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There are always what ifs, but the important stuff is what did. Well done on your positive, live pips. Well done.
I've been where you are, and to a degree am still there. Finding it tough to hang on in there when the trade starts a jumping around. I got stopped out of ftse short on the futures contract yesterday early morning at 4364. Wanted to hold it for a few days, and now look at it. Less than 4100 as I type. Basically, didn't want to be in a losing trade and moved SL to wrong place. It happens to everyone.
I can whole heartedly recommend the 15min charts. It helped me move on no end. Trendlines on the hourly and monitor the 15min for a break. Works a treat, check it out if you can.
Keep focussed on the what did, not the what ifs, and keep moving forward.
Thanks 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..
Bonjour fellow piphunters,
Just al little update after last disastrous week.
Working with my strato rules I scored break even on the Monday.
Tuesday was back to shtstreet again - 200 pips. run over by some oil barrels.
After rereading the idiot in the mirror I quieted the live chat totally today
Result +239 pips !! in half the amount of trades.
I only switch on during the London open and afternoon sessions, with seems to work great for me.
Much more relaxed, spotted the perfect pimpsetup for aud/usd very early witch feels good if it turns up in session later on.
So I ad to my rules ;Switch off chat before and after sessions.
A great day in the room. I owe my currency wins to the guys in the room who watched them and called them, thank you! And of course mostly thanks to Zak and Dan!!
Barry is top student for his haul on Gold shorts!
EURUSD short +55 (big thanks to Honest Bill)
EURCHF short +59
GBPUSD short +35 & -48 & -21 so balance -33
GBPJPY short +12 & -42 so balance -30
USDCHF long -34
AUSUSD short +65
OIL short total +98
WTI short total +210
Pips today 390
I am reliably informed that the sterling shorts failed because Rockdrive was out shopping
Nicola
The way I trade best is when I don't care if my SL gets hit. By that I mean, if it gets hit, the loss cash wise does not cause me concern. Only when I risk too much do I make stupid decisions. If a trade needs a SL of 40 then adjust the stake accordingly. If it needs 60 pip SL then adjust accordingly, and so on. I have a figure £ wise that I'm happy to risk. I simple divide this by the required SL distance and that is my stake. Obviously I don't get the calculator out and work it out to the exact 1/100th but I know if its 10/20/30/40 or whatever SL then I'll know what the stake is. Works for me.
Anyway, you're calling them right and that is the main thing.
Unlock the pip tin, looks like you'll be needing it!!
Hello Spitfire
Any day now you are going to be posting 800+ pips because you were in all the right trades!
I often have the opposite problem, I stay in too long and winners become losers
Quote:
Originally Posted by spitfire_412
Dear fellow pipsters,
Here is how to scare yourself out of perfectly valid trades for no good reason.
I agree with you Nicola, I have been trading for years and I am still having trouble timing when to get out of a trade. It makes me so angry when I am up over 30 or 40 pips and then end up loosing!
Last edited by newdigital; 01-15-2009 at 07:04 AM.
Isn't it interesting how we are all different. Some find the live room really helps them, others it hinders them (apart form the two sessions with the mentoring team)?
I had my first negative day of my year today, after two positive it had to happen sometime (strangely Anders was off form this monring, & Zak wasn't quite as bullish as usual this afternoon)
So, great start am session
GBP/JPY long +41 (half close) + 60 (second half) +50
cable long +49 (half close) + 68 (second half) +58
however at the same time
EURJPY long, sneaked down to my emergency stop -100
all that hard work +8
pm session
USDCHF long wasn't happening -31
total for today -22
Good job I got the cable long closed before Rockie hit the shops
CU all in the live room tomorrow
Paul
I have bn following this thread right from long time now just that i dont post much at all... i dont know ppl that we start learning this stuff on here (geat pimpology method) has already being very profitable and all of that... i could name names but no need coz it would only make me look dumb to you guys but im not and i know i could make this work for me coz i totally love this method BUT yet i keep having 50/50 winners/lossers even more lossers recently which i know is not right, i usually work with the 5/15mins chart (and i always also look at the larger time frame to see where market is headed) and i dont enter until all the MA's are all in fine tune with using the 123 trigger to enter.
So what do you think im doing wrong, my stop are usually tight, 35point away and i only trade London and New York session. I need some insight help needed.
I have bn following this thread right from long time now just that i dont post much at all... i dont know ppl that we start learning this stuff on here (geat pimpology method) has already being very profitable and all of that... i could name names but no need coz it would only make me look dumb to you guys but im not and i know i could make this work for me coz i totally love this method BUT yet i keep having 50/50 winners/lossers even more lossers recently which i know is not right, i usually work with the 5/15mins chart (and i always also look at the larger time frame to see where market is headed) and i dont enter until all the MA's are all in fine tune with using the 123 trigger to enter.
So what do you think im doing wrong, my stop are usually tight, 35point away and i only trade London and New York session. I need some insight help needed.
Kay
Hi Kay,
Perhaps easiest way to comment would be for you to share with us a trade which has gone against you and put on the s/l position and the trade entry position. You will probably have a few comments back then, which may provide some insight. One obvious comment is maybe your stop loss is too tight and that you are not entering close to the break or the trigger. Can't comment more without futher details.
hans contra hans update
I placed about 10 trades a day.
, so if I not jumped in that last trade of the day I still would have a little profit.
.
Linear Mode
