Kyle's Journal Mk2

[bambino45]

Hi Kyle,
I think what is important is that you followed your rules. However just my 2 cents here, too. I would be very reluctant to ever close a trade manually. I understand you had an issue with the Easy Order risk calculations but I would always leave the stop exactly where it is. You have calculated the stop before entry and it is there because that is the best place for it to be. Your money management ensures it is a stress free position. My stakes can be incredibly small as a proportion of my bank. I know everyone's context is different 0.25% of a $1m account is still much bigger than 1% of a $1k account but thinking in percentages is the correct way to trade which you are doing.

I would only ever move that stop once price goes in my favour according to my trading plan which I know before I have entered. Your trade needs room to breathe, the market moves in pulses as we know. I know this one is only one example but it took a breath then went into profit.

Did you feel panicked on manually closing the trade or were you just concerned with the risk ? Or did you close it because it had crossed the green or red line which was in line with your exit strategy? I would always advocate lessening your stake as much as possible. You can always add on if the trend develops. The risk is always the same but you have less stress and more freedom for your trade to breathe. Don't suffocate your trade.

Your attitude is right though, and as Immy has said if you are consistent you will be successful.

An often misused phrase comes to mind that "Practice makes perfect." It doesn't necessarily. "Practice makes permanent" so if you practice things wrong you develop imperfections. Practicing correctly is the key, it's consistency you are after in trading. Emotionless, automated consistency.

Cheers
:-bd

[bambino45]

One other thing.

I noticed your Higher Time Frame High and Low Indicators on the right hand side of your screen (black,yellow & blue). I am an advocate of a tidy screen but I actively look for Double AIMS levels and can see the obvious benefit of these discretely showing on my M1 & M5. I am always cautious if there is a HTF level around and often wait for the break of both.

Would you be able to drop the indy file on here or somewhere and let me know as that will save a few mouse clicks an hour.

I have a divergence plotting indy and candle recognition indy somewhere if anyone might find those useful as I know from experience that people often have difficulty in spotting divergence properly. Personally I find divergence a very strong and good quality forward indicator and I was interested to see it now being mentioned on this forum in places.

Let me know and I'll dig them out.


Cheers

[Kyle]

Thanks for the encouragement Immy. I am on the right track, and as the weeks progress, so will the winning trades.

Bambino, I closed short of the stop by using the strategy as published. It was closed on the sell dot appearing, so no emotion in it at all, just closing as the method dictated. It runs on the premise of closing losers quickly and letting the winners run. I am only just resuming my AIMS trading, so I am attempting to do everything "by the book" until I can at least comfortably see the trades at a glance instead of checking the rules as I go.

When I get home from work (a few hrs away) and will double check the higher TF alligator. It is an MA, but I will let you know what they are when I can get a closer look.

Looking forward to a good session tonight

[bambino45]

Thanks Kyle, that MA would definitely be useful.

It's an interesting one but you did it 100% correctly because you followed your trading plan to the letter and that's the most important thing. You are clearly very competent and professional in your outlook.

If via the use of these journals (and hopefully positive and encouraging feedback) you assess you are closing trades too aggressively you may adapt your style, you may not. It's all about what makes you comfortable to keep you in the zone and stress free. Even though we all follow the mechanics of the system there is always differences in outcomes. That makes it very interesting and in particular when we can all see va these journals they way we do things all slightly differently once a trade is live.


I will hopefully be in the room later on this evening too.

Cheers
:-bd

[Kyle]

Nice trade earlier today.
Unfortunately, I didn't take it, but my son (6yo) was here for the night, so attention was with him and not on the charts. He was sitting on my lap when i saw it a bit later on though. An hour and a half into London session. Close enough to 2.5 Reward to Risk.

2014-05-27 de30m1 entry 1827.png

[Kyle]

OK, just the one trade today for me. Others had some setups, but I am hopefully only taking the traditional S1 setups as per Immy's rules. The times I don't are the times I have made a mistake in my interpretation of the rules and their application.

Anyway, I stalked this one a bit, expecting the setup after looking at the H1 chart and seeing that it had a pullback and was likely to resume the uptrend. It looked like the price was going to shoot away for a while, but it retraced and Alli fell asleep, albeit only for a small while. Took the setup and made a nice 1.51 :1 Reward : Risk Trade as per the chart;

2014-05-28 de30m1 entry 0119.png

Now, I took a 0.5% risk trade, only because I found the Easy Order script is trading heavier than the risk entered. Strangely, it works fine for all the fx pairs, but not DAX. It seems the 0.5% entered equated to a 1% risk overall this time. I will check my other AIMS trade and double check. If it is that consistently, then I will retain the 0.5% all the time.

Happy for the days trading

[immy]

Great Trade Kyle. Keep it like that... 1-2 trades and you're laughing

[bambino45]

That's a textbook trade Kyle. Stress free, simple, enjoyable and profitable.

Well done

[Kyle]

First trade today. Got in for London Open, but paid a rent. In the chat, Immy mentioned that it was also in a sideways range, so possibly not ideal. I had taken it and paid the rent. I am fine with that. Next

2014-05-29 de30m1 entry 1758.png

I was a bit slow getting in, and placed a market order instead of pending order. Rule broken. Not any more.

Also was said in the chat room which is very relevant "based on Grants rules, m5 was too near so you'd have to go below m5, but below m5 your stop loss would be too big so you'd have passed it".

This is the importance of joining in the chat room. Like minded people happily giving their opinions as well, so a big collective of knowledge to learn from.

[bambino45]

Hi Kyle,
Just curious as to the manual closure of the trade at 9926.50. I am fascinated by how everyone manages their trades. Exit strategy is the one variable that I see that varies so much between AIMSters. Was it just a general view that this was a reversal or did you look at a particular line cross, alert signal or have a percentage in mind based on R:R ?

Thanks