The London Open

[Bloom]

Gold finally shifted and I got my 50 pips. Almost cut it before it moved.

[Dan007]

Originally Posted by Bloom

Gold finally shifted and I got my 50 pips. Almost cut it before it moved.

Well done Sir Bloom.

Excellent work.

D

[FrattonPark]

Originally Posted by Dan007

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.

Cheers
D

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.

[Dan007]

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.

[rockdrive]

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

[SimonRK]

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

[Honest Bill]

Originally Posted by Dan007

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.

[Dan007]

Originally Posted by SimonRK

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

[ajhill]

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

[rockdrive]

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