The London Open - page 37
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Hola Dan
Just wanted to say thanks for the great advice about specialising in just a few pairs - you suggested Gold, EURUSD and GBPUSD. Of course, as you mentioned, you still need to watch all the pairs for the correlation but just sticking to trading on 2 or 3 pairs you get to know how they move and their own personalities.
I know one of the other 'laydees' in the live room only trades oil and EURUSD.
As a newbie you can get a bit lost looking across say 10 pairs for a trade and end up watching higher spread pairs like GBPJPY and GBPCHF which you don't really want to trade to begin with, and then you end up missing the pair you should be trading (no blonde jokes please!).
Great pips from all the guys in the room this week.
Looking forward to next week
Ta very mucho
Fran
PS Sweet dreams - don't let those kamikaze Heiken Ashi get you!
So Frannie.
What do you think of the new special Pimpology template?
Have put it through its paces on vhands (another favour I owe you) and it looks promising.
I've doubled my 10k demo just trading EURJPY in under 3 hours !!
Will refine it with 007 over the coming weeks and introduce it once everyone is familiar with and confident with the main strategy.
Poor Russian football dude on the TV. His mum must have hated him. His name is jerk-off !
Funny how you helped that girl with all those posts and info and now she's turned all nasty. Didn't come on to her did you?
HaHaHa!!! lots of new ppl here!!! good to see that you're creating new profiles on the forum to get poor new trader to become your customers!!! What a shame, writting that you help ppl for free etc...!!! if your service was that good in building better confidence and take good trades, why don't real ppl join the forum and participate to the thread, why would you have to create fake profiles to make it look so good??? SHAME ON YOU!!! I started to participate to this thread and you just ignore ppl's question, you don't help them, but you do send PM's to get them to join you 'successful service'. Well I say BULL*HIT!!!!!!SHAME ON YOU!!!S
pipermeister.
basically you feel this thread is one long false advert for a backstreet advisory service trying to lure people in and take their monies. i had planned to compose a lenghty response but i think it makes more sense if you let the facts speak for themselves. Ask yourself the following.
1) Has anyone who has had any experience of the MDS service/market bytes live room had anything bad to say here or anywhere else on the net? If you do your research you'll see there are only positive comments out there. In this age of instant comunication and access to the the web, if the service was a scam in any way, that info would be out there in a flash.
2) How likely is it that a con-artist would nail his colours to the mast everyday before 6.30 am about the market and his beliefs and expectations for it over the next few hours? After all, it would soon become
apparent that they were full of sh*t and nobody would take them seriously. At the end of the day its the pipcount that matters. Fxpimp provides excellent commentry on the day ahead everyday and if he was clueless it would quickly become evident.
3)Have i read through this thread and the forexfactory thread and studied it properly? Afterall no one is going to spoonfeed pips or profit into your account so why should the knowledge to gather pips yourself be spoonfeed either
Even if you dont want to take advantage of the liveroom cos you dont want to pay for it, there is enough information laid out for you to make sense of the methodology. As i write this i am reminded of one of my first posts on the ffactory thread. I posted my analyis based entirely on the info posted there, complete with a chart and a target price, shortly after taking a trade. i closed the position for small profit due to a news release that was about to be announced. irronically my target price would have been met but for 1 pip if i had left it. feel free to check your own charts for confirmation. the trade was based only on the methods outlined by Dan007 in the thread.
Its easy to criticise but often difficult to justify crticism objectively and i feel your post is manifestly unfair in light of the info dan and fxpimp have given for free, even if they are involved in a paid service as well. I have no doubt many people on this thread and even those who simply read it have made pips due to the methods here, there is no reason why you shouldnt be one of them.
peace
So Frannie. What do you think of the new special Pimpology template for Fridays only ?Have put it through its paces on vhands (another favour I owe you) and it looks promising.I've doubled my 10k demo just trading EURJPY in under 3 hours !! Poor Russian dude on the TV. His mum must have hated him. His name is jerk-off ! PS Change the 12 to a 6 and use the 100's, aiight !!Funny how you helped that girl with all those posts and info and now she's turned all nasty. Didn't come on to her did you?
Hows it going Pimp?
What template is that? do tell..................
OK Rollingstone (aka Scorpion),
So its official you are Le Pet du Pimp..........
I think its is fair to say the the Roc(k)s are just green.......
Don't let the side down and make sure you properly road test the new all singing and all dancing pimpometer.......
Have a good one.....Le Pet du Pimp......hehe
Rock the house
OK Rollingstone (aka Scorpion), So its official you are Le Pet du Pimp.......... I think its is fair to say the the Roc(k)s are just green....... Don't let the side down and make sure you properly road test the new all singing and all dancing pimpometer....... Have a good one.....Le Pet du Pimp......hehe Rock the house
Rockie, you are a funny boy aren't you?
