School of Pimpology - page 108
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Rah, Rah, Rah
Pipsters,
Take solice (no not Quantum of Solice 007 style) I mean confidence from the fact that you have been successful, and know what success looks like in the Pin Tin. Mistakes are made, revenge trades come and go, but the reason we are all here is because we want the personal freedom that successful trading can bring. Lets keep an eye on the mission. We have to remember that occassionally the smelly stuff happens. The measure of ourselves is the response (woowoo - that is pretty profound man!) to the problem. One thing for sure, and I've said it before, and will keep doing it. Trade with a smile on your face; enjoy it (even when the pips go against you).
Great work Bloom - confessional over; you will make this work and you will be back to your normal effervescent self in the morning. Lets have some of the old Bloom wit and sarcasm. Lets get a Blooming gag or two.
Honest Bill - thanks for the message and get well soon.
Spitfire - Welcome back and great spirit. The pip tin will soon be overflowing. We all just got to keep believing.
Lets keep the energy high over the next couple of days and in the words of a Harry potter character "constant vigilance - constant Vigilance".........spoken by Professor Moody - defence against the dark arts teacher, and in these times of volatility these are wise words indeed.
I'm not going to be around in the morning - so good luck chaps and chapesses. Enjoy the executive lounge but make sure the pilot stays away from the drinks trolley.
Professor Rockie - Divination 2nd Class
Limit setting
I took this trade today, but set a limit at R1. It's something I have started to do when I have a definitetarget and intend closing the fullposition.
You can see how it broke the resistance trendline, fell back, resistance becomes support, 1-2-3 entry. Limit hit beautifully. No hesitation on whether to close or not. It fell back quickly. +25. Thank you very much.
Honest Bill.
ps. I though a re-entry would be too tight and cheeky.
Just recently I have given a lot of thought to money management techniques and my overall approach to trading. Market volatility does tend to focus the mind !
Firstly I need to say that my success rate has improved immeasurably due to the strategies I have learned from Dan and Pimp. These guys along with Panda and Monkey are just fantastic. As Rockdrive said in a recent posting they saved me from becoming a statistic !
Having said that and if I am also honest with myself, I find, that I actually run two trading strategies side by side. The first is the one I am supposed to operate. It makes money. ie I follow the strategy as taught on this thread. That brings me a reasonable return and with practice I have achieved a level of consistency I would previously have thought impossible. BUT it take patience.
The second strategy is the expensive one and requires no patience what so ever. Its the gung ho, this looks good so here I go strategy ! Its the I have just worked for three hours to earn 50 pips so now I will lose them in the next 5 minutes strategy. Or its the I have done a trade within two minutes of switching on my computer strategy.
I call it my STUPID B-----D strategy (SB) !
Following the SB strategy is easy. Dropping it in favour of the first is extremely hard but once achieved the job satisfaction cannot be overstated.
BarryNice one Barry. Great call Sir.
We're all like that at times. As long as we're aware of it we can fix it.
What a frustrating week so far. Last 5 trades have all been losers. I'm seeing the setup take place in front of my eyes but don't make the trade. Then I get all annoyed and dive in on the next thing that starts to look like it might do something. Thankfully, cash wise, I haven't lost too much cause I been using 1/2 or 1/3 stake on anti-strategy trades. Had to walk away today cause my mentality was like 'f*ck it, I don't care' - fact is, I do care, my future depends on this. Got to get serious. See you all tomorrow.
Bloom, we've all been there mate.
Best thing to do is just get smashed and come back tomorrow.
I always tend to be more daring but somehow, more inclined to stick with the rules when I am sporting a hangover.
Fear not Mr B. Pimpalicious 1.284 coming soon
Hi kiddos.
I've been in the monkey cages for a few sessions now. Nice places. Nice people.
