It's All About The Pips...

[jel31]

Hi Julie

That sentance says it all

"Loving the hourly chart, and with patience have got lovely entries, relaxed trades and 100+ pip exits."

You know you can do it and especially how i teach i am trying to set u up for the day than rather in the 2 hours i am with you in the morning. You are getting the entries and the trades right and its now down to confidence in holding these trades and getting your stops at the right place.

I will work a lot on this next week with you and we can chat on Skype to make sure u understand where to put your stops so you dont see 100 pips profit and then see it disappear.

You have achieved what many can only dream of and you know u can make these profitable swing trades, its now down to how you mange that trade. I can only help in guiding you but you need to put this into practice.

As you know i havent traded today and decided to leave it as it was too messy. Some people will say there are always opportunites and that you should always trade whatever but i strongly disagree and if the charts are setup incorrectly (and in high risk mode only) then why bother. Best to be strong and walk away...Thats what i do anyway and it works for me...

As you know i teach because i want to make you a better trader and not just scalp in the room. You are nearly there and when u master this swing trading your confidence will be sky high. You can make the trades which is the hard part and as i said we can chat on skype and go through each trade with the right stop losses.

Have a great weekend and well done.

Dan

Thanks for your words of support Dan. My trading has improved immeasurably since joining you guys, I never thought I'd be talking about 100, 200, 300 or even 400 pip weeks a couple of months ago. Controlled swing trading is definately the way forward for me and the club is the best place to be to get it perfected.

Have a good one and see you next week

Julie

 

[jel31]

Hi Julie
That's my email that Dan has quoted - I just wanted to pitch in because I am just turning that corner myself, I know exactly where you are right now and have felt the pressure of trying to fix my consistency and confidence. It can be bloomin lonely too trading solo. The room has made a big difference. Time and experience of the fx500club set-ups make it much easier to spot the best opportunities and spot them early enough to know what to do, to leave the less likely, plus realise which strategies suit you as a trader. I don't know how long you have been in the club, but it gets easier and easier. Like Dan says, anyone who can say they are able to see and take trades and run them to 100+ pips has achieved a remarkable thing, so you're basically there already. I still struggle but it is getting easier as you can see from the results I was quoting Dan, and these results are getting easier to achieve and more consistent for me. Best wishes and see you in the room!
Mike

Hi Mike

Brilliant results this week, it's good to hear how you're doing. It's also good to hear you've been through the consistency and confidence hurdles. Working hard to becoming a successful trader feels like a real journey and it's so helpful to hear how others are getting on, we all seem to go through the same phases to a certain extent.

You're right about trading solo; the room has such a positive and supportive bunch of people it makes all the difference.

Have a great weekend and see you in the room on Monday

Julie

 

[gordie2009]

Hi everyone,

I am new to the forum and just thought I would say hello. I have found this topic really interesting and there is some really good advice in it. Have been doing some demo accounts for the last couple of weeks and hopefully be starting some small trades soon.

Special thanks to Rollingstone for listing a load of spreadbetting companies. Was alot easier than having to look for them and maybe end up chossing a bad one. I liked the looks of partymarkets but was unsuccessful in my application Got accepted to twowayspreads.com so I might be using them soon.

Thanks again,

Gordie

 

[Rollingstone]

Hi

Hi everyone,

I am new to the forum and just thought I would say hello. I have found this topic really interesting and there is some really good advice in it. Have been doing some demo accounts for the last couple of weeks and hopefully be starting some small trades soon.

Special thanks to Rollingstone for listing a load of spreadbetting companies. Was alot easier than having to look for them and maybe end up chossing a bad one. I liked the looks of partymarkets but was unsuccessful in my application Got accepted to twowayspreads.com so I might be using them soon.

Thanks again,

Gordie

Hi Gordie

Glad I could help. There's so much to think about when you start trading and I got some really great help along the way, it's good to be able to give something back.

Twowayspreads seem quite good and their spreads from 8.00am - 4.00pm on eurusd, usdjpy and audusd drop to just 1 pip, and gbpusd and eurgbp to 2 pips making them one of the most competitive spread firms around.

I hope your trading goes well.

