School of Pimpology - page 103
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What a curious day we had. Nothing moving really, and then a small but effectiv frenzyness after NFP data release. I got short on crude for +220 pips (and added for an extra +80), but I must say I've been lucky on this one, despite the method. And since I'm at it, dear strato fellow, I'd say that apparently Crude just does what it wants, not following rules really.
I am grateful for that crude trade, indeed but I think I'll stick with the pairs for awhile, and gold from time to time, but I will stay away from the Dark Lord unless there's a big GO in the room.
One more thing. I heard somewhere (I think Dean Malone mentionned that), that plane pilots are among the best traders. Why? Because they remain calm, whatever happens. And why do they remain so calm? Because they fully trust their instruments, so they let them fly the machine. They don't question the oil tank indicators when the altimeter goes up, which would mean they're lighter and so might be dropping fuel... Dean said we, as traders, must trust our strategy (once defined) and indicators (once chosen) as much as these pilots trust their machines. I feel some truth there. Besides, it's "much stressless" this way
Great Post
Hey Rockie and Bill,
Thanks for the feedback. Ireland eh, Bill, now you have to HAVE the luck of the Irish! I'm originally from North West Yorkshire in England.
Have been trading stocks, futures, commodities on and off since 1992. I have spent $thousands on books, courses, seminars, systems, methods etc, you name it and I've probably seen it and done it. Have searched many and various Forums and followed their so called profitable systems and methods only to find they were optimised and therefore not consistent.Have even developed my own systems and indicators which again were not consistent. Finally came across The London Open and then The School of Pimpology.
Wow, to think I paid $thousands to sharks for worthless information, methods and systems when there is Zak who is sharing, what to me, is the most consistently profitable simple method ever and doing it for free! I also have a couple of pro Forex traders as mentors but they trade on their guts and seat of the pants stuff - no real method or system, just experience - buy when it's going up and sell when it's going down - they make it so easy. I have traded on their coat tails and made a couple of quid/euros/bucks (and lost) but there is no satisfaction in that.
Bill, it seems you and I suffer from the same psychological stuff, especially the paralysis by analysis. I can see a trade set up but can't pull the trigger because I can find a thousand reasons why it won't work. I have been told over and over many times to Nike It (Just do it). I envy the new kids coming in who haven't got this psycho baggage and just take this method on face value and make it work.
Another of my problems, is that I think I can do better and then proceed to take a successful system/method, refine it, tweak it and eventually screw it up. I do this even though I know the guy is making $millions with it while I'm losing! What I have done though, is take the information from Zak's templates and set my own charts up for two reasons. One is that the template is MTF for all time frames and therefore has all the indicators and MAs in it for each time frame which are all performing calculations whether they are visible or not and therefore are eating up CPU and slowing things down (even though I have the latest GHz, GB etc, etc). When you add that template to D1, H4, H1, M15 & M5 to eight or ten currency pairs, things run so slow that even George W Bush can keep up! The second reason is that I use a black background which studies have shown is restful on the eyes whereas a white screen causes severe eyestrain.
No changing the method this time though. No more of that. I recognise this as a very profitable and consistent method backed up by the most patient and benevolent guy since St Benedict himself AND his new Chat Room.
I fully understand the CCIs, MAs, time frames and most of their applications and have even done 2 profitable trades in succession which is a first for me! Also, these were in my time frame, PDT, where the volume is low so I'm pretty chuffed.
I now need to trade where the big volume is i.e., London times, especially the overlap with NY. That will mean turning my day upside down and trading from midnight on. This will be even more difficult as I am doing this "on the side", without my wife's knowledge. I promised her, after losing over $200K trading Futures and Commodities in the 90s, that I wouldn't trade again. Since I travel worldwide a lot with my business, I plan to trade the London/NY hours when the time zone allows it. Then, after successfully increasing my account, I will come clean with her and all will be out in the open and we will live happily ever after.
Sorry for the rant - markets are dead today.
Once again, Zak, thank you for sharing and caring - you are truly an exceptional human being.
Cheers,
RobertHi Robert
I think this is one of the best posts I have read in a long time and I can relate to just about everything you have said (except I don't have a wife!).
Good luck with your trading - you have definitely found the right guys to help you now. Pimp and Dan are the biz.
RS
andersbaard
Dear Sirs,
On sunday evening I found this page looking after forex info..
Joined the chat from tuesday, a tricky day. But I kept on getting those pips in the bank.
Thanks to you beautiful monkies, I much more than tribled what I normally get in daily pips every day with you around. I hope you understand what this means to me.
You made me much more than double happy.
Truly excited about this and only have words of appreciation for you and the team. Thank you so
very much.
You spot so many trades and all of us combined makes a real good team. Some very good traders out there I sense. Now Ill do my best to get into the strategy over the Week-end cause this is something GOOD.
Feels like someone is looking after me.
Thanks you all again
Enjoy your Week-end
Anders
Hello Piptaker, I can't tell you the whys about the smas and emas, but the beauty of the template is that it sums up the strategy on every time frame indeed ! One template for the 4H and the scalping, and the 1H, and the 15M. Dream come true.
Can't wait to be tomorrow morning, London opening, with all of you guys.
Hello Senior Pimp!
I'm busy trying to work my way through this huge thread and loving every minute of it. Wow what a wealth of information.
Just one quick question. I downloaded the Template you sent me and was curious why the MA's are a mixture of Exponential and Simple depending on the timeframe. Also does the one Template take care of all the trading methods...ie 4hr, 5m and so forth.
Thanks much for everything you have done to change the way I approach my trades now. And for giving me that 2nd chance in life to hopefully someday cut away this huge ball and chain I call "a Job". (Update just got to that point in the thread so disregard. Answer is YES! Ha)
(As for the MA's, I just want to be sure there wasn't a mistake being a mixture of sma and ema.)
Thx,
Todd
Good Morning
Morning all.
Sorry if I have yet to get round to mailing you all or answering questions on here.
Had a bit of a messy weekend instigated by Dan, who led me astray.
Feeling a little bit fragile round the edges, so without further adue let me get on with business.
Long Swissie Short Brent Crude.
1.1252 on the Swiss 88.15 on Brent
Will get round to all the questions by Midday
Typo: sorry guys i meant 1.1352 on Swiss, not 1.1252. Took 40 on that ans 100 on Crude. lost a few on cable but that's show business !
Hi,
Great job.
Is it possible to combine CCI indicators to have an alert (5M chart) so we don't need to monitor our computer all the time?
Trades
Here's what we were looking at this morning and what I posted on here just before the chat began.
Over 250 pips for those staying with the trades to the s/r levels.
Sadly, as mentioned, the Cable break out we spoke about in the room went a bit sour costing us 40 pips BUT it did eventually go 50 in the right direction.
I will post again at 12 ish and highlight any opportunity for U.S session.
Honest Bill Junior - Monkey in training
So, now we have FX Monkey Chat with FX Pimp Chimp, FX Gorilla, FX Monkey. Not to mention Rockdrive.
Well I could not resist this photo opportunity. Start them young, I say!!
Honest Bill (Senior)
ps Forgive the state of the office - well overdue a tidy, if I could just take my eyes off the charts for a while.