School of Pimpology - Page 52

Benihana · #**511** (**permalink**) 08-24-2008, 11:44 PM

Quote:

Originally Posted by rollingstone

Hey Vampy

You are certainly not alone with your psychology problems, it is one of the most difficult hurdles to overcome in trading and has been one of the biggest things to hold me back. I know many more traders who suffer the same problems so you are not alone.

I can truly, honestly say that without the fantastic support, endless patience and genuine care of Dan and Pimp I would not still be trading today. Finally for me it is just starting to come together, slowly. The fog is lifting as they say and I am starting to see entries clearer and have the confidence to take them. Dan and Pimp are my trading mentors, without them I would have pulled out my hair long ago with the frustration of trying to master this game and my genuine gratitude to them both will last forever. They have continually encouraged me, kept me going, told me it would all come together eventually, and they have been right. Dan suggested I cut down to a few pairs and become a professional in those, and it is a strategy that has worked for me personally.

Everyone is different, and that goes for trading styles as well. Entries are a science, exits are an art. Everyone has their own view on exits and I am sure Pimp and Dan will share their thoughts and pearls of wisdom on the subject. I will say that there is nothing like a few winning trades, however small, to boost your confidence and give you a platform on which to build. As Pimp said in an earlier post, with this strategy you only need 25 pips a day to make some serious money and I know you can do that.

Without doubt there is no substitute to trading as a group, with all your friends around you. The Boiler Room, with Pimp guiding the way, is just great; how lucky we are to be a part of such a fantastic community and thanks again to Cako for setting it up.

So hang in there Vamps, I'm glad you are trying to be more patient and I'm sure it will pay off in the end. And as my mentors have told me many, many times - it will all come together, just keep going. You're just lucky you have never had to wear Pimp's dunce hat like me!

Your good friend Scorps

Yes Scorps, you are a good friend indeed. I could not agree with you more about Dan-o and Le Pimp-le. I would give a million dollars to go back have discovered them when my account was in its prime. I lost a lot of it along the way with many disappointing service providers and such. I'm really not worried, just more stressed than anything with me moving in a week and taking on a whole new mess of bills. Having your account at 1/10th the size it used to be and trying to bring that back is definitely no easy task but very do-able using Dan and Pimps strategy. Like I said, if I would have known what I know now my account would probably be double if not triple what it was. Guess mistakes are meant to be made though and are definitely a well taught lesson. I know I won't make the same mistakes I made when I first started trading and thats fo sho! Now, I'm just in the rebuilding stage and I think I've always performed best under pressure anyways so I'm saying bring it on.. So here's to a good week my friends, we won't let the markets play us, rather we will play them, like a puppet or Muppet as Le Pimp would say.

I had to brush up on my British movies this week. Dug into the old Guy Richie stash. Lock, Stock and two smoking barrels....Snatch....Good ones. I finally figured out what you meant (Scorps) when you say Oiii. It's like the American version of Hey! I love it, already started it amongst my friends. They think my cheese has slipped of my cracker but who cares. I know I've rubbed off a bit on Le Pimp cause I got him saying buddy. Funny how different cultures mix. Love ya all, Peace

Vamps mc dirt

FX Pimp · #**512** (**permalink**) 08-25-2008, 06:46 AM

Morning all. I hope you all had a fantastic weekend.
Mine almost came to a rather sad ending, having fallen alseep with some burgers under the grill.
Fortunately a family member arrived on the scene and was able to save the scenario. I dread to what would have happened had they not been in the vecinity.

Anyway, onto business.
Crude has managed to successfully give back almost 75% of it's gains from last Thursday, so is now back beneath all the averages, indicating more Dollar strength to come.

Not really expecting a lot this morning. No London so could well be quiet.
Jpy looks quite weak after a big move back-end of last week too.
Not getting excited about anything at all.
Gold has nowhere to go so think it's a matter of waiting for some consolidation and then some continuation of the 4hr trends.
Having said that it has failed to test the S1 level and has just created a little double-bottom on the 5m chart.
No room to the upside whatsoever and with the 60m 20 now having crossed down through the 60m 50 I am just waiting for a further opportunity to go short.
Mied picture at the moment with the 4hr chart showing the 20 having crossed up above the 50 so until I see somw clearer direction I will not be taking a position, which will leave the currencies on the bench too.

