Pimpology Lives On - Intensive Care for Newbies - page 15
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A good read from Investing-software.com.
First Things First in Your Trading
It's been said that if you don't know where you're going, you could wind up anywhere. The same is true in trading - if you don't know what it is you're trying to accomplish, you're not likely to accomplish much of anything. One of the biggest pitfalls we face as aggressive investors is a lack of a specific plan.
At the very least, your trading plan should have (1) a monetary goal, and (2) a proven method. A lot of traders have neither, opting instead for a gunslinger approach. In other words, they take trades that seem solid at the time, and they hold that position until it becomes more painful to hold it than to not hold it (and they may even make an occasional profit). But that lack of focus and specificity will ultimately lead to poor performance. Instead, smart traders treat their trading activities as a business.
First, make sure you have tangible goals. There's an amazing mental "stick-to-it-iveness" factor that kicks in just in simply having a framework to follow. If you know that a 50% annual return is all that you need, then you can plan accordingly. The initial view you might have of a goal that lofty could be daunting. But with a little planning, you may find that the rewards you seek don't require much risk.
To earn 50% in a year, you'll need to earn about 4% per month on your account. That type of return is quite possible, and easier to swallow than the large 50% figure. By focusing your attention on those smaller increments, you'll not be forced to take excessive risks. The other benefit to a specific goal is the fact that you can track your progress. If you know that you averaged 5% per month for the first six months of the year, you can scale back on your risk for the last six months of the year.
The benefit of a proven method or system is also twofold. First, if you have a plan, you'll be able to ignore all the data that doesn't affect your trading. The media is not kind to traders - at any given time, you could find ten reasons to buy a stock, and at the same time find ten reasons to sell it. That emotional roller coaster is a nightmare, but if you are systematic and approach trading as a business, you won't talk yourself out of good trades (or keep yourself in bad ones).
Second, if you have a system, you actually have something to analyze. You can't improve gunslinging, but you can improve your trade signals.
These are two simple ideas, but exceedingly difficult to do. It's tough because it forces us to acknowledge some failures, and we all seek to avoid pain. It also forces us to look at our account balances, which again can be a source of pain. But the best traders know exactly where they stand financially, to the penny, and they know exactly why each trade failed or succeeded (these are the same people who actually still open their account statements). To know where you need to go, you have to know where you are.
As a first step, I recommend starting small. Set a goal of a 5% return for next month, and set a goal of winning trades 50% of the time - say two out of four. Once you get into the success habit, you can then enhance those goals.
Now, on the proven method, that's what we're here to learn. I'm sure that Zak's Pimpology method is not a new method. There are others that had wrote about CCIs, MAs crossing & bounces, support & resistance break, 1-2-3, and so on. He's not the one that invent the method nor is he the first one to write about it. There are many more before him and probably much more after him that will write on the subject.
Why am I sticking with Zak and his Pimpology lessons? It's the way that Zak represent (teaches) the subject. His teaching style suits my learning me. There are probably hundreds or thousands of good traders that teaches their methods and what they know for free like Zak. However, if their teaching style does not suit me, nothing will get into my head and I won't learn any of their teachings.
It's like teaching basic math to a 3 years old kids, we know that 2 + 2 is always equals to 4, but it's how it becomes a 4 is the challenge in explaining it. You have to answer their "why" questions. Zak's teaching answers my "why" questions. If your "whys" is not answered here, maybe you should consider another teacher that suits your learning style. But first make sure you ask and post your "why" questions, otherwise no one is going to know what you need.
Nuf said.
Salat
First of all Zak we are not in your team and there is no need to speak to people in such a patronising tone saying such things as "you are all doing very well indeed" as the people here are not children (well i assume the majority are not) you are not the master of universe except in you own head Zak so for a minute lets forget all the "pimp for president" crap.
You may think you are doing very well for an ex-waiter from Brighton but trying to manipulate people in the way you do is pretty evil the same goes for the rest of you FX guys, In the forex world the fx500club is just another cult and Zak is the David Koresh of your Fx500Cult. (if you do not know who David Koresh is then look it up on google).
If you are one of the people thinking about joining the fx500club which is what this thread in all reality is actually about then first have a think about what your motives are for joining and look at the definition of what a cult is.....check out wikipedia Cult - Wikipedia, the free encyclopedia
You would also be doing yourself a favour by checking my post on Zak's other Pimpology thread.