The Pimp don't du pets, you should know that !
As for the Pimp-Show template, I've just been toying with some ideas for the friday afternoon sessions The school of Pimpology will reveal all, in good time.
I have to get a few of Dan's finishing touches on it first, then it will be in the members area, along with 1 other indicator, available for download mid-week.
It's the same thing as we're doing now, but it will help get in and out with a little Friday afternoon bonus, which will pay the evening bar-tab.
Just think of us when you're ordering the rosy
Here's a little sneaky glimpse of why I was alerting Dan to the Crude long at $132.80, which I took 400 'demo' pips and 50 'real' ones out of GBPJPY using this Friday thang.
I told you I was going for a 500 pip day. Shame 400 of them were only good for doubling my demo account in 5 hours !
P.S.... Le Factoire avez re-instated us
Le Pimp,
You need to expand your horizons.....Sacre-Bleu a cinq minut chart, wat iz siz madnesz......yu av e funni spot du neige.....
With this black spot I tease you.......it looks like a looking glass for pips. Hey that's what it is - A Pimping telescope for those cheeky Friday afternoons....
Can't wait.......and regarding paying the bar bill, how much do you drink?
Thanks Le Pimp.......A very interesting PimpoScope.....Do you need to copyright and patent these ideas, cos you know people on this thread might think it OK to copy for nothing!!!!
Have a fun filled afternoon...I myself will be strapping on some pads, drinking beers and eating chernobyl chicken, not necessarily in that order.
Ta ta......Le Rockie....
Hi Rockdrive
Le Pimp's pet huh - pet monkey probably sums it up!
Enjoy your chicken and happy pipping next week.
F
PS Told you Le Pimp's Pimpology charts were pretty colours - never really thought of him as a Tomato and Olive type of guy. Maybe he thinks that Mediterranean colours will equate to healthy pips!
Hi all,
For those reading the thread for the first time who haven't had the benefit of Dan's wisdom just wanted to explain the importance of running separate books in any type of trading whichever system or strategy you are using. (obviously funds permitting)
Our long term goal is to have the following set-up :
Long Term Book - For Dan's, and our own longer term plays, trades running a few days to a few weeks, properly funded, investment type trades.
Short Term Book - For Dan's low risk intraday "London open" set-ups, and additional set-ups during the day as they appear, again properly funded for ongoing intraday profits.
2nd Short Term Book - Used for slightly higher risk trades, against the trend, 5m charts, slightly riskier trades, testing strategies and set-ups live, Friday afternoon pullbacks etc, smaller funds, lower stakes.
In this way you have longer term profits slowly building, shorter term profits building week on week, and a "play" riskier account completely separate from the other 2, so your main account pips are protected.
On the "regular" books you may at times find yourself long on EURUSD on the long term book, and trading short on the same pair on the intraday London open book, taking profits as they come.
Will be interesting to see which book has the best performance.
Hope this helps.
Great words, Scorpion.
I take it the Pimp-Term-Book is going to be your main priority !! NOT.
Very sound advise and something I adhere to.
Suddenly, having entered a position on a 15m chart it begins to look very appealling on a 4hr chart.
What I usually do is take half my profit on the 15m then move the stop-loss to breakeven +5, then just move it with the 60m 20 m.a.
Not always great in non-trending markets, but I'm always giving myself every opportunity to maximize profits.
Furthermore, there's absolutely zero pressure knowing you've already had your money out of the trade, the remaining portion is in a no-lose situation so you can kick-back with a cigar and a brandy and let it do it's thing.
My Pimp-Fund is more of a punting bank really. Completely seperate to my trading bank and more like a demo account but with just a few quid in it, used for road-testing other strategies and for playing with unfamiliar instruments, like the 100 top wines index.
Another Pimp-Trick I learned, which has served me well, and therefore worth sharing, is to focus on my breathing for 15 minutes as soon as I wake up each day.
I just sit-up in bed, cross my legs all monk-like, and just concentrate on breathing through my nose for a while. I really find that this has sharpened my reflexes, aids concentration and more importantly, had made me more disciplined and patient in my trading as well as all other aspects of my life.
This is really important for novice traders, who expect a trade to go instantly into profit. This is not really in-touch with reality, and timing is not always perfect. The amount of trades I cut in my early days with a 20 pip loss was staggering. Do that 5 times a day and you can see why only 2% of traders actually make it.
By practising the above method, you will be surprised how much less you panic when in a position.
Right, off to see a dog about a man.
See you in the morning