I'd like to offer a suggestion or 2 if you folks don't jump on me for it b/c I've been in and have seen countless chats/threads keel over and this may help the life of these as well as offer better results/learnings for all:
In chat, if you guys (gals ((bunny)) oh btw bunny I cut my teeth on your system at Stratbldr fx a few years back if you're the same gal) could add a quick reason why you're entering your trades along with your stop loss/take profit targets and a reason why, it would be soooo helpful for all. I'm seeing a lot of "i'm in oil at 95", "out for 50,000 pips, thanks pimp", 'bad trade, 3 losses now", just scalped 15 pips" etc. etc. etc. with no reasons for anything, anywhere, anyways, anyhow.
Demo trading is fun as most on this forum are doing right now as I see things but you can't trade this way for a living and it doesn't help anyone improve their skills.
Also, posting charts as the trade begins is probably the best tool for good, solid skill building in this field. In live trading, we can only trade from the right side of the chart. Oh, I just saw a good one a few posts back by Pimp. So helpful.
Just some observations. Nice stuff you all. Fx Pimp - you're a good dude. Like Valeo on another thread whom I've gotten to know over time.
Nevertheless, keep up the good work all you monkeys!
Ok, I've regrouped now. Spent the morning updating my trade journal for the week, looking back over the charts. God almighty, what a random bunch of trades I've done.
14 trades.
10 with incorrect setups - 10 losses, -220pips
4 with correct setups - 3 wins, 1 loss, 101pips
The thing was, I was doing incorrect setups with smaller stakes, say 1/2 stakes, but cause they were losing I couldn't (confidence wise) trade some good setups that were right in front of me.
It's a confidence game, and wee 'gamble/fun/bung one on' trades that lose, dent the confidence.
If I had just taken the correct setup trades, I'd be smiling like a bag of chips.
Away for a few pleasant jars.
Bloom
Another lovelly setup
Waited patiently for the DAX to deliver all day. Drew some sweet support lines illustrated below and then waited for a break to the top or bottom. Didn't think there was enough mojo to break on the top side.
Waited for Dow to open, then bang. Broke support line waited for retracement by switching to 1 min chart and got a nice 120 pts.
Feedback
Hi kiddos.
I've been in the monkey cages for a few sessions now. Nice places. Nice people.
I'd like to offer a suggestion or 2 if you folks don't jump on me for it b/c I've been in and have seen countless chats/threads keel over and this may help the life of these as well as offer better results/learnings for all:
In chat, if you guys (gals ((bunny)) oh btw bunny I cut my teeth on your system at Stratbldr fx a few years back if you're the same gal) could add a quick reason why you're entering your trades along with your stop loss/take profit targets and a reason why, it would be soooo helpful for all. I'm seeing a lot of "i'm in oil at 95", "out for 50,000 pips, thanks pimp", 'bad trade, 3 losses now", just scalped 15 pips" etc. etc. etc. with no reasons for anything, anywhere, anyways, anyhow.
Demo trading is fun as most on this forum are doing right now as I see things but you can't trade this way for a living and it doesn't help anyone improve their skills.
Also, posting charts as the trade begins is probably the best tool for good, solid skill building in this field. In live trading, we can only trade from the right side of the chart. Oh, I just saw a good one a few posts back by Pimp. So helpful.
Just some observations. Nice stuff you all. Fx Pimp - you're a good dude. Like Valeo on another thread whom I've gotten to know over time.
Nevertheless, keep up the good work all you monkeys!Dear Pip TRip - Thanks for coming by to the thread. Could you please do a little example of what you think us newbies should be putting up. No demo account for me - hard cash! So to help me and the rest of the pipsters in this monkey house could you show us your wares.
Cheers,
Pupil Rockie
Waited patiently for the DAX to deliver all day. Drew some sweet support lines illustrated below and then waited for a break to the top or bottom. Didn't think there was enough mojo to break on the top side. Waited for Dow to open, then bang. Broke support line waited for retracement by switching to 1 min chart and got a nice 120 pts.
Nickesh,
Great trading mate.
Sorry I didn't get back to you about the other one, but it was noted, and not too far from perfection. I compliment you on your hard work.
You really want out of that job, don't you??