Maybe a lively morning will give us a clue but not rushing into a potentially sideways market on a Bank Holiday

william1000 · #**513** (**permalink**) 08-25-2008, 07:39 AM

Quote:

Originally Posted by FX Pimp

Morning all. I hope you all had a fantastic weekend.
Mine almost came to a rather sad ending, having fallen alseep with some burgers under the grill..............

FX,

A neighbour of ours used to do that a lot. I haven't seen her since she was put into care by the family!!!!!!!!!!

HB.

dvarrin · #**514** (**permalink**) 08-25-2008, 08:32 AM

Hello FX Pimp,

Why do you say that gold has nowhere to go? How do we know where it should usually go based on the moving averages?

For example, could gold go upwards to the MA 480 reaching the R3 level?

Thank you very much for your thread. That's really interesting!

william1000 · #**515** (**permalink**) 08-25-2008, 08:41 AM

Quote:

Originally Posted by Benihana

Hello all Gents and Ladies,

I've done a plethora of thinking and going over some things in my head this weekend. I could have walked away Friday with +44 pips early but I wanted to continue trading as well as continue being greedy. Where did this leave me??? Well at + 17 pips instead of 44!!! Not very wise on my part! I'm not very sure when it's really time to draw the line. Sometimes I feel like my trades are going good so why not continue to keep on trading? I see it as I can keep making more money but the result is in fact the complete opposite. The hardest thing I find about trading has to be the psychology of it all. Whether it be the amount of money your willing to risk, when to get out, when to get in, how far your willing to let any trade ride, it's all quite frustrating sometimes. I've been constantly working on rules and guidelines for myself to follow but I seem to be breaking them as well as not trusting my instincts. 80% of the trades I stop myself out of end up going my way shortly later. Although I'm taking small losses, when there are numerous ones it tends to add up rather quickly. I don't know what the real answers are to any of these things I second guess myself about but I just wanted to share my thoughts with the rest of my friends in case anyone was experiencing the same nonsense. Myself, I'm going to try and follow by some of the rules I've made for myself and just wait for the good trades and the right times instead of taking mediocre trades. I think my major problem is patience is not one of my virtues. But like my friend Scorps tells me, I have to be patient and wait for the right ones. I see it and know that all you really need is one or two good trades a day to make really good money in this business. I'm trying to be an over-achiever (which has haunted me my whole life) I think I have ADD or something. I need to learn how to be satisfied with having a decent or good day and quit shooting for a freaking life changing experience in one day. I hope if there are any beginners out there experiencing the same issues as me this eases your mind a bit to know your not the only one. I'm looking forward to trading with all my friends in the room this evening and I hope you all had a great weekend. My thanks goes out to all of you for being so generous with trading ideas and strategies, you all know who you are! And a special thanks to Mr Pimpy Longstockings for all his hard work. Cako, my friend I hope your eyes get better soon so I'm not the only naughty one in the room. I hope your eye gets better too bloomy (try some herpicine) haha ha lol, just kidding my friend!

Speak to you all soon..

Benihana Mc Vampy el Slim Trady

Peace all...

Vamps,

I've gone through all of this. Still do. Very quickly let me say this to anyone else feeling the same:

Every time you place a trade, print the chart. Note the date and time.
Write notes on it, why you took the trade?, what your stop loss is? what your targets are? What are Crude and Gold doing?
Did you notice anything after the trade that made you think it was wrong to take?

You need to scrutinise all these and figure out what you are doing wrong. Maybe on a weekly basis away from the PC.

I found I was jumping into trades. Sometimes, I might think there's a good set up or even look at what somebody has said in The Boiler Room and jump in only to be stopped out for -20 to -30 pips.

