Viv's Journal

[traderviv]

Hi everyone,

My name is Vivek (friends call me Viv). Just joined few days ago.

Been learning to trade for a while (mostly traded e-mini futures). Paid for a lot of courses and mentoring over the years, but have not have any real consistency and my trading has been up and down.

I'm totally guilty of system hopping. I now realize after joining iTradeAims, and reading the material and watching the videos, that one key thing missing for me was gaining confidence in a system. I love the concept of trading with batches in mind. Psychologically, its takes some pressure off the roller coaster of emotions of winning or losing, as we are not tying our trading success to 1 trade.

Just to be brutally honest, I tend to start things with gusto, but it's been difficult for me to follow-through, as I tend to either get bored, discouraged or succumb to the shiny new object syndrome (especially after a string of losers). I realize trading is 80% mental, and I need to work on improving my mental game.

I'm hoping that by being transparent, journaling all my trades (good,bad and ugly), and having you all as support/encouragement/accountability, I can finally break free of this 'bad habit'.

I will be working on a more detailed trading plan, but for now here is what I will be doing:

1) I will be using ONLY the Stage 1 template and ONLY taking Stage 1 setups
2) I will be choosing Option 2, i.e., trading the H1 charts and selecting the following 6 currency pairs: EU, GU, AU, UC, EJ and UJ
3) I will trade the London open Mon - Fri as a trade presents itself.
4) I will be risking a 1:1 Risk: Reward and trading a live account, allocating only 0.25% risk per trade.
5) I will let my trade play out till it either hits my take profit or my stop loss.
4) My main goal will be to keep focused on the routine and discipline of taking Stage 1 trades and not worry about profitability at present.
5) I will do my best to have a DS score of 100%
6) I will review the trades taken each day and update my journal every evening

Looking forward to the journey and grateful to be part of this wonderful community.

Cheers
Viv

[traderviv]

RESERVED

[immy]

Hi Viv

Congratulations on starting your journal. A great first post as welll. Now the most important thing is completing your plan, stick to the plan. check the charts on the set times and record every trade in the greatest detail as you please.

One thing I must point out, if you are trading a live account, it woudl be ideal to take your mind off completely profitability at this stage. and that will NOT be possible by simply "trying to fool" your self with words by saying "i'm not focusing on profit". it just doesn't work. So either go to demo, or drop your risk to .25% per trade.

You have just started to build your business. In your business of trading you have started working on your first piece of money making structure. the Setup 1. you're building a portfolio of patterns and setups. Setup 1 is the mother of it all. The Trend following breakout setup. As you go along you will add to your business by adding more setups and as a whole these setups act as "ventures" into your trading business network.

cheers

[traderviv]

Thanks Immy.
You're right.
And it makes perfect sense.

I will be trading a live account, so I will change my trading plan to risking 0.25% per trade.

Appreciate the insight.

[immy]

You mean 0.25% right?

[traderviv]

[traderviv]

26 Nov 2018:
No Setup 1 Trades on H1 for AU, GU, EU nor UJ at London Open.

[immy]

Once you know what a setup 1 as, you'll usually be able to tell right at the open, whether there is a setup 1 or not, and whether one is going to form later or not. its pretty simple and not time consuming.

[traderviv]

27th Nov 2018
No trades. There was a setup on GU, but it was outside my trading time (london open).
Next!

[immy]

27th Nov 2018
No trades. There was a setup on GU, but it was outside my trading time (london open).
Next!

You have misunderstood this rule.

The 2hrs London Open applies to trading M1 or M5 or M15. IT does not apply to H1.

H1 is for those who can trade 6-7 candles starting FO. and can be extended all the way from FO till the NY close.

IF you want to trade onl the London session, then it can be done but you'll have to rely only on the signals that appear during that session. if you apply the 2 hr rule to h1, you're literally checking only two candles. that's not how h1 is traded.

now , if you don't have more time then h1 is NOT for you. You must either swtich to H4 or go to a lower time frame. accordingly

cheers

ps: TALK in the Chat room, at the right times. e.g. I should have known you're doing this .but still, it's a great thing to record your journal. if you don't express yourself, we won't be able to know what's wrong and right and how we might help you. (we refers to us , the AIMS community)