The London Open

[Bloom]

Up a bit late this morning so missed the moves. Thats what you get for a lazy Sunday sipping wine.

[endy]

Hi,
do you have thread also regarding your long term book trades?

Thanks.
endy

Originally Posted by Dan007

Longer term book looking good though, so cant complain.

D

[rockdrive]

Morning Fellow Pipsters,

What a great start to the week. I arose early and was at my PC by 6am, but even then many of the moves had already happened. I took stock and looked for retracements.

Traded eur/usd +45 pips usd/chf +30 pips, eur/yen +75 pips and gold +38 pips. A morning total before 9am of 188 - a personal record.

I am now off for the remainder of the day and going to do chores and enjoy a full english cooked breakfast.

Blooming heck Sunday drinking no good for you. I am only a little jealous and cannot subscribe to too much negative banter.

Get well soon Dan - it is Man Flu. A week in bed should sort it out!

All the best,

Pippy Long and Short Rockie

[Dan007]

Well that should have been 300 pips in the bank on CRUDE...Was short at 102.40...Nevermind. Mustn't beat myself up. Rule 34...

[ChrisFx]

Morning guys,

A good morning, bit hesitant as many pairs looked a bit oversold, so not as brave as Rock. Chose crude and gold to go for and was rewarded with 60 on crude but only 10 on gold as i pulled out just before it started to go. Played euro for only 12 pips as gold didn`t want to go, so pulled out too early again.

Anyway 82 for the morning and pleased.

Some of the pairs gave massive pips this morning, but last week I got caught out a lot with 20/30 pip moves retracing very quickly, must get a longer term book going but need your guidance Dan on where to get in !

Bye for now

Chris

[Dan007]

Originally Posted by rockdrive

Morning Fellow Pipsters,

What a great start to the week. I arose early and was at my PC by 6am, but even then many of the moves had already happened. I took stock and looked for retracements.

Traded eur/usd +45 pips usd/chf +30 pips, eur/yen +75 pips and gold +38 pips. A morning total before 9am of 188 - a personal record.

I am now off for the remainder of the day and going to do chores and enjoy a full english cooked breakfast.

Blooming heck Sunday drinking no good for you. I am only a little jealous and cannot subscribe to too much negative banter.

Get well soon Dan - it is Man Flu. A week in bed should sort it out!

All the best,

Pippy Long and Short Rockie

Great start Sir Rock...

Lets make it a 1000 pip week.

D

[Dan007]

Originally Posted by rollingstone

Hi Dan

I hope you had a good weekend.

I was just wondering whether your experience as a pro trader, and all the pressures you experienced working in banking helped with your transition to home trading, or whether you still experienced the same sort of emotions us novices go through when you started trading with your own money.

Obviously I don't expect you to have made the same mistakes as me (which I outline below), but just wondered if it felt different making your first few trades with your own hard earned cash.

The worst things I did, all classic newbie mistakes, are:

1. Waited for a set-up then when it arrived got nervous and either put the trade on too late or didn't put it on at all.

2. If I put a trade on when I saw the set-up and it didn't fairly quickly go into profit, again got nervous and sometimes closed it for a small loss only to watch it go in the direction I expected it to go in the first place.

3. Again, if I put the trade on at the right time and it went into profit I didn't really have any set profit taking or target so quite often closed trades for 10 or 15 pips when I could have got 50+ with a proper exit plan.

4. Before using your strategy I used to use too many indicators and just couldn't see the set-ups when they were there.

5. Tried to trade without enough money in the account so put my stops too tight and got pinged before, again, watching the trade go in my direction.

As you have mentioned before, the psychology of trading plays a big part in whether or not you are successful. For me personally, I am finding that a deeper understanding of the strategy and being able to read the charts better has helped hugely, giving me confidence and therefore making the trading less of a panic.

Clearing my charts of all surplus indicators has helped too and I find I don't need any others than those used for this strategy. They just posed one more question that needed answering before taking a trade.

Where I failed in the past was not realising that I didn't fully understand what I was both looking for and waiting for. As with most things, this is just down to time and personal trading experience. It does take time to learn and absorb everything, and for some of us it takes longer than others.

Reading your analysis each day and following the trades you take has helped so much. Your snippets of wisdom - both your posts dedicated to a particular subject, or just a passing comment made as you detail your trades in the morning really help so much.

At long last I do feel I am getting there and fully appreciate the help and confidence boost this thread gives me. I am sure I would not have got as far as I have without your help and the help of all the other experienced traders who post here too.

A huge thank you to you all and I hope at least one of you can relate to my past mistakes, all of which have made me a better trader today.

Morning Rollingstone...

Trust u had a good weekend...Emotions are totally different working for a bank than for yourself...Losing your own hard earned money makes it a different ball game and it takes a while to change mentality. Or at least it did for me...I am a lot more disciplined now...All i have is my chocolate lab to discuss my ideas with and it seems to work...

All i can say is keep it simple...Less is def more in this game and consistency is key... 250 pips a week is 1000 pips a month. You dont need anymore!!!

D

[Dan007]

Originally Posted by pardy

Hi,

I can relate to all of that!!!

Pardy Singh

Hi Pardy

It will come...You must stay wih it and keep practicing this strategy... I have so many students now making over 100 pips a day.

Stay positive.

D

[Dan007]

Originally Posted by Honest Bill

Hi, Dan,
Would you mind sending or posting pics of eurusd and cable because I think mine are at different levels to the ones you mention?

Hi Bill

As we know pivots are a grey area. I need to do a few more checks because i understand they are different to WHC.

Will get back to u.

D

[Dan007]

Originally Posted by FrattonPark

Always up for a lesson but on my charts both Cable and Eur/USD broke S1's before midnight (Cable S1 1.8348 and Eur/USD S1 1.4554).

Yes this pivot problem...As mentioned a while back i swapped over to another broker and monday pivots seem to be different due to the calculations they make for sunday's trading...

Annoying.

Will look into it.

D