School of Pimpology - page 19
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Good Morning
Hi FX Pimp,
Can you talk to us a little about Money Management? I have a grasp of how you do this, but perhaps you could elaborate for others here?
Risk:Reward,
Maximum risk on any one trade,
Take Profits,
Break even, etc.
Thanks,
Honest Bill.William,
to answer your query about money-management this really does depend on what part of the world you are based in and what timeframe you are using and how much cash and/or patience you have.
For me, being based in the U.K I am able to utilise stread-betting as mentioned in a previous post.
This means that I choose the per pip stake and every win or loss is calculated by timesing the total pips won/lost by that stake.
I know some of our American friends are unable to trade like this and instead must use a broker who has a non-uniform amount differing from pair to pair.
I won't go into my own strategy for that again but if you look at some previous posts it is in there. I will try to hyperlink it in a moment.
As far as stop losses go I seldome risk more than 30 pips if working off a 5m chart for entry.
Suppose you play the whole 1-2-3 strategy when your stop loss should sit beyondd the previous trend reversal as illustrated in this morning's GBPUSD trade.
The arrow represents the possible entry with the 63 CCI down and the 7 recrossing at avout 1.9876. The break of the support then became resistance and the new trend reversal so the stop-loss had to be around 1.9895, then the trarge, which was known prior to entry at 1.9840-45.
In this case risking approximately 20 to win 30.
Not ideal. I would prefer to risk 20 for 50 but this is not always possible.
I hope this helps
Keep the questions and ideas coming.
Later I will demonstrate how an entry on a 5m chart can often end up becoming a 4hr chart trade.
Gold looking strong again. Needs to break $933 for a possible move north which makes a short Swissie llook appealling
I was reading on a conspiracy site over the weekend that there is soon going to be a "major" oil-find in Russia announced, promptly followed by oil plunging to $50 a barrel! You (probably) heard it here first folks!
Interesting find Omelette,
Coincidently, I'm seeing major reversals and price breakdowns all signaling a major correction for USD (she's coming back strong). That's right folks, this is officially a trading call. I stand behind it - guaranteed. If I'm wrong, simply send in your statements showing your losses and I'll be happy to reimburse you.
The Chairman
The Chairman has recovered some lost ground this morning and it he carries on then we may see the Dow Jones fall this afternoon.
This will be bad news for Germany's Dax.
Nice set-up
Interesting find Omelette, Coincidently, I'm seeing major reversals and price breakdowns all signaling a major correction for USD (she's coming back strong). That's right folks, this is officially a trading call. I stand behind it - guaranteed. If I'm wrong, simply send in your statements showing your losses and I'll be happy to reimburse you.
I hope your right 'cos the same sources say that once the 'plunge' happens, OPEC countries drop the greenback, signalling the death-knell for the USD - and the pretext to introduce the Amero...
Sorry for muddying the waters of this fine thread - I'll try and behave (promise)...
Hi again FX Pimp,
Another question on a different topic.
Before this recent commodity bubble was crude still the Chairman leading the way for the rest?
Thanks again,
Honest Bill.William,
I think this snap-shot demonstrates that apart from the Yen, the other 3 majors have had a pretty close relationship.
Gold (XAU) has followed crude and EURUSD and GBPUSD have followed those, whilst USDCHF and to a lesser extent USDJPY, have been travelling in the opposite direction.
The important thing to remember is that it will seldom be perfect, but the times that it is are well worth waiting for.
These are weekly charts dating back to 2000 so I'm not completely sure the link will be completely severed in the next 60m candle
I was reading on a conspiracy site over the weekend that there is soon going to be a "major" oil-find in Russia announced, promptly followed by oil plunging to $50 a barrel! You (probably) heard it here first folks!
I read the same thing! apparently its only going to occur after it goes back up to $150 a barrel.......lets wait and see!!!!!
60m Chart
I just wonder if this FTSE can break the 5300 level and this support line.
Yes it needs a helping hand from El Capitan moving up and the Dow moving down but technically its pretty good if the criteria get met for you indices traders
Multiple Screens
Hi FXP
Do you know how i can use the whc platform with four screens?
I can move the whole whc screen from one to another but cannot
move the charts out of whc.
Do you know how this can be done or anybody else on this excellent thread.
Thanks Alex
Entry or not?
FX, Here's my first post for an amateur techie...fingers crossed...
How do I read this...US/CHF looked good to short as looked set for a 123 with the 7CCI passing 0.00 from north, however when I was looking at my Gold it wasn't showing UP for me to take my swissy down at that time (18:25).
So would one have traded swissy at that time or wait for the Gold and then jump in on swissy even though by then my 7CCI went all the way down to -100?
Hope this makes sense. Thanks.
Hi FXP
Do you know how i can use the whc platform with four screens?
I can move the whole whc screen from one to another but cannot
move the charts out of whc.
Do you know how this can be done or anybody else on this excellent thread.
Thanks AlexHi Ferrari,
I have 3 seperate systems so don't suffer with this problem. However, If you can choose which screen your WHC gets displayed on then why not download it 3 more times and save as WHC2 WHC3 & WHC4 ?
Lots of mucking around but it might just work.
Thanks for the compliments and welcome to the thread.