The Plan [Start with writing a Trading Business Plan Today]

[immy]

AIMS The Hunt requires you to make the following changes only to Part 8 of the Trading Plan. The design and structure of the trading plan is so elegant that you would only need to bring about changes to only one part.

.... Continued http://www.itradeaims.net/forum/viewtop ... 719#p22719

[Dave]

OMG! I Just made my trading plan, and there you go, we have a new strategy? Does that mean I have to redo my trading plan?

Let me put your mind at ease. If you read your trading plan, if its based on the template we shared. You will notice that the fundamental structure of the trading plan is so amazing that you will have to tweak only part 9 for the upcoming changes. Such is the elegance design of this trading plan. Only one part of this trading plan is focused on Entry Methods.

Part 1. You know yourself who you are, that does not change with strategy change. does it?
Part 2. Your trading goals and objectives still remain the same. You want to achieve those goals and we are giving you a better way to achieve those goals. So no change there my dear
Part 3. We are still trading the same markets and time frames. no change here nope
Part 4. Tools of the trade, well no change there either.
Part 5. What do you do before the market opens? no change here, we will continue to do the same stuff
Part 6. Risk and Money management will remain the same, the strategy for this has not changed.
Part 7. Exit Strategy? yes, same exit strategy no change there either

By this point you must be wondering, What has been changed? oh well not much... but if you have not made your trading plan, then you probably don't know that entry setup holds only 5% proportion of your trading plan. or lets call it 10%. That's all. But without a trading plan, traders presume that perhaps 90% of trading is about getting your entries right. (well within the 10% you have to do the 10% at least 80% correctly otherwise there is no chance of getting anything done correctly.

So next

Part 8. Setups and Entries...
Surely, there must be change here... well not really ... the entry setup is the same, Yes, its Question 1 and the 2 exit rules?

So what has been changed? If i wanted to fool you, i could have done so easily, by writing a new ebook and giving it a new name (oh, there is a new name though hehe). And perhaps marketed it around and charged more money. But that's not how we do things. We want to make our lives and your lives easier and simpler.

The change is just to do with HOW we Create The Chart. Its a NEW Template. A New Template supported by new Indicators, so some more coding work, thanks to the sublime collaboration of the two gents, and great minds, Steve and Grant. Its been a process of coding our logic in to algorithm and in the process eliminating some visual cues that were rendered uselss as a result. Its as if IT guys got rid of some more employees doing manual work. Oh boy...

The rest you will know when Grant presents the Webinar on thursday. I hope I will be able to make the indicators/template available before that.

The above needs are second read and amendment but I don't have time right now so, I will do so later, and please accept my apologies if some of it does not makes sense.

cheers

ps: yes part 9 and 10 remain the same haha

Hi Immy. Any chance the above mentioned Grant webinar was recorded? I'm playing catch ups!
Thanks

[immy]

NO mate, we have a script of it somewhere

[arjanbg]

I starting to write my trading plan by using your template. Thanks for the wonderful template (angel) . Just wanted to know If I could upload this on this computer. I notice that I still keep adjusting my trading template. I need to be more diciplined. When I notice that I dont updat my template I am going to start my own journal and trade my plan with T20 principle. I also notice that taking signals and trading with dicipline gets better and better, writing a plan definitly helps a lot.

[acceleratum]

Its normal to make adjustments as you learn more, I personally made a rule to only change minor stuff and leave room to move in the areas Ill be improving, also I try to make only changes to plan at end of month, and never make a big change or strategy change under 3 months. So no matter what I have 3 months of logs of every strategy I tried for future reference.

[arjanbg]

Its normal to make adjustments as you learn more, I personally made a rule to only change minor stuff and leave room to move in the areas Ill be improving, also I try to make only changes to plan at end of month, and never make a big change or strategy change under 3 months. So no matter what I have 3 months of logs of every strategy I tried for future reference.

My understanding was for the first 5 batches of T20 I should not make changes to my template. Making room small changes helps. updating the plan at the end of the month is a good idea, otherwise I would be tempted to change it too often. Why 3 months because of then you crated a new habit>?

[acceleratum]

It just so happens that 3 months was what I took to make the batches, no special reason really, it just fits nice with 4 quarters in the year for revisions, and dont rush your batches of T20, Alot is learned doing it properly, including the time it takes and the patience that comes with it.

[immy]

It just so happens that 3 months was what I took to make the batches, no special reason really, it just fits nice with 4 quarters in the year for revisions, and dont rush your batches of T20, Alot is learned doing it properly, including the time it takes and the patience that comes with it.

The original plan was to complete 5 T20's on a time frame that most people find so fast that they might trade 100 times within a week. But for us, we like to be extra extra picky and choosy. We wanted to complete 3-5 Batches of T20 in 3 months. that was the original challenge.

So now on H1, it might even take longer. Its not that you have to have to take that many trades. Like pedro said, 3 months is a good milestone. When you have the urge to change your plan, you know that you have already planned and planned review date. So you simply wait for that unless there is a "dire" emergency which frankly I never had one in life so far (in terms of trading) and don't think there will be one.

