The London Open - page 86
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Hi all Just got back.. Missed the 123 on Gold. That would have been a cracker for 200 pips.. Huff!!! Thank you for your kind posts and messages this week. Lots more pips to come. I will be doing more education next week and talk u through the template etc and indicators used. At least i have a few people reading the thread now, so it makes it worth while. Any questions please shout and i will try an answer. If i cant answer i will try and point u in the right direction. Please remember i keep things very simple and hate complicating trading...Too many people do and there is no need. Simple questions only!!! haha Have a great weekend all. Keep ure heads up and dont listen to the news. We can get in a trading bubble and make our pips with ease here. Might be on over the weekend. D
Hi Dan,
love this thread, i am learning a lot especially what videos not to rent He He.
2 things, i only work on 15min cahrts so your morning analisys is brilliant but i cannot folow it as i find 5 min toooo quick, just my inexperience, could you give us your 15 min cahrt settings and if its right to work with them
Also this 123 business, i just cannot get my head around it, could you explain it further and explain like you are talking to a very inexperienced guy
thanks
paul
Great comments Dan - about the trading bubble.....think your so right. Love the market commentary report. The author is so dry - he like sandpaper! He reminds me of Alex the Telegraph business cartoon. Good weekend to all. I have done all my chores and set for a fantastic week. A Le Pimps suggestion I shall be dining on curry. Longest September on record. Only days to go until the self -enforced drinking ban is lifted.
Enjoy Team London
Thirsty Rockie
The psychology side of trading is probably the hardest to master. I have gone weeks where I couldn't take a trade in fear. It will come. Do not worry. D
Is this true Dan? Makes us novices feel a whole lot better to hear this. Dan the Man quivering in his boots at the thought of trading, can you remember that far back? Impressive! As Tony Hill says, you are the Guvnor, so it gives hope to us all.
Oooh, it's so great to see lots of the "oldies" back on here
- hi Bloom (hope the move went well), hi H Bill, hi Tony, hi Barry, hi also to all the new peeps on the thread, and hi everyone else who is silent (but deadly).
Morning allMisses forced me to watch 'Sex and the City' last night after a superb BBQ. I have to say what was all the hype about. There can't be a bloke out there who likes that kind of film... I'm not saying i hate all chick flicks but that was poor!!! My choice of film next time, me feels...D
OK Dan, first of all, if you didn't like the film you could have practiced all your sexy salsa moves to the music, and second, perhaps your movie choice could be Crouching Tiger Hidden DragQueen - could be interesting? Give us the lowdown if you do decide to watch it.
Hi Dan
I hope you had a good weekend.
I was just wondering whether your experience as a pro trader, and all the pressures you experienced working in banking helped with your transition to home trading, or whether you still experienced the same sort of emotions us novices go through when you started trading with your own money.
Obviously I don't expect you to have made the same mistakes as me (which I outline below), but just wondered if it felt different making your first few trades with your own hard earned cash.
The worst things I did, all classic newbie mistakes, are:
1. Waited for a set-up then when it arrived got nervous and either put the trade on too late or didn't put it on at all.
2. If I put a trade on when I saw the set-up and it didn't fairly quickly go into profit, again got nervous and sometimes closed it for a small loss only to watch it go in the direction I expected it to go in the first place.
3. Again, if I put the trade on at the right time and it went into profit I didn't really have any set profit taking or target so quite often closed trades for 10 or 15 pips when I could have got 50+ with a proper exit plan.
4. Before using your strategy I used to use too many indicators and just couldn't see the set-ups when they were there.
5. Tried to trade without enough money in the account so put my stops too tight and got pinged before, again, watching the trade go in my direction.
As you have mentioned before, the psychology of trading plays a big part in whether or not you are successful. For me personally, I am finding that a deeper understanding of the strategy and being able to read the charts better has helped hugely, giving me confidence and therefore making the trading less of a panic.
Clearing my charts of all surplus indicators has helped too and I find I don't need any others than those used for this strategy. They just posed one more question that needed answering before taking a trade.
Where I failed in the past was not realising that I didn't fully understand what I was both looking for and waiting for. As with most things, this is just down to time and personal trading experience. It does take time to learn and absorb everything, and for some of us it takes longer than others.
