School of Pimpology - page 158
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Failed trades
Hey kol8701,
While Rocky's sleeping and dreaming of the pip fairy, I will give you my observations, if I may.
The first thing I notice is that your Heiken Ashi is not coloured correctly. Go in and edit your Heiken Ashi so that it says Red, Royal Blue, Red, Royal Blue under the colours tab.
Looking at the short trade you took on M5 on GBPUSD at around 14:30. First of all, if you go to H1 at that time, you will see that prices just made a recent low which now becomes support. Second, price has made a significant move down from the H4 20ema which means a pullback should be expected. Third, price is oscillating around the H1 20ema which suggests indecision. Fourth, price is oscillating around WS1 again suggesting indecision. Fifth, the price is heading into a box between WS1, H1 20ema and H1 50sma, meaning stand aside until price tells you where it is heading.
Looking at your long trade on M5 on EURUSD at around 0900. The H1 is in a downtrend (as are all other time frames), the 50sma is just above acting as resistance and above that is the H4 20ema acting as resistance. The only trade to consider here is a short when price bounces back off the resistance ma's.
It seems from this that you are making decisions and taking trades based off M5 charts which is not recommended by even the pros. The Monkeys base their trading decisions on H1 and when everything lines up (the ma's and CCI's), then and only then do they drop down to smaller time frames and then only to M15 with maybe, maybe, a look at M5 to fine tune their entry.
Or it could be that this is a game to you, in which case the best suggestion is to go out and buy Playstation or similar as it will be much, much cheaper.
If you are not already a member of fx500club, I encourage you to sign up so that you can learn and fully understand this strategy. I have learned more in the short time I have been with Dan and Zak than in all my previous 17 years of trading!
I hope this helps.
Rock on
Strat
Also screwed up!
Hey Paul,
It happens to us all, don't feel bad. The next good trade is just around the corner.
I just screwed up on my long term H4 trade on USDCAD. I saw the 4th top at 1.2338 on 1/13/09 so, being a quadruple top, thought it should be a good trade. I placed an order to sell below the low of that high, 1.2226 with my stop loss a few pips above the highest high, 1.2394.
I checked back a few hours later and saw that I was already up about 60 piparoonis and that it was on it's way back down to the recent low at 1.1769 or the long term up trend line and that I was OK for about the next 13 H4 bars.
On getting up next day, I was stunned to see my stop loss hit!
After doing my post mortem on the trade, I realised I made the following mistakes:
Sold when price was above ALL the ma's - H4 20ema, H4 50sma, Daily 20ema and the Daily 50sma.
LESSON: WAIT FOR THE BREAK AND RETRACE (1-2-3) OF THE MA's (which occurred 3 bars later!)
Sold after the H4 20 & 50 cross up (unbelievable - what an idiot!)
LESSON: LOOK AT YOUR CHARTS BEFORE MAKING A TRADE - ASK QUESTIONS - WHERE ARE THE MA's?
ONLY TRADE IN THE DIRECTION OF THE CROSS (AND TREND)
Had a pre-conceived idea of where the market was going (and when)
LESSON: FORGET THINKING - ACT ON WHAT THE MARKET IS TELLING YOU!
Went to bed without pulling my stop to break even. I was waiting for 100 pips profit before going to break even.
LESSON: Review stop loss position before going to bed
MAIN LESSON: ONLY TRADE THE CORRECT MONKEY STRATEGY WHEN EVERYTHING (MA's, CCI's) LINES UP.
So, another session in front of the mirror for me telling the guy looking back at me what a stupid, stupid idiot he was. He told me he was having a hard time undoing the bad and incorrect things he had previously learned. He promised me he would follow the rules from now on (again!)
Just goes to show that we have to learn the strategy until it is second nature to us so that we can do it in our sleep.
Rock on.
Strat
choopy market the traders killer
Stratocaster59 "Or it could be that this is a game to you, in which case the best suggestion is to go out and buy Playstation or similar as it will be much, much cheaper"
How manage you know that this guy Kol8701" likes playing playstation games,infact he's the best player in our state because i knows him in person.Man you're guru.
I notice that most traders fall in to this choppy market in the last two days.
I believe there's three major movements in FX; Long(uptrend), short(downtrend), and sideways(choppy). Both long and short movement can give alot of money provided you obey all the FX rules, may while choppy market can kill, even run someone MAD and it can let you loss your shirt. So, to be a good trade you must know how to identify these three movement perfectly.
The difficult aspect of these movement is choppy(sideways) market which is very essential for all traders to know how to filter this choppy market out as soon as possible in the market.
