, well I suppose I was due a loss. Have been working mainly on consistency.
Small numbers I know but still a 9 til 5 er so miss quite a few. My first target, and business plan, is 100 a week.
My project and task for the next few weeks is to increase the numbers. Like Pardy I'm too quick to take a profit, and sadly let the losses run.
Need some profit taking lessons please, and some help to achieve my targets.
thanks Pimp, and all.
TonyH
Tony,
I'm by no means an expert, but my plan is to lock away a certain number of pips across all open positions each day - say 30 - as soon as the open positions reach that. then switch to another account playing a much smaller stake by the same rules, but more lenient tp and sl. as the secondary account consistently proves that more pips is around, gradually increase target for the primary account.
SF412
Hi adjill,
I too work 9-5 (US) been trying to manage my time, it’s been frustrating missing opportunities but what can I do. I am still a rookie to the technique but have been picking up bits and pieces after constantly studying the thread over and over...Is the Chat room still operating? I would like to get involved with that...I’m sure there is a wealth of knowledge available there...
Hey Pimp,
You mentioned you were posting videos...where will we be able to find them?
Still being a novice I seem to bank about 25 pips this morning when I saw Crude (Break the 50 Fib) and Gold follow and (Break the 38.2 Fib), MA's lined up right, and CCI's 63 & 252 were screaming short. I broke a rule and didn’t wait for the CCI 4 to retrace...I guess I got an itch trigger finger...
Upper red line was the entry...lower red line was the target (See Photos Below)
Am I on the right track?