Reading your analysis each day and following the trades you take has helped so much. Your snippets of wisdom - both your posts dedicated to a particular subject, or just a passing comment made as you detail your trades in the morning really help so much.
At long last I do feel I am getting there and fully appreciate the help and confidence boost this thread gives me. I am sure I would not have got as far as I have without your help and the help of all the other experienced traders who post here too.
A huge thank you to you all and I hope at least one of you can relate to my past mistakes, all of which have made me a better trader today.
Hi Dan,love this thread, i am learning a lot especially what videos not to rent He He.2 things, i only work on 15min cahrts so your morning analisys is brilliant but i cannot folow it as i find 5 min toooo quick, just my inexperience, could you give us your 15 min cahrt settings and if its right to work with themAlso this 123 business, i just cannot get my head around it, could you explain it further and explain like you are talking to a very inexperienced guythankspaul
Hi Buffer
It's really great to see you on the thread and hope I can answer your question about 15m settings and the 123.
I too love to use the 15m, and like you I find it easier due to my inexperience but I am starting to look at the 5m alongside the 15m.
I attach a 15m GBPUSD chart with all the settings of the moving averages and it also shows a 123 move. As they say, a picture says a thousand words so I think the chart with the arrows and text I have put on will help explain the pullback.
Note too how all the CCIs are green showing the up trend and all pullback below 100. The CCI 21 pulls back neatly through the 0.0 line. All the moving averages are stacked one above the other and the entry is close to the aqua coloured pivot line and is below R1.
The black vertical line after the pullback shows where you would enter the trade on the next green heiken ashi. This is also where I would be watching the 5m chart as well to find an earlier entry.
Hope this helps, shout if you need any further explanation.
RS
Hi Dan I hope you had a good weekend. I was just wondering whether your experience as a pro trader, and all the pressures you experienced working in banking helped with your transition to home trading, or whether you still experienced the same sort of emotions us novices go through when you started trading with your own money. Obviously I don't expect you to have made the same mistakes as me (which I outline below), but just wondered if it felt different making your first few trades with your own hard earned cash. The worst things I did, all classic newbie mistakes, are: 1. Waited for a set-up then when it arrived got nervous and either put the trade on too late or didn't put it on at all. 2. If I put a trade on when I saw the set-up and it didn't fairly quickly go into profit, again got nervous and sometimes closed it for a small loss only to watch it go in the direction I expected it to go in the first place. 3. Again, if I put the trade on at the right time and it went into profit I didn't really have any set profit taking or target so quite often closed trades for 10 or 15 pips when I could have got 50+ with a proper exit plan. 4. Before using your strategy I used to use too many indicators and just couldn't see the set-ups when they were there. 5. Tried to trade without enough money in the account so put my stops too tight and got pinged before, again, watching the trade go in my direction. As you have mentioned before, the psychology of trading plays a big part in whether or not you are successful. For me personally, I am finding that a deeper understanding of the strategy and being able to read the charts better has helped hugely, giving me confidence and therefore making the trading less of a panic. Clearing my charts of all surplus indicators has helped too and I find I don't need any others than those used for this strategy. They just posed one more question that needed answering before taking a trade. Where I failed in the past was not realising that I didn't fully understand what I was both looking for and waiting for. As with most things, this is just down to time and personal trading experience. It does take time to learn and absorb everything, and for some of us it takes longer than others. Reading your analysis each day and following the trades you take has helped so much. Your snippets of wisdom - both your posts dedicated to a particular subject, or just a passing comment made as you detail your trades in the morning really help so much. At long last I do feel I am getting there and fully appreciate the help and confidence boost this thread gives me. I am sure I would not have got as far as I have without your help and the help of all the other experienced traders who post here too. A huge thank you to you all and I hope at least one of you can relate to my past mistakes, all of which have made me a better trader today.
Hi,
I can relate to all of that!!!
Pardy Singh
Hey Pardy
Hi dude, we'll get there my friend. Dan and the boyzzz will see us through and never give up on us.
Good to hear from you, best of luck trading next week.
RS
Morning Team London;
Here's to a good weeks pips. Things looking like they could be very good indeed.
All the best.
Rockie Bar Kid
Morning all
Will answer all questions later on today.
Morning report to come.
CRUDE looks weak and tucked in nicely below the MA's on the 5min. GOLD in similar state.
Back in a tic.
D