Moveover, whenever there's a very long (uptrend or downtrend) in the market, that is where choppy market show face (occur) which it will look like continuous trend or reverse of a trend but all it doing is to kill (Loss) any trader that takes a position during this period.Then what is the solution?
Firstly, don't want to be in a market all the time, what i mean is that, is not all move you see that you trigger.Rememeber, that if you miss a trade, thousand of it is still coming on your way so have more patient.
Secondly, i think by making us of TREND line will help to filter the choppy market easily but you have to obey the trend line rule by drawing the perfect one or find an indicator(s) to draw this for you.There's many of them in this site.
Thirdly, by making use of different TF(timeframe) will also help to filter the choppy movement. That is, by taking your trend from larger TF to smaller one will definitely help you.
Thanks a million.
"IF YOU GIVE A MAN A FISH - HE WILL HAVE A SINGLE MEAL. IF YOU TEACH HIM HOW TO FISH - HE WILL EAT ALL HIS LIFE"
For those of us that are battling our psyche, emotions, the little man inside our head and the guy in the mirror when we are trading, I use a Belief Statement I got from a professional CME Floor Trader. I read it before each trading session and find it particularly calming after having a couple of losing trades or when I reach my maximum allowable loss.
I made the mistake of questioning the $1 million target and was very quickly rebuked as "not having the confidence or belief in myself" so I just read it as copied:
Quote
I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunities. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my trading plan, setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Unquote
Hope you find this helpful
Robert NThanks for this, Stratocaster,
I know Pipdrive (my new name for Rockdrive) likes a bit of plagarism so I thought I'd join in.
I used to do a lot of visualisation and stuff while being very successful in other areas. So, I'm a strong believer in this.
Now, not to get too airy fairy and arty farty about it, I have amended it to suit myself. Note, I have taken out all the "will" words. That beckons the question "when?" I like to think in the present. Or as Lightning McQueen says "I AMquicker than quick, I AMspeed..." He doesn't say " I will be quick...."
See attached. (what a puff I must be!!)
Hey Spitfire,
I hope I'm not flogging a dead horse but from my post #1532 I wrote about how reducing my lot size from $10/pip to $1/pip removed my fear of losing......................Don't be an idiot like me, Spitfire, and wait 9 or so years, DO IT NOW!
Hope this helps.
Rock on!On this topic, I use IG Index and have hidden the running profit/loss columns and now only think in pips. I know it's easy to calculate pips x stake, but believe me, this made a huge difference to me. The profit/loss is not staring you in the face telling you to close as soon as it goes a bit negative. But, also it stops you from closing as soon as it goes a small bit positive. The charts should be telling you where to close.
You can do this on GFT too. Not sure about others.
UPDATE: I've just realised the attached talks in pips too, not in money. See, it does work!!!!
Have a nice weekend
A quiet end to the week for me.
I lost 150 pips yesterday on the GBPCHF trade. It is ALL my own fault. I should have followed Zak to the letter ""if it breaks the trendline" and I did not wait for it to. That or placed an order the other side but I was worried I would miss it, stuck a small one on the night before and same as Paul I missed Zak"s warning in the morning. I was taking a nap when my stop was hit at +150!
I got some pips back on oil but still not a good day.
Today I decided to practice pip preservation after my first oil trade netted me +56 but only after going 70pips against me.
I decided to call it quits and hold on to my fantastic 1500+pip haul. Might be a long while before I have another week like this and I don't want to blow it. If I sit in front of those charts without a plan I get tempted into dumb trades.
Hope you all have a great weekend, I enjoy the friendship and support in the live room and here so much, I can't wait until Monday.
Hey Nicola
After your haul for the week, why not just leave it, take a half day and fix yourself a martini;
Mull 10 fresh raspberries in about 15ml of sugar syrup
Add 15ml chambord
Add 25 - 50ml of vodka
Shake with ice
Strain into glass
Enjoy
Bloom
I can't help myself
Here is what I am watching.
If OIL breaks this trendline and the 4hr ma's it is a lovely drop to the lows. WTI crude will do the same, although it doesn't look the same on the charts because it closes different times.
Will see if the Dow drops and sends oil down too.
Nicola
Or, you could come over to my place, bring the booze, I'll get the Strat out and we'll do some rock n roll!
I'll get my coat then
Boys ... that is so tempting ... It is -18 here and was -29 last night.
Might make a nice drink and get in the hot tub in a bit. Have to go out in it and walk my dogs first