From my errors, I have developed a little checksheet that I must answer before opening a trade. Even still, I was jumping in.
NOW HEAR THIS…..I was thinking that I would miss out on pips if I waste time doing the checksheet first. Well, it far outways the losses I’ve been incurring when I don’t use it.

Honest Bill

TLBreak · #**516** (**permalink**) 08-25-2008, 08:49 AM

Hi FXPimp,

Thanks for the strategies, having some success with the 4 hr strategy.

Am now starting to get to grips with the 5m strategy, you say in one of your original posts "Remember not every cross of the 7CCI is an entry", when you have the time could you go into a bit more detail about how you tell the difference between a "good" 7CCI cross, and a "bad" 7CCI cross, problem I have with the 7 is that it crosses all the time and is hard to read the difference.

Thanks a lot.

dvarrin · #**517** (**permalink**) 08-25-2008, 09:41 AM

Hi FX Pimp,

If we look at the 1h charts now, we can see that when CRUDE and GOLD are weak, EURUSD and GBPUSD are strong. But on the 15m chart, we can see that all CRUDE, GOLD, EURUSD and GBPUSD are weak. What does that mean? Consolidation from EURUSD and GBPUSD?

You wrote at the beginning that we have to be careful when CCI is reaching 150/-150 level, as it is becoming overbought/oversold. Do you still exit when the CCI is crossing back the 100/-100 level, or do you exit sooner? I don't really understand when to exit.

FX Pimp · #**518** (**permalink**) 08-25-2008, 10:22 AM

I have been asked to talk a little about good crosses and bad crosses of the 7CCI.
Some of you I know have replaced the 7 with a 21, which is fine.
The 7 is sensitive yes ans not all crosses are valid. For this reason trendlines are essential to making this work.
All the 7 is doing is indicating retracements within the trend of the 63CCI.

The picture demontrates the good entries from the bad with all crosses highlighter with a red vertical line, then either a tick for a good one and a cross for a bad one.

If your 7CCI crosses above the support line you must wait for the support line to be broken.
You really don't want to be shorting INTO the support line. The same is trues for the moving averages. Don't sell INTO a big 60m 50 m.a or a 4hr 20ema.

Little support and reistance lines are a very powerful tool. Remember to use them.

FX Pimp · #**519** (**permalink**) 08-25-2008, 10:30 AM

Quote:

Originally Posted by dvarrin

Hello FX Pimp,

Why do you say that gold has nowhere to go? How do we know where it should usually go based on the moving averages?

For example, could gold go upwards to the MA 480 reaching the R3 level?

Thank you very much for your thread. That's really interesting!

This is what I mean with Gold having nowhere to go.
It's trying to break the 4hr 20 on the upside but has the 60m 20 there to also act as resistance. Need to break that area if it's to go anywhere, which at 7am this morning was looking unlikely. It might do so now and make a dash for the pivot.
The mornng post is purely an outline of my thoughts for the first few hours of the day, it's not meant to mean 'has nowhere to go, EVER'

FX Pimp · #**520** (**permalink**) 08-25-2008, 10:36 AM

Quote:

Originally Posted by dvarrin

Hi FX Pimp,

If we look at the 1h charts now, we can see that when CRUDE and GOLD are weak, EURUSD and GBPUSD are strong. But on the 15m chart, we can see that all CRUDE, GOLD, EURUSD and GBPUSD are weak. What does that mean? Consolidation from EURUSD and GBPUSD?

You wrote at the beginning that we have to be careful when CCI is reaching 150/-150 level, as it is becoming overbought/oversold. Do you still exit when the CCI is crossing back the 100/-100 level, or do you exit sooner? I don't really understand when to exit.

There is no fixed rule for exiting a trade. Some will get out after 20 pips, some when a target area is met, a movine average or a pivot S / R level.
Otheers will stay in until the CCI crosses back through the 100 or 150 levels whilst others will wait for it to cross 0.0.
Others still will wait for the 1st Heiken Ashi in the opposing colour to appear.

It's really up to the individuals money management strategy

IF the price of both CCI's on your chart are +150 then this telss you it is overbought. Don't enter at these levels a retracement could be just round the corner.