School of Pimpology - page 174
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Hi Paul
Interesting opinion, I would actually be on the contrary side of things.
I find being in a live room better than being by myself, but thats because I post my entries, not whether or won or loss a trade.
By posting an entry point, I can be challenged by other traders on the logic of a trade being place. That challenge put me in a position where I need to explain my entry signal in a technical manner that should make sense. If it doesn't, then you already know you placed an improper trade and most likely deviated from your trading rules
Just my 2cents
Cheers,
Hi Paul.
I have to say, and this is my opinion only, but one of the biggest downfalls of the live room is that people seem to only post their winning trades, and they keep their losers very quiet indeed. It is clearly an EGO thing, but I also found it very difficult emotionally to deal with.
I'd be sitting there waiting for a perfect set up a la strategy, and guys would be declaring 100's of pips profits on trades that didn't make any sense to me.
I've joined the school and like it so far. Leaving the live room as personally helped me out.
Of course everyone is very different though.WTI spike
If you are interested here is my sandwich trade ...
I entered at the red arrow and when it was all going well I set my TP 10 pips above the W-S1.
It did not quite get there and took off of course. I should have ridden the spike all the way up and all the way down again but when it broke through all the higher MA's I completely lost confidence and cut it. I did make some on the way back down but did not make up my loss.
Doesn't look like a bad trade on paper does it. Just goes to show you can't be too careful.
Nicola
hi strat
thanks for posting these psychological pearls. I try to measure my risk before every trade. If the SL shoul be very big I rather dont trade,coz there is lot of pips in the "game".
Do you measure also your profit before trade in order to know RRR??
TY
Ladik
Back to trading psychology
From all the communications sent to me, there seems to be a common trait among many traders. I won't take up valuable space on here but will try to summarise as follows:
Measure your risk BEFORE even thinking about a trade. Amateurs only think of how much they can make. Professionals only think of how much they can LOSE. Pretend you are a millionaire with a $1million trading account instead of an amateur with a $pauper account. Millionaires are the most tight, stingy bastards I know. They will not part with the smell off their own sh*t!!!!!
Thinking this way changed my trading.
Only trade when everything lines up AND you have all the variables on your side giving you the LOWEST RISK. If everything is not lined up - easy - NO TRADE. If in doubt, STAY OUT.
Never ever forget the # 1 rule in trading - Capital (account) preservation.
You will NEVER, EVER miss a good trade - there is always another being set up RIGHT NOW.
Hang on to your hard earned money, even if its money you have said you can afford to lose. Lose it, and you have to take money from a place that you can't afford to lose to replenish your account if you want to continue trading.
I see so many over trading and blowing their wad. Go out and buy Playstation or Wii
I trade TO LIVE, the losers LIVE to trade.
What do you do?
Hope this helps.
Rock on,
Strat
No need to measure since I'm only trading the Daily chart. A quick glance is all I need.
Rock on,
Strat
Long time listener, first time caller
Hi all, well i've now been in the live room for a couple of weeks and in response to some posts made recently, i thought i'd just let people know my thoughts.
My first week, i got the template, had all my lovely indicators set up, jumped into trades and probably just about broke even by the end of the week - i don't have my figures to hand, but i can assure you, it was luck more than judgement.
My second week (last week), feeling as i was understanding the strategy a little more, i listened and ignored in equal measure to what the boys were saying - Monday - made 70 pips in 10 minutes on two trades. Tuesday - lost 220. Wednesday - broke even. Thursday - 10 pips. Friday - don't ask!
Today i feel i have really made some progress. I took two trades, Cable and EUR/GBP. Long on cable, short on EUR/GBP.
Both my trades were based on the breakout and clear skies above/below each, down/up to respective targets. The price moved in my favour on both, and i moved my stoplosses on both to break even.
My EUR/GBP target was D-S1, which it nearly made before retracting. I thought this may be a minor retractment or a 1-2-3, it wasn't and retreated back to my BE stop.
On my cable trade, my target was D-R1. When i was stopped out at BE on the EUR/GBP trade, i re-entered, expecting it to fall back down (1-2-3), and placed a tight 10 pip stop (it was at the top of the 7 CCI and the 21 and 84 were both in my favour). Unfortunatley this call was wroong and i was stopped out again.
At this point, i moved my cable stop to + 10 pips, keeping me at breakeven for the day, while letting my profit run.
My cable trade continued to go in my direction but when i suspected a retraction, i closed my position for a 60 pip profit, although quite a way short of D-R1.
My daily target from this is 50 pips - or if you like, 250 pips a week. I think this starts with limiting your losses, and maximising your winnings by being patient in your entries and managing your positions once in them. In the past i have been guilty of simply opening a trade and letting it happen, without amending my position as above.
Today feels like a good day, but i'd appreciate any of your thoughts on the above.
Thanks
Dan