These guys prey on your loneliness if you are a home trader and your greed for and easy way to financial freedom in the hope that you will join their club and line thier pockets with you hard earned cash...which in the longterm will be bad for you bank balance.
Psychological definition
Studies of the psychological aspects of cults focus on the individual person, and factors relating to the choice to become involved as well as the subsequent effects on individuals. Under one view, an important factor is coercive persuasion which suppresses the ability of people to reason, think critically, and make choices in their own best interest.
Studies of religious, political, and other cults have identified a number of key steps in this type of coercive persuasion:[26]
1. People are put in physically or emotionally distressing situations;
2. Their problems are reduced to one simple explanation, which is repeatedly emphasized;
3. They receive unconditional love, acceptance, and attention from a charismatic leader;
4. They get a new identity based on the group;
5. They are subject to entrapment (isolation from friends, relatives, and the mainstream culture) and their access to information is severely controlled.[27]
You may read the above Zak and it may make you feel good (ie: charismatic leader) but if karma does exist then............
It was only a few months ago that Zak was posting videos on the fxclub chat showing his members that the United States Of America had already made the Amero and Zak had the conspiracy video showing the coins lol.....well these coins were fake Zak and the majority of people in the world knew this about a year before you even posted the video.... you wannabe amateur trader.........you don't sell a service you sell dreams.Looks like you have no idea what you are talking about... I think you have lost it dude... I am sure somebody dumbed you ... for good because you lost it.. and you are pushing your stuff on this thread... Take a hike!
Guys are like you are menace to society... you live in your own world and blame others for your misfortune...
I am sure you dont know a crap about trading... and lost a bunch of money trading .. and you blame others for your ignorance .. I bet you dont even understand what Zak is teaching here...
You think all the guys who are following Zaks thread are stupid.. and you are a smart one..If you are accusing Zak of something that means you are insulting our intelligence.. So my friend look at yourself in the mirror before throwing dirt on guys like Zak and us ..
FX500 Club is one of the best forex education system out there... Its good for traders who like their method of trading... The members of the club are consistently making pips in their live room... It is a place where dreams are coming true.. Newbies are learning to trade and make moeny. The support system is excellent...
Found it
Hi Zak,
Found you after all. Before making my post I want to comment on this looser that carries the name Brokerbot. When you look at that name a bit better you see the name says it all. BROKE (rbot) He is just frustrated and hates everything in FX. That's all I want to say about it.
Back to trading: After doing the dishes and turned on the washing machine (LOL) I went in the asian session and used the ideas of the BIG PIMP. Wonder oh wonder it dilivered in no time around 160 pips in gbpjpy and eurjpy.
So for those who think there is something wrong with this strategy I only have to look at my bank account and I can tell you that makes me real happy.
Greetz from here.
P.S. Will post more often here but need to read some more in this thread first.
We use a 20 and 50 moving average and wait for crossovers and squeezes to guage the possible next direction of a move.
On a 60m chart we also use a 5ema which is our 15m 20ema and when all 3 are stacked in the correct way and in close proximity this indicates a good move could be round the corner.
Look at the two snapshots below.
The 1st is demonstrating the 5/20/50 stacked in correct order, one for long and one for short on a 60m chart. (please ignore trianglular chart patter)
The 2nd shows a crossover on a 5m chart, which usually indicates a reversal. Once again, we are looking for the correct order ma's stacked neatly, 4/20/60
Back test and look for these and you will become a better trader already if you didn't know about this before.
Always look for a minimum of 3 moving averages stacked neatly in correct order.
Whether this is 4/20/60 on 5m chart or 5/20/50 on the 60m chart. These will become your most reliable friends once you master how they work!
I will do some more work on this later but for now just try to identify these on your own charts so you get a deeper understanding.
Next I will introduce some more averages.
Hi Zak
Can you explain do we need to wait a crossover on a 5m chart, for the correct order ma's stacked neatly, 4/20/60 to pass accross 150 moving average, for example if we looking for short we need to wait this ma's stacked neatly, 4/20/60 to pass accross 150 ma down and to enter in trade (short) only if this 3 ma's are below 150 ma.
Thank you
We use a 20 and 50 moving average and wait for crossovers and squeezes to guage the possible next direction of a move.
On a 60m chart we also use a 5ema which is our 15m 20ema and when all 3 are stacked in the correct way and in close proximity this indicates a good move could be round the corner.
Look at the two snapshots below.
