School of Pimpology - page 128
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PRESIDENTIAL RESULTS (sorry Trading Results)
Hi all,
So here it is. The statistical results of the last 4 weeks trading (live) for me.
In summary, I took 90 trades. 50% more than I needed to or should have. That's a lot of wasted time, spreads and pips. Not to mention printer paper and ink wasted.
Now, I know hindsight is great. However, I basically looked at the chart printouts and asked myself "would I trade these now?"
The results are a major shock.
Now, I know, Pimp, Gorilla and a few others thought I was doing so well. Well, they weren't necessarily hearing about all the bad trades.
So, why am I telling you all this. Well, I am Honest Bill, aren't I ???
Take a look below. I took 58 PROPERtrades and only 5 lost. That's a 95% success rate. If I had just had the discipline not to jump into the BADones. They killed all the success.
I urge all the readers here to do this kind of exercise every so often in order to learn from it.
WATCH THIS SPACE.....................
A worthwhile exercise Bill. Its something I mention now and again. I record every trade in a spread sheet with comments about why I entered. I've now started highlighting the good setups in Blue and the bad setups in Red. Gives a nice visual of my trading patterns. I'm really trying to eliminate the reds.
It is strange how, in the past, I was happy to risk 40 pip SL full stake on gambles, then when a good setup came up it was small stakes. I'm trying to eliminate these things but I still have a 'need' to be trading. I have found longer term trades to help curb this need. I'm sure I'd have dived into cable a few times this week had I not been short since the previous Friday.
To be honest with you Bill, I had notice you diving in a bit last week. Missing the first move then going in on the second move only for it to retrace. Last week I focused on the break, MAs cross, retrace and then hit it. As Dan says, its the safest way to trade. That setup occurs everyday on some pairs. Just sit and wait for those.
Anyway, I dreamt about the Pimp last night. Terrifying.
keeping it real
Good morning All
This is my first posting, so at least I have it off my chest now.
I would like to say that Bill has shown something here that is similar to a situation I found myself in. I was telling freinds when I won and how great a feeling it was to tell them. But, then I found myself too emabarassed to tell them I had lost (Demo only). Slipper slope I thought, so I snapped out of it sharply, the only person I was deceiving was myself, and If I want to make a success of forex trading I have to keep it real.
I've read a couple of postings on the site about how to record trades. One I will be trying is print out of the screen, makes notes on it and keep it in a folder.
Good to hear useful advice.
Thanks
FX-NEWBIE
Text Book Setup
Hi Guyz,
Stoch overbought, CCI 4, ready to cut down, Price up against a resistance point, in this case weekly pivot, trading into the direction of the CCI 63 and CCI 252, the only thing missing is the red Heiken Ashi candle.
So when we got the red, it was time to enter.
Hope this helps somebody.
Andy
.............Anyway, I dreamt about the Pimp last night. Terrifying.
Scary stuff, Bloom.
NO MORE WEBCAM, PLEASE, FX PIMP !!!
Does anyone have the PDF of this strategy, the indicators and the templates for this?
Can drop me an email at i.am.walking@hotmail.com
Thank you
If the pdf or doc version can be uploaded, it will help every newbie to understand the method.
thanks
Honest Bill & Bloom,
Thanks for your open and frank posts - it gives hope to the rest of us newbies that even our more experienced trading friends get it wrong sometimes, and exactly the same way I do! From this week on, any 'naughty' trades such as jumping in, or countertrend , or not waiting for a proper trigger, and I'll be red-carding myself for the rest of the session. Likewise once I've made the target. Once again I managed to nearly double a small practice (not demo) account within 3 days taking proper pukka trades - triggers, partial profit taking, the works - only to chuck it all back and a little more with some naughty trades. No more!
Looking forward to a good week, keep up the good work!
SF412
Sick-boy
Sorry for lack of information today peeps.
With Dan the man back in the UK I have been at the helm with the others.
Both Monkey and myself are really ill too which hasn't helped.
I'm sure he poisoned me with his cooking but I'll be back in the swing of things tomorrow.
Keep up the good work.
Getting Well Soon
Dear Le Pimp;
Get well soon my friend. It may not be food poisoning......so boiled water only for 24 hours; flat Coke will suffice. No food and no trading!
GFT fell over this afternoon - lucky I was not in any trades but seems to me lots of the service providers are having some technical challenges recently.
Was looking forward to a spot of Dow trading but I have given up for the moment. Grabbed pips taking Gold lower from 735 to 731 +38 and 2 trades with Brent Crude lower at 5400 +14 and then went in again at 5387 +16, only to see it run in to major support at about the 5365 level......Got myself out of Dodge just in time to see it shoot long at go to 5475......before my system collapsed.
Will close for the day......
Take care Le Pimp.
Gut Rot Rockie