The London Open - page 85
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Good question...As we know this is not an exact science and i wish i could tell u that i have a set plan everyday. A lot depends on the Pivots and MA's as targets but when the price halts and i am up a good amount of pips, i have no harm in banking. The CCI's are key as well eg crossing back through the 0.00 or -150s/150s.My daily target is 50 pips per day so when i am up over 100 pips, i tend now not to get greedy. Do that 5 times a week and 4 times per month, thats 2,000 pips a month. If i stick to that plan i seem to do very well. As soon as i go for 300-400 per day i mess up. Dont ask me why but i do. I have learnt my weaknesses and i have learnt how quickly trades turn on me, so i bank when i hit targets.CheersD
As ever, a very candid answer and one that is perhaps more useful than you imagine.
My better-half went to see "The Women" last night. No car chase or shoot-out so clearly a no-no.
Many thanks and have good weekend.
Got asked a question re psychology and why we kick ourselves when we cut out of a trade too early...
---------------------------------------------------------------------------------------
The psychology side of trading is the hardest...In a sense how can u win? How can u ever be content in trading? I use to beat myself up all the time..
Why didnt i hold that trade?
Why didnt i cut that trade?
Why didnt i double up?
Why didnt i hedge myself?
Why did i jump in to that trade?
Why didnt i jump into that trade?
The list goes on...
Forget it...The only way u win is when u have a target and u hit it each and every day.
I have only been back trading these last 2 weeks and made 1,150 last week and 667 this week.. Yes could have made a lot more pips but also could have lost a lot more... I held some risky trades and cut out good trades etc etc but in the end it evens itself out.
My target was 500 over the last 2 weeks and i basically tripled it so i am happy. I dont care that CRUDE has fallen more or that i missed the CABLE trade etc. For me its been a great 2 week and i dont usually hit above 1000.That is usually tops but the 500 pip trade in Gold made it for me.
So set yourself a target and aim for that...Nothing else matters in this crazy world of trading!!!
D
PS Positive thinking in this game is vital for survival...Enjoy it.
I am not quite sure what to make of the 'shag pile' carpet comment Bloom! I seriously doubt that a man of Pimps taste would lower himself to such unbecoming furnishings. Pimp is more an axminster floral man I suspect; something to clash with his elegant sartorial self. I mean, can you see the Pimp bear foot. No way, he has turned up house shoes, in suede. Hardly appropraite footwear for a mear 'shag pile'.
I do however reserve judgement on your good self Bloom. You really do need to change the carpet quickly if you are going to fit in with the great man. Silk pyjamas will be a good start and proper house shoes......come on - get with the programme; did you not receive the membership notes on dress code and office standards.
Something we should have the Pimp comment on are not just where you could make pips, but a comment or two on charts where jumping in would not have been a good idea. Sometimes knowing when not to enter (as the actress said to the bishop) is a important as your entry!
I do like the idea that the exchange is two way so not to burn out the Pimp. So I think we should have a little section where Pimp asks an occasional question and we (other users readers put up our answers). Could be a good source of banter and learning. I do like a little cheese gromit!
House Coat Rockie
Hi Dan,
Been short of the euro since yesterday - just come out of the trade in fear of a retrace - really could go either way - seems to be no price action so decided to quit - 125 pips so can't complain.
Simon
Got asked a question re psychology and why we kick ourselves when we cut out of a trade too early... --------------------------------------------------------------------------------------- The psychology side of trading is the hardest...In a sense how can u win? How can u ever be content in trading? I use to beat myself up all the time.. Why didnt i hold that trade?Why didnt i cut that trade?Why didnt i double up?Why didnt i hedge myself?Why did i jump in to that trade?Why didnt i jump into that trade? The list goes on... Forget it...The only way u win is when u have a target and u hit it each and every day. I have only been back trading these last 2 weeks and made 1,150 last week and 667 this week.. Yes could have made a lot more pips but also could have lost a lot more... I held some risky trades and cut out good trades etc etc but in the end it evens itself out. My target was 500 over the last 2 weeks and i basically tripled it so i am happy. I dont care that CRUDE has fallen more or that i missed the CABLE trade etc. For me its been a great 2 week and i dont usually hit above 1000.That is usually tops but the 500 pip trade in Gold made it for me. So set yourself a target and aim for that...Nothing else matters in this crazy world of trading!!! D PS Positive thinking in this game is vital for survival...Enjoy it.
Thanks for all this, Dan. I was quite frustrated at negative days while seeing you, Rockdrive, etc make hundreds in a day or two.
But, 1000 pips doubles my account and a target of only 25 pips per day will do that every 8 weeks. The compounding grows the account exponentially.
So, when I can achieve that for 4 weeks consistently my target is then 50 per day. With compounding the account then goes off the scale.
I hope this helps anybody who may be feeling the frustration I felt.
Hi Dan,Been short of the euro since yesterday - just come out of the trade in fear of a retrace - really could go either way - seems to be no price action so decided to quit - 125 pips so can't complain. Simon
Excellent work Simon...
D
Bill, thanks for the insight. 25 a day etc.
To take today as an example. Made 30 on Gold by about 8:30am. Happy with that given the week I've had (-60). But what to do now. It's 8:30am! Just sitting and watching charts isn't half as interesting as partaking in a bit of pip harvesting.
Today I kept the powder dry and will be +30. But it's hard when your done by 8:30. Any words of wisdom Dan?
TonyH
Tony;
Make you pips and switch off.....If you have made your target for the day why stay in front of the screen. Go cut the grass, take a walk, wash the car, play golf, rise your bike, bake a cake. Surely, and I know its different for us all, but you have taken this path for the potential personal freedom it provides. I make my pips and then go do stuff!
Thats what I do - don't want to burn out, don't want to get bored, don't want to get drawn in to trading when I don't need to.......
Hobbie Rockie
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
Another mad week draws to a close and although activity was muted it
didn't pass without incident. Corporates continue to get a battering
and Kazakh banks found new lows today with a print of 35 for one of my
beloved bonds that shall remain anonymous. The basis continues to
invert at pace as investors clamouring for cash are just selling high
priced short end bonds. I traded some VTB 6mth paper (CDS trades around
750) at 1400 today and I don't expect a rally anytime soon. I think
the market is very close to total and utter paralysis, the majority of
dealers are not bidding for illiquid paper and soon it will be the same
for better names.
The big wide world is a little peculiar, data currently is irrelevant as
the world awaits the TARP (by the way if u rearrange the letters it
spells PRAT and TRAP is this a sign perhaps?) and it looks like we will
have to wait until Monday to see if the Republicans let the bill pass in
a form that is acceptable to Hank and Ben and most importantly the
market. As I am writing the market trades exceedingly well considering
another set of equity holders got wiped last night out as WAMU finally
folded. So lets remind ourselves, we have seen AIG, Freddie, Fannie,
Bear Stearns, Lehmans and WAMU all wipe out their equity holders and yet
stocks continue to defy logic. Do equity traders realise they are at
the bottom of the capital structure? I know I am ranting as usual but
in my mind either credit is the cheapest asset on earth or equities are
very very expensive but one of these two asset classes looks completely
out of whack to me. All that said it does feel like the market ie
stocks or credit indices want to rally and so I guess we should let
them, but with or without the TRAP I mean TARP plan we continue to see
strong evidence of a global slowdown in growth (Jap exports to the US
20% lower last month for example) and this plan will take along time
before it bears fruits. Relax for the next 2 days, September month end
funding is going to mean next week is going to be at least as active as
this one, enjoy the weekend.
(A day in the life of a city trader)