Journal of a Fifer

[fx fifer]

Hi

I'm very new to this system, but not to FX in general. I've been trading for 2 years now, and have been consistently, inconsistent.

I've downloaded and attached everything to my charts, and have spent some time since late morning, watching 6 markets on the 5 min charts, to see how I'd be trading this. The thought of 1 min charts, scares the life out of me, so I'll stick to 5 min initially, and see what develops from there.

I've also been reading lots of stuff on the forum. One thing that drew my attention, was the subject of "chop". Imran has said that this system isn't affected as the fractual levels keep us out, but on my 6 pairs that I have watched today, there have been many instances where I could have ebtered according to the rules (I think), and these would either have been losers, or I'd still be in them, watching price mess about. Perhaps it's because of the time I have been watching, 10.30 ish to now?

Anyway, from tomorrow, I'll be trading live with very small stakes; I'll try and update this journal with all my trades, but embarassment might keep me from posting some of the bad ones.

[immy]

Welcome to AIMS Community and Congratulations on Starting a Journal. It is indeed a very good tool for learning
If you trade m5 I recommend 3 pairs. Far more than enough. Moreover, we dont mind losing trades. We dont even call them losing trades. We call them Rent trades. We call losing traders losing only wehn we trade and we do not observe the rules. Thsoe are losing trades. But at the same time remember losing trades DOES NOT make you a losing Trader. Only telling your self that you are and accepting it makes you a loser. We must do the opposite and call ourselves winning traders. We are winning traders. We taking winning and losing trades but we always remain winning traders. Our winning trades are bigger than our Rents. Thats how we make money. simple Your profit has be more than your expenses that all simple. cheers happy trading

[fx fifer]

Thanks for the welcome. I don't normally watch 6 pairs, but I'm just trying to get an overall picture of how the system works. Normally 4 is my maximum, but will possibly go to 2 when watching 5 min charts. Are there any in particular you like to trade, or do you stick to EUR/ USD only?

[immy]

M5 = EURUSD - EURJPY and GBPUSD
M1 = EUR/USD
H1 = 8 Majors + Gold
H4 = when I did, trade 29.

[John Wimberley]

Hi Fifer. Welcome