School of Pimpology - page 153
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Strat
enjoyed your post (1521) above, very inpsirational and so true.
I've read some Jacko too. An interesting guy. My understanding is that he just keeps it simple and takes a longer term view. Maybe a few days or a week rather than a few minutes or an hour. He also only trades the way of the trend.
You know when you have one of those light bulb moment. You know, all of a sudden light erupts and it all becomes oh so clear. I had one a while back after reading a lot of thread, including Jacko. And the light bulb said...................all the successful guys do the same thing.
Trade with the trend, keep things simple, trendlines, patience, logical profit targets, and stop losses. Don't try to be clever and second guess the market. The market will tell you what the market is going to do, all we have to do is learn the market language.
KISS
TonyH
Cymru am byth
Hey Rocky,
I'm guessing you must be Welsh by saying you had a "TIDY" day - the wife's relatives are all from Maesteg and Bridgend and they were always having a tidy something or other!
My trading platform is down so just cleaning things up.
Somehow reading your post I have a mental image of you in your underwear (like that Tom Cruise early movie) listening to the Stones playing "Under My Thumb".
I'm just curious on your trades you posted so from one Rocky to another Rocker could you explain a few things for my simple mind?
On your first cable trade:
You had a 157 pip SL for a 46 pip profit - somehow that seems upside down risking 157 to get 46.
What trigger did you use to sell at 1.5253? - have you got a magic indicator you're not telling us about because for the life of me, I can't see any sell trigger there?
I'm assuming you monitor M15 for your trades but are you going down to M5 to initiate and close the trades?
On your losing trade, how did you manage to get out so quick with only a 6 pip loss? I wish I could recognise a loser so fast!
Also, any other pearls of wisdom you can share with us so that we too can get more piparoonis?
Cheers and Nos Da!
Robert NStrato,
Thanks for the feedback - always nice to be appreciated, and yes I have migrated from Wales and doing missionary work in England spreading word - af tidy mate! I have started the year in a focused manner. I am off the booze, I am washed and dressed for the day and at my PC by 6am GMT, and have initiated a 15Kg weight loss program. So images of naked trading have been relegated to history (well at least until I don't get up with a raging hangover and can't shower!!) Love the Stones but you can't beat a little Prince or Sterophonics.
On the couple of questions - I the s/l this was the previous cable high and I only have stops as emergencies - generally I trade with a notional 100 s/l, but here I have half an eye on what I think is a top for cable and can only see downside. I have been thinking to myself that cable will retrace back to 14800 level and this like all my recent trades in CABLE is really predicated on the daily and 4 hour set-ups. So I know it looks like I am risking lots of pips but in my minds eye I don't see a retrace above 15400 and so even if the trade leapt up I would have held the position. Not everybodys cup of tea, and not really a trade play for a novice. The trigger, the elusive question, when to enter or not enter..........I have noted a couple of patterns on cable this week. If you use MT4 bring up your 5m or 15 chart, its clearer on 5m, but between 7:15. I have attached both with some arrows. If you look at both 5m and 15m you will see the trigger cross (i.e. blue CCI line through 0/0).
So to summarise entry was based on double top pattern and entry was based on 4cci cross of 0/0 (i.e the trigger). I exited at DP on 5m and then when price action went through DP, I reentered short for further pips.
The losing trade - you wrote in your notes about feeling the market - well I have been trackined eurogbp for 3 months and not traded it. I only started trading at the back end of 2008. It has tended to be swayed more by the euro than sterling. On my screens in front of me I have all the pairs I trade (and on another screen I have my GFT platform and order book), so I follow price action very closely. What I saw Strato was increasing euro activity and sterling weakness. The message 'get of of town', so I dumped trade, without a second thought and took at hit of only 6 pips. The guys I spend time with will tell you I don't always get it right. I saw same situation earlier in the week dumped my eurogbp short for +12 only to watch it go anothe 120.
My learning has come from Le Pimp and Dan. I study set-ups and read extensively. I listen to what other traders have to contribute as I am still only a novice. I just completed my first year as a full time trader and only really began to make decent pips after stumbling across Dan on forex factory. Really since then the strategy has become more transparent, my confidence has grown and although I still lose pips entering KHT's, my propensity to do so seems to have lessened. I still do it much to my annoyance, but you can't win without losing.
Hope this all makes sense and apologies for the verbosity of the reply. Love the post on the power of thought and emotion over logic. Says all what we go through brilliantly - Thanks for sharing.
Tidy Rockie
Maiden Available
You made 567 pips AND you cleaned this week?
That is one lucky Mrs Rockie!
Nicola,
As you live in one of my favourite countries I should let you know I do house visits..........and am reasonably priced.
Intrepid Rockie
black hole
Well, having learned the method, I went on the Live Chat and had a good time but straight away started making losing trades! Why?
I knew it as soon as I went on there - I was getting caught up with the frenzy of those guys wanting to be in every trade going and ended up making trades I shouldn't have and making trades based on other people's decisions. I could feel myself going backwards fast into that black hole again.
Strato how true, right spot on you pointed out my problem..
jumping in trades and positions because if I don't I will be to late.