RS

 

[ekanters]

123

Hi guys and girls,

Just having a small problem with let the trades run. That has everything to do with the way I traded in the past. I have been on for a while and not traded that bad but now I have to change all I learned myself. Got another 100+ pips on friday but that should have been a lot more. Nailed the eurjpy thursday evening right at that silver cross and doing some 123ing again. Got out a bit to early but what is a a few 100 pips less on a day when you know there will be 1000+ the comming days. What!!!! A 1000+ pips in the comming day's?????

Yep since I changed my way's on thursday and got 145 after the sessions and also a 100+ pips on friday because I made it myself a bit difficult a 1000 pips is actualy not so much.

Just count with me. Sold usdjpy at 1.9805 and closed it at 1.9772 to see it run below 1.9700. bought eurjpy just above 1.2700 and took 30 pips and missed the run to 1.2900. Sold the eurjpy again at 1.2911 together with our friend Zak and got out at 1.2880. Sold again for a cheecky 15 pips to see it drop another 60 pips. And now I am not even talking about the GBPUSD where my wife said it would have been a 123 down I said it will rocket up because of my experience on other charts. In fact it was a nice 123 up on the blue line. Sold as you all know close to the high but my stop was 6 pips to short. Would ahve been another 100 pips.

Am I now saying It is an easy game??? Yes but not getting over confident. I know the market play's tricks with you but looking at trades from the past and compare those with the style Dan and Zak are doing I can tell you here for a 100% that my although I was often right my entries were totaly wrong. What I am saying is that were I got stopped out in the past the chance of staying in now will skyrocket with 80%. Together with (Lets not forget) moneymanagement and banking I would say watch out you Brokers because here comes the FX500 club.

Let's see if I am crazy by the end of the week. But when I am not we will buy that rock called Gibraltar.

Cheers guy's and see you monday.

Erik

P.S. It's not the market that is difficult to play it is you who make things more complicated then they are.

 

[danarm]

Hi Erik

Great post... I will reply to that later but have to run out now.

Its Marathon day and i feel the need for another challenge. Its been exactly 2 years since my white collar boxing challenge and now i am up for another one. Who's up for the marathon next year? We could have warm weather traning weekends down here in Spain and lots of fun on the way.

I have been registered for a race between east and west of scotland next winter but feel i could die so not sure i will go through with this...I think i should leave this race to the 20 to 25 year olds who actually enjoy adventure racing...

The marathon is one event we should have a go at...Go on you know u want to!!

D

 

[TWOHATS]

Hi Erik

Great post... I will reply to that later but have to run out now.

Its Marathon day and i feel the need for another challenge. Its been exactly 2 years since my white collar boxing challenge and now i am up for another one. Who's up for the marathon next year? We could have warm weather traning weekends down here in Spain and lots of fun on the way.

I have been registered for a race between east and west of scotland next winter but feel i could die so not sure i will go through with this...I think i should leave this race to the 20 to 25 year olds who actually enjoy adventure racing...

The marathon is one event we should have a go at...Go on you know u want to!!

D

Hey I too have a marathon day but i like to call em Snickers and attached to the side of a massive easter egg mmmmmmmm they dont take a lot of prising off the kids lol my 2 yr olds grip is rubbish.they'll thank me in years to come when they are slim and their dads fat.
Good luck with ya running, do 500 club members get free training weekends?
See ya all in the morning another easter egg fatter!
Andy

 

[Tenapenny]

Great idea Dan. I've just bought a treadmill and am keeping one eye on my trades whilst training, how sad is that!

Ken

 

[jel31]

Hey I too have a marathon day but i like to call em Snickers and attached to the side of a massive easter egg mmmmmmmm they dont take a lot of prising off the kids lol my 2 yr olds grip is rubbish.they'll thank me in years to come when they are slim and their dads fat.
Good luck with ya running, do 500 club members get free training weekends?
See ya all in the morning another easter egg fatter!
Andy

hehe Andy, glad I'm not the only one, really fancied a little chocy bunny last night, but just felt soo guilty thinking of our little one fast asleep upstairs unaware that I was raiding her easter egg stash. Liking the "they'll thank me when they're older" argument though, that might pursuade me next time!

 

[TWOHATS]

Great idea Dan. I've just bought a treadmill and am keeping one eye on my trades whilst training, how sad is that!

Ken

Hey Ken this is something thats crossed my mind of late as ive thought about how unhealthy trading is in the sense ya sit looking at ya screen a fair bit and dont do a lot of energetic stuff. I do however tend to lose a fair bit of weight through sweating whilst sitting on the edge of my seat clenching my butt cheeks during trades but i feel this will ease a bit once i get my entries right.

