mirgi's journal

[immy]

I have problem, I think that when M5 aligator is sleep I must open order break at M5.

I understand, but 1. M5 gator was not sleeping. 2. your entry was not at the break of m5, it was slightly before it.

[immy]

I have problem, I think that when M5 aligator is sleep I must open order break at M5.

I understand, but 1. M5 gator was not sleeping. 2. your entry was not at the break of m5, it was slightly before it.

and 3. even if you take break of m5, you have to have a setup on m1. In this occassion. the most important factor was ignore...

Risk was too big. Entry was 14pips away from m1 break. we cannot do that. Don't forget to ask the Fundamental Question: How far is my exit point from my entry point. Your entries has to be close to Gator lines. so you would take break on m5, only when break of m5 and break of m1, are still close to 1. other side of AIMS box 2. red/green lines.

[mirgi]

I have problem, I think that when M5 aligator is sleep I must open order break at M5.

I understand, but 1. M5 gator was not sleeping. 2. your entry was not at the break of m5, it was slightly before it.

and 3. even if you take break of m5, you have to have a setup on m1. In this occassion. the most important factor was ignore...

Risk was too big. Entry was 14pips away from m1 break. we cannot do that. Don't forget to ask the Fundamental Question: How far is my exit point from my entry point. Your entries has to be close to Gator lines. so you would take break on m5, only when break of m5 and break of m1, are still close to 1. other side of AIMS box 2. red/green lines.

Please, What is (Your entries has to be close to Gator lines)?

[immy]

I'll add that if m5 level is too far from m1 level, then you have 2 options. 1. take m1 level, becasue by the time it reaches m5 level you may bring to BE or SL will be smaller than initial. or 2. filter the trade because the a. trend is not confirmed 2. risk is too high as compared to potential for profit. These things are THE MOST important things about getting the Entries right. and once you get the entries right you would have successfully learned 10% of trading skill. Then you would need to work on Exits which another 10%. The most important big is the mind which is 80%.

in my opinion there are 2 main areas in trading 1. Mind 2. The Setup
1. The Mind: it is a whole different topic and beyond the scope of this post.
2. The Setup has 3 components:

2.1. Entry Setup: (the edge, the variables that gives you the edge in the market, e.g. a Buye Setup means probability of price going up is higher than it going down and vice versa for shorts)
2.2. Exit Setup: ( a. exit with a loss = don't risk more than "profit potential" to find out if this Setup will work on not, b. exit with a profit: don't exit too early, don't exit too far (its subjective but it can be objective if you follow a mechanical exit plan e.g. exit on green line or red line or trail aims boxes etc)
2.3. Money Management: Correct money management is very very important, not only for successful traders but more importantly for beginners and losing traders. It is your way to a. compound your way to multi millions but turning a 10 k account into a million within 5 years or b. if you're losing, minimizing your risk of wiping your account so you stay in the game longer. 1% risk of account balance per trade will take a LONG time for your account to be wiped out.

The rest is just simple! )

[immy]

I have problem, I think that when M5 aligator is sleep I must open order break at M5.

I understand, but 1. M5 gator was not sleeping. 2. your entry was not at the break of m5, it was slightly before it.

and 3. even if you take break of m5, you have to have a setup on m1. In this occassion. the most important factor was ignore...

Risk was too big. Entry was 14pips away from m1 break. we cannot do that. Don't forget to ask the Fundamental Question: How far is my exit point from my entry point. Your entries has to be close to Gator lines. so you would take break on m5, only when break of m5 and break of m1, are still close to 1. other side of AIMS box 2. red/green lines.

Please, What is (Your entries has to be close to Gator lines)?

[mirgi]

Thanks immy, I will Saturday to Tuesday study:-) Next week I will trade from Wednesday.

My last trade for today

Open trade at EU M1 setup 1, and closed at oposite AIMS box, profit +4pips. I may closed at red line (

For today lost -8,4 pips and it is -1,02% my account size.

From start my AIMS trading I am profit +2,22% :-D

[immy]

Thanks immy, I will Saturday to Tuesday study:-) Next week I will trade from Wednesday.

My last trade for today

Open trade at EU M1 setup 1, and closed at oposite AIMS box, profit +4pips. I may closed at red line (

For today lost -8,4 pips and it is -1,02% my account size.

From start my AIMS trading I am profit +2,22% :-D

I took same trade on EU. same result. I'm after big moves, and big moves happen only within big Waves!
I closed on Break of AIMS and Close on Green Line.

[immy]

Thanks immy, I will Saturday to Tuesday study:-) Next week I will trade from Wednesday.

My last trade for today

Open trade at EU M1 setup 1, and closed at oposite AIMS box, profit +4pips. I may closed at red line (

For today lost -8,4 pips and it is -1,02% my account size.

From start my AIMS trading I am profit +2,22% :-D

I took same trade on EU. same result. I'm after big moves, and big moves happen only within big Waves!
I closed on Break of AIMS and Close on Green Line.

[immy]

But you trade it correctly. Well Done! DON'T READ ANYMORE, DON'T BACKTEST ANYMORE DON'T ADD ANYTHING DONT DELETE ANYTHING
JUST PERFECT THIS ENTRY AND CARRY ON. PLEASE PLEASE PLEASE JUST CONTINUE DOING THE SAME AND YOUR GRAND CHILDREN WILL PRAY FOR ME.

[immy]

I'll add that if m5 level is too far from m1 level, then you have 2 options. 1. take m1 level, becasue by the time it reaches m5 level you may bring to BE or SL will be smaller than initial. or 2. filter the trade because the a. trend is not confirmed 2. risk is too high as compared to potential for profit. These things are THE MOST important things about getting the Entries right. and once you get the entries right you would have successfully learned 10% of trading skill. Then you would need to work on Exits which another 10%. The most important big is the mind which is 80%.

in my opinion there are 2 main areas in trading 1. Mind 2. The Setup
1. The Mind: it is a whole different topic and beyond the scope of this post.
2. The Setup has 3 components:

2.1. Entry Setup: (the edge, the variables that gives you the edge in the market, e.g. a Buye Setup means probability of price going up is higher than it going down and vice versa for shorts)
2.2. Exit Setup: ( a. exit with a loss = don't risk more than "profit potential" to find out if this Setup will work on not, b. exit with a profit: don't exit too early, don't exit too far (its subjective but it can be objective if you follow a mechanical exit plan e.g. exit on green line or red line or trail aims boxes etc)
2.3. Money Management: Correct money management is very very important, not only for successful traders but more importantly for beginners and losing traders. It is your way to a. compound your way to multi millions but turning a 10 k account into a million within 5 years or b. if you're losing, minimizing your risk of wiping your account so you stay in the game longer. 1% risk of account balance per trade will take a LONG time for your account to be wiped out.

The rest is just simple! )

Further to that, Step 1. towards learning to control your mind and use it correctly is to form a belief system that the Trading is a Probability Numbers Game and that The Setup AIMS Setup, gives you an edge. It points you to higher probability setups giving you an edge. Once this belief is set in place taking entries will be easier and exiting only when the system tells you to exit will be easier to follow. By doing this mechanically you will have winners and those winners will help boost confidence and strengthen the belief system. as it goes on your mind will switch from being protective and scared to being euphoric and crazy, then you'll have to work on taming it down and to keep it within limits because as soon as it sees the Setup is working, it will force you to trade again and again and then you will have losers and then you will stop trading the setup and your confidence will go down. then you will realize this and start trading the setup again and your confidence will grow and ... and... u know what i mean, its a yoyo for most traders.

So what we need is to maintain High Confidence but at the same time, don't be reckless. easier said than done!