The 1st is demonstrating the 5/20/50 stacked in correct order, one for long and one for short on a 60m chart. (please ignore trianglular chart patter)
The 2nd shows a crossover on a 5m chart, which usually indicates a reversal. Once again, we are looking for the correct order ma's stacked neatly, 4/20/60
Back test and look for these and you will become a better trader already if you didn't know about this before.
Always look for a minimum of 3 moving averages stacked neatly in correct order.
Whether this is 4/20/60 on 5m chart or 5/20/50 on the 60m chart. These will become your most reliable friends once you master how they work!
I will do some more work on this later but for now just try to identify these on your own charts so you get a deeper understanding.
Next I will introduce some more averages
Hi Zak
Can you explain do we need to wait a crossover on a 5m chart, for the correct order ma's stacked neatly, 4/20/60 to pass accross 150 moving average, for example if we looking for short we need to wait this ma's stacked neatly, 4/20/60 to pass accross 150 ma down and to enter in trade (short) only if this 3 ma's are below 150 ma.
Thank youYou did not post any charts... can you please do that to illustrate what you are saying here
Charts?
We use a 20 and 50 moving average and wait for crossovers and squeezes to guage the possible next direction of a move.
On a 60m chart we also use a 5ema which is our 15m 20ema and when all 3 are stacked in the correct way and in close proximity this indicates a good move could be round the corner.
Look at the two snapshots below.
The 1st is demonstrating the 5/20/50 stacked in correct order, one for long and one for short on a 60m chart. (please ignore trianglular chart patter)
The 2nd shows a crossover on a 5m chart, which usually indicates a reversal. Once again, we are looking for the correct order ma's stacked neatly, 4/20/60
Back test and look for these and you will become a better trader already if you didn't know about this before.
Always look for a minimum of 3 moving averages stacked neatly in correct order.
Whether this is 4/20/60 on 5m chart or 5/20/50 on the 60m chart. These will become your most reliable friends once you master how they work!
I will do some more work on this later but for now just try to identify these on your own charts so you get a deeper understanding.
Next I will introduce some more averages.
Hi Zak
Can you explain do we need to wait a crossover on a 5m chart, for the correct order ma's stacked neatly, 4/20/60 to pass accross 150 moving average, for example if we looking for short we need to wait this ma's stacked neatly, 4/20/60 to pass accross 150 ma down and to enter in trade (short) only if this 3 ma's are below 150 ma.
Thank youSinib,
I think you have forgot to attach charts.
Charts
I think it's not possible to place charts here. Have tried but could not go advance and upload charts.
Erik
Hi Zak
Can you explain do we need to wait a crossover on a 5m chart, for the correct order ma's stacked neatly, 4/20/60 to pass accross 150 moving average, for example if we looking for short we need to wait this ma's stacked neatly, 4/20/60 to pass accross 150 ma down and to enter in trade (short) only if this 3 ma's are below 150 ma.
Thank you
Sinib,
I think you have forgot to attach charts.Hi
I would like but I can not do it, I do not know whai but it is forbiden for me.
I think it's not possible to place charts here. Have tried but could not go advance and upload charts. Erik
Erik,
Click on the paper clip. You have to enable pop-up in you browser's setting.
Salat
Compounding
Hey guys
thanks for the support with broken bot. it seems to be out the way now so if you'd like to continue then let the games commence.
Regarding real or fake or dummy or demo accounts, one of the biggest issues I originally had was emotions coming into the trade.
I knew the trade was right. I knew the timing was pretty good, but I lost money as I became emotional and it didn't do exactly as it was supposed to straight away.
I went back to the drawing board with my tail between my legs and started once again with a demo. The emotion went almost instantly and it felt like a huge weight had been lifted of my shoulders.
"how can i replicate this feeling with real cash" I often asked myself.
Truth is you can't manage to do it 100% but you can have a good stab at it.
Think about it. If you are playing with a stake of 1p or 1c per pip, do you care about losing 50 pips? No of course you don't!
It's all about percentages so as long as you are risking no more than top whack 5% then regardless of 1p or 500 pound a point it's still 5% of your bank.
Do yourself a favour and trade real cash like it's a demo!
Begin with 200 quid and build it up. Remember that there is only 200 pounds of your own money in that account, even when it sits at 50,000.
Become attached to money and misery will be eagerly awaiting your arrival at the gates of depression!!Hi all,
I put this on Pimp's old thread about money management and compounding. You'll be blown away.
See the link to whet your appetite!!
https://www.mql5.com/en/forum/general