 

[Tenapenny]

Hey Ken this is something thats crossed my mind of late as ive thought about how unhealthy trading is in the sense ya sit looking at ya screen a fair bit and dont do a lot of energetic stuff. I do however tend to lose a fair bit of weight through sweating whilst sitting on the edge of my seat clenching my butt cheeks during trades but i feel this will ease a bit once i get my entries right.

LOL. I know what you mean Andy. Getting nowhere fast on the treadmill, just like some days I trade really.

 

[althefish]

What a start to my 3rd week in the liveroom! I have to admit that I wouldn't have seen the potential in this morning's cable trade on my own (not yet anyway) but Dan called it perfectly all the way along.

I went in a little later than some at 14606 (50% stake) and banked at 14592 for a few pips before my full-stake order kicked in at 14575. Banked 50% at 14555, 25% at 14550 and the remainder at 14518.

In retrospect I can see exactly why this was such a great trade (break of resistance and crossing of MAs) and Dan's explaination was very valuable. So, lots of pips and another excellent lesson for me, worth a fortune.

Lovely, lovely lovely.

Thanks Dan & team.

Al

 

[Tenapenny]

Well done Al. Unfortunately I had connection problems earlier on so no trade for me. Still, just like buses, there'll be another one along shortly.

Ken

 

[danarm]

Good morning

Trust you all had a good weekend.

CABLE
• Looks set for a break lower after struggling to break WP at 1.4750.
• 1.4575 is key support and looking for a break below here.
• Looking for a possible entry before break (50%) with a double top on the 5min chart with a stop at the DP.
• Would like to see a 1.4620 bid with a stop at 1.4655 for a 35 pip risk (remember 50%) and then sell again on break of 1.4675 with balance.

EURUSD
• Well supported below with MP and WP at 1.3110 and well resisted at 1.3210 with the DP.
• Simple wait for a break of these levels as there is no trend at this level.

EURJPY
• If EURUSD drifts off we should look for a short play in EURJPY with stop above the 128.00.
• Preferable I would like to see a 127.65 bid with stop at 128.05.

USDJPY
• Still short 40% from last week.
• Keep stop above the 4hr 20ma.
• No re entry here.

Verdict
• CABLE looking best option but want to see a double top on 5min chart around the 20 level

 

[danarm]

Good morning team...

Well done today and a great team effort in CABLE...

Trade as explained in the room.

CABLE
Short 25% (Silver Cross) at 1.4619
Short 25% (Break of WP) at 1.4599
Banked 25% (Ahead of support) at 1.4591
Short 75% (Break of Support) at 1.4575
Banked 50% at 1.4540
Banked 25% at 1.4550
Banked 25% (Ahead of major support) at 1.4520

A great start to the week and good to see so many of you in this trade.

Lovely jubbly.

D

 

[danarm]

How did you all get on? Did you enter at similar levels?

D

 

[danarm]

Hi

Take a look at the kiss technique on the 60min 20ma.

Def something to work on.. Happened with EURGBP and USDJPY.

D

 

[jel31]

How did you all get on? Did you enter at similar levels?

D

Hi Dan

I went in on the break of 1.4570 with an order and closed out at 1.4520 for 50 pips. Liked the look of an early pre-emptive entry but it was a bit quick for me, I was being super-cautious and waiting for a double-top on 5-min chart...

That's why I love orders, I place them before things kick off which means no dilly-dallying on the break, I'm in at a logical price then just got to manage sl and tp from there.

Fab morning this am. I've got a new super-robust money-management plan in place and this morning was just the start to the week I was hoping for.

Very happy bunny here cheers Dan

 

[danarm]

Well done bunny...You can call me FXGorilla!! hehe

Great to see the traders clearing up in the room again this morning.

Guys (and girls) are short CABLE and EURUSD again. Double top on CABLE (15min chart) (45 pips profit) and EURUSD using the 60min 20ma for 35 pip profit.

Thats a huge amount of pips today and well on the way to making the weekly targets.

Well done team and very impressed with you all.

Early lunch for me as lots of pips in the bank. Lovely!!!

D

 

[danarm]

RS said i looked more like this...

Maybe on a saturday with a hangover!!!

D