Eric's Journal

[ericsoon]

Move SL too fast to protect profits made. Should have stick to my plan and let it run to TZ1.

DS=0

USDCAD-H1.PNG

[ericsoon]

Rent Paid
DS=1 though

USDCHF-H1.PNG

[Admin Immy] e.g Your Running DS as per my counting now is as below

DS Total: 1/4 (25%)

[ericsoon]

PO: Short, AO close to ZL, S1
SL triggered due to a spike up but the market did drop further afterwards to hit 2R
DS: 1
Should I have re-entered the market after SL triggered due to a spike?

InkedEURGBP-H1_LI.jpg

DS Total: 2/5 (40%)

[ericsoon]

GBPUSD-M15, S1

Long Wave 3, SL triggered by a spike up candle

Will not trade M15 Chart again until complete 5 batches of H1

But if a Long wave 3 appears on H1 Chart, should I take the trade?

DS: 0

GUM15.PNG

NZDUSD-M15-S1

Same story as above, DS:0

NUM15.PNG

[immy]

Rent Paid
DS=1 thoughUSDCHF-H1.PNG

You should use this template to record your trades. to bring some order. Either copy Jasmiens style or there are other examples

or for example:

====================================================================================
1. Trade Number:
2. Date/Time:
3. Symbol/TF:
4. Signal Type / Direction :
5. Comments and Feelings at the Time of Taking The Trade:


6.Comments and Feelings After Exiting the Trade:

7. DS For this Trade:
8. DS Running Total:

1. Trade Number: [Enter Trade Number e.g. B1-T1 (Batch 1 Trade 2) ]
2. Date/Time: [Enter Date of the Trade]
3. Symbol/TF: [Enter Pair Symbol e.g. EUR/USD H1 ]
4. Signal Type / Direction : [Enter the type of signal and direction e.g. Setup 1 BUY]
5. Comments and Feelings at the Time of Taking The Trade: e.g. I saw the signal at London Open. There are no news at this moment. I feel that euro has been weak this week. All euro pairs are moving. I'm feeling a bit nervous as its my first trade but I am here to train for discipline. So I will try to be as objective as possible.

6.Comments and Trades After Exiting the Trade: I was feeling a bit nervous during the trade but I knew ATM is working I have taken the correct setup and so I will let the ATM manage the trade. I will not intervene so that I can grab a nice lean DS 1

7. DS For this Trade: 1
8. DS Running Total: 1 / 1 (100% )


=========================================

Link to my Post Template in this forum viewtopic.php?f=3&t=1546

Your M15 Trades were both DS0 even if you took correct trades. Because you are supposed to take only H1 trades. So if you take a demo trade, or wrong lot size, or wrong market, or wrong time frame. You should record the trade and Mark it DS0

Your Ruining DS Total: 2/7 (28%)

[ericsoon]

Attached my Trade Plan.

And thank you for the comments Immy, I will follow the template you recommended

[ericsoon]

Hi Immy,

I revised my trade plan, attached revision 1.

[immy]

Hello

Well done on creating "some sort" of trade plan. I will not call it a trade plan but if you're ok with it its fine. (its more like a summary of a summary of your trade plan)


I have big issue with the following part of your plan.

ABBC3_OFFTOPIC

Open 2 positions @ 1% risk each
Set SL @ 2R for Position 1
Exit using Trailing Candle for Position 2
Move SL to Break-Even after achieving 1R
Stop Loss & Exit if Candle crosses and close on the other side of red line

THIS IS NOT SETUP 1 or STAGE 1/2 Trade and Risk Management. You cannot expect to achieve the results promised by the setup 1 method if you follow the above trade and risk management. Period.

ABBC3_OFFTOPIC

Increase Trade Risk to 2% if the following conditions are met:

News that causes an impact on the particular Currency Pairs & a signal that appears to also support the news
Wave 5 @ CTF that happens within the Wave 3 or the Wave 5 @ 5xHTF

The above is just beyond my level of understanding. You either have knowledge about something I have no idea about or you simply don't know what you're about to do. But I respect your decisions. I will not do this in a million years. I will NEVER increase of reduce risk for any of my position. Risk per trade, as mentioned many times over and over again, is something you should NEVER, repeat NEVER mess with. Messing with risk per trade is a fundamental principle for destroying your account.

cheers

[immy]

Also consider Start Time at FO (frankfurt open) end time London Close. Its Trading , not a 7-11 store

one more point: Do not attempt to trade wave 3 or 5. TRADE THE SETUP 1 ... TRADE THE SETUP1 not the WAVE 3 or even Wave 5. TRADE THE SETUP 1 TOWARDS TZ1... no wave shit. we don't trade elliott wave

[ericsoon]

Hi Immy,

Thank you for your feedback.
I do actually have a more detailed trading plan, following an example from you and revising it to suit me. Attached for your review.

After reading your feedback, I agree and in order to realize the fullest potential of the system, I have revised my summarized trade plan accordingly for your review as well.

Reason why I was thinking to increase my Trade Risk to 2% is because I was thinking for Higher Probabilities Setup 1, I can take a higher risk as the market is more favorable to us. Is this thinking not correct in trading or is it only not suitable for me now as I am still new to trading?

I would also like to ask why do we limit trading Forex to FO and close of London? as I am only trading H1 charts for now...
Is it because it is more volatile during these time? If so, how about NYO then?

Your guidance are always appreciated.