While you are at stage 1, profitability is not the goal here, account balance is not the objective, it does not matter how much is your account or how up or down because you're not trading for profit/loss , you are trading to instill a skill that will last you a lifetime. You are training for discipline that is why it does not matter if its demo, real, $100 or $100000 account.

But it would be wiser to suit your situation. Ideally a small real account or a demo account would do. Once you know that you are so disciplined, so disciplined that you don't have to force you to be disciplined, it does not feel like you're forcing discipline, it just becomes a part of you because you believe in the method. I taught my son the disicpline of applying the front breaks of the bicycle which he did not really believe in until he tried it a few times and got hurt. Now its part of his mental framework. He does not want to get hurt, he does not want to fall, he knows that using the front break incorrectly can get him trouble. Now he does not have to force this "rule" on himself. Now this rule is HIS Rule. Its his understanding.

At this stage you simply do not trade until its the BEST looking setup (regardless of the outcome). Now gradually you start to focus on the Prime Objective. The very thing that got you into trading. To Make Profit. Armed with a good method, a thorough and unbreakable understanding of Risk Management, Trade Management, and other relevant market rules, you begin to extract profits bit by bit.

Now you start to look at the profit loss of your trading activity. So do you need 3-5 batches for that? or 10-20? that will depend on you. That's when you start to look at "making the method yours". Until that point, you were simply using the method to fit into it. Now you'll work on smoothing a few more edges here and there to finally have that perfect fit. Atlast you and your strategy become one.

99% of traders don't get to that stage. The reasons are simple. 1. They never attempted to "learn to trade" the right way. 2. Their perspective is usually the wrong way round. 3. They don't learn methodically 4. they don't find a group a community and if they do they keep their trading activity hidden to themselves, deceiving themselves and others.

We need to told off for doing wrong things and nobody likes to be told of. But the ones who understand this principle enjoy the process of "corrective actions".

The other reason people don't become good at trading is because everyone thinks of trading as gambling and get rich quick scheme because of its apparent and logically true potential of great riches. They think its an easy simple thing and they don't need to have a thorough methodical approach.

So, the moral of the story is that you have to consider trading a BUSINESS, not a slot machine or casino. in trading you BECOME THE CASINO> Don't play in the casino, RUN the casino. Have an edge.You cannot have an edge without a plan and you cannot plan without an edge.

All the best.

[Hill]

Thanks.

The original plan was to complete 5 T20's on a time frame that most people find so fast that they might trade 100 times within a week. But for us, we like to be extra extra picky and choosy. We wanted to complete 3-5 Batches of T20 in 3 months. that was the original challenge.

So now on H1, it might even take longer. Its not that you have to have to take that many trades. Like pedro said, 3 months is a good milestone. When you have the urge to change your plan, you know that you have already planned and planned review date. So you simply wait for that unless there is a "dire" emergency which frankly I never had one in life so far (in terms of trading) and don't think there will be one.

While you are at stage 1, profitability is not the goal here, account balance is not the objective, it does not matter how much is your account or how up or down because you're not trading for profit/loss , you are trading to instill a skill that will last you a lifetime. You are training for discipline that is why it does not matter if its demo, real, $100 or $100000 account.

But it would be wiser to suit your situation. Ideally a small real account or a demo account would do. Once you know that you are so disciplined, so disciplined that you don't have to force you to be disciplined, it does not feel like you're forcing discipline, it just becomes a part of you because you believe in the method. I taught my son the disicpline of applying the front breaks of the bicycle which he did not really believe in until he tried it a few times and got hurt. Now its part of his mental framework. He does not want to get hurt, he does not want to fall, he knows that using the front break incorrectly can get him trouble. Now he does not have to force this "rule" on himself. Now this rule is HIS Rule. Its his understanding.

At this stage you simply do not trade until its the BEST looking setup (regardless of the outcome). Now gradually you start to focus on the Prime Objective. The very thing that got you into trading. To Make Profit. Armed with a good method, a thorough and unbreakable understanding of Risk Management, Trade Management, and other relevant market rules, you begin to extract profits bit by bit.

Now you start to look at the profit loss of your trading activity. So do you need 3-5 batches for that? or 10-20? that will depend on you. That's when you start to look at "making the method yours". Until that point, you were simply using the method to fit into it. Now you'll work on smoothing a few more edges here and there to finally have that perfect fit. Atlast you and your strategy become one.

99% of traders don't get to that stage. The reasons are simple. 1. They never attempted to "learn to trade" the right way. 2. Their perspective is usually the wrong way round. 3. They don't learn methodically 4. they don't find a group a community and if they do they keep their trading activity hidden to themselves, deceiving themselves and others.

We need to told off for doing wrong things and nobody likes to be told of. But the ones who understand this principle enjoy the process of "corrective actions".

The other reason people don't become good at trading is because everyone thinks of trading as gambling and get rich quick scheme because of its apparent and logically true potential of great riches. They think its an easy simple thing and they don't need to have a thorough methodical approach.

So, the moral of the story is that you have to consider trading a BUSINESS, not a slot machine or casino. in trading you BECOME THE CASINO> Don't play in the casino, RUN the casino. Have an edge.You cannot have an edge without a plan and you cannot plan without an edge.

All the best.