Mostly initiated by a remark like "he see that weakness of the dollar"
I even jumped in to the wrong currency pair this week!!
I scored my first 100 pip pimp trade this week and several smaller ones so the system works,
I still screwed it all up by me own trades and ended a few hundred pips negative..
I'm gonna have a print of your text next to my lap top to get my mindset right any time I need it.
thanks for your contribution..
Hans in France..
P.S.
I lost 10kg in 6 month with the same diet.
Well, having learned the method, I went on the Live Chat and had a good time but straight away started making losing trades!
....
I'm gonna have a print of your text next to my lap top to get my mindset right any time I need it.
Hi Hans,
I was wondering when you're going to show up. Sorry to hear you start the new year with bad trades.
Maybe you should do what I'm going to do, attach a mirror next to the monitor. Aside from a great visual reminder, it will also work somewhat like a rear view mirror in a car. That way I can see who's comming up behind me. My bos will never catch me trading during office hour ever again....
Salat
idiot
Strat,
Yup, you nailed me and read me like a book
. After the first hour of trading today, I got impatient and greedy. Then everything start tumbling down. Check out my trades from yesterday and the day before when I'm all cool and calm 
and following my trade rules & plan.
You're also exactly right on Dan and Zak's strategy/method, but I AM my Holy Grail. Maybe I will literally take your word and put a mirror next to the monitor to remind myself.
Thanks for your input.
SalatHi Salat, good to see U posting here again, I copied the text of strato's epos and put this header on it :
Take time out, look in the mirror and tell the idiot staring back at me to read this over and over again..
I'm tape that phrase on my laptop from now on..
keep in touch later..
hans..
Keep emotions out of trading
Hey Om Salat, Hans, in fact all of us,
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
Strat
hans contra hans
Hey Om Salat, Hans, in fact all of us,
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
StratThanks for the support Strato, nice sundaymorning to recap all my trades from this week:
I tryed to follow about 14 currency pairs
I placed about 10 trades a day.
last week I made 845 pips and I lost 1431 pips so not good at all!
but it was one stupid trade what killed me for 670 pips
, so if I not jumped in that last trade of the day I still would have a little profit.
and I traded at the 2e jan. with no volatility at all for minus 102 pips.
.
reflecting all this I set up some rules and if I can stick to them I'm sure it will be a good year to come.
RULE OF ENGAGEMENT HANS CONTRA HANS
MAX 4 CHARTS TO FOLLOW
EUR/USD
CAD/USD OR PICK OF THE DAY
OIL
WSFUTS
MAX 2 POSITIONS OPEN
STANDARD STOPLOSS 50 OR >
WEEKLY TARGET 300 PIPS
STOP TRADING BY > 150 PIPS/DAY
at least I had me statistical draw down for 2009 done and dusted
and start over again coming week, I mail my results next Sunday..
Good weekend to all of you..
Hans..
Therapy
Hey Om Salat, Hans, in fact all of us,
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
StratHey Strato,
I am not the least offended - reason being you are so right. For me the 'chores' as I refer to them keep me grounded and real and stop me getting to far away from reality, which when we trade can sometimes happen.
I listen to music -chat with my mates on skype and definitely trade when I am in the mood. I don't trade every day and sometimes wake up and think, oh crap I am not in the right frame of mind. Its amazing if you don't find it how you reach the right level mentally. Coming from Wales I'm mental anyhow (Gavin and Stacy!!).
Personally, I have a clear business plan (not a trading plan you will note). I am doing this as a business not as some part time extra cash venture. I review performance versus plan and look at where I think I can improve said performance. I am tracking a proper quarter i.e Jan 01 - Mar 31. etc. Nothing like a business plan, but it must live and breathe and not just be on the desk.
Anyway, been good this week. Hit my spin cycle everyday and up to 60mins session. Healthy body - healthy mind. Time for some food.
Mental Rockie
On the road to bigger things
Hey Rocky,
I don't want this to get into a "Hollywood you pat my back and I'll pat yours" but it is clear that you DO have a "magic indicator" - it's the space between your ears! You have reached that place where we are all striving to get to - where trading becomes automatic - almost second nature.
I'm really, really pleased for you (especially as your livelihood depend on it) - the next step is to gradually and slowly compound your success which seems to be just around the corner for you.
You have found what works for you - the strategy, the correct mental attitude, the banter with other traders and knowing when you are in the "Zone" (and conversely, knowing when you're not) - not to mention putting your pinny on to do the housework to take your mind off the markets.
Interestingly, I'm your total opposite. Last week was my first week in the "Club" and I had my first losing week since, well I can't remember. I tried before with the same results but thought this time it would be different. I was again sufficiently distracted/influenced to take trades I normally wouldn't take (which were mostly losers) and worse still, didn't take trades I would normally take (which were mostly winners). Note I am in no way blaming Dan, Zak and James - I know who is to blame - the guy in the mirror!
I need solitude, peace and calm when I trade with no distractions or suggestions/beliefs from others (even the missus knows to keep out of my hair). So it just goes to show that what works for one does not always work for others. We have to find what works for us and stick with it.
I hope you continue to post here with your trades and your writings for you are a great inspiration to us all.
There's lovely!