Tom from Leeds's Journal

[humpha]

Well done Tom, (wd) (wd) (wd)

[tombacon89]

Thanks for the comments guys, Kyle thanks for following my journal I hope it becomes a good tool for you to develop and progress with. I think it's really important to include the 'warts n all' in your journal if you want honest advice that you can learn from. Take the losses as they come and try not to get beat up about them, as long as you can learn from your losses that's the main thing. I remember in May i didn't have a winning trade and Richard (Topher) said to me, just class your losses as if you were paying for a trading course. I do feel like im turning the corner now, small steps will lead to marathon runs with time and effort. My advice to you at the start of your AIMS journey is to:

1, create a daily mantra / routine to get your mind in the zone for trading before each session
2, check any upcoming news that you need to be aware of for the session
3, get good at spotting valid setups on one currency pair, I still have the flowchart next to my monitor that I glance at from time to time
4, don't go for the big hitters, set your targets at a reasonable level. For me this is 1:1 risk reward at the moment to get really good at entries. I will work on letting trades run and my trade management when I am confident enough. And there are enough setups to take only 1% from to still achieve good gains.

I know i'm still an amateur at this myself but I will follow your progress and hopefully help you where I can with this AIMS chaos!!

[tombacon89]

morning all, took cable short this morning as I liked the look of the 15, 5 and 1min charts. I took the break of the 60 min low as I felt this was quite a supportive level. I held my stop above the 60 low for a while and then manually closed when price stalled. I managed +3.1 pips which was +0.31%. Nice to start the week with a bit of profit

[tombacon89]

-7 pips trying to short the euro at lunchtime. I wasn't in the zone (on my lunch break at work) and a bit dissapointed with my discipline here. I really am looking for fresh cross of AO on my trades, but this one wasn't. Note to self 'don't combine trading and the day job!' On the other side of the coin, the 5min chart worked out well, maybe that is because the initial stop doesn't get moved as quick using 5min chart trade management, and it allows trades to breathe and get going. (see nitin's journal)

[immy]

-7 pips trying to short the euro at lunchtime. I wasn't in the zone (on my lunch break at work) and a bit dissapointed with my discipline here. I really am looking for fresh cross of AO on my trades, but this one wasn't. Note to self 'don't combine trading and the day job!' On the other side of the coin, the 5min chart worked out well, maybe that is because the initial stop doesn't get moved as quick using 5min chart trade management, and it allows trades to breathe and get going. (see nitin's journal)

Point 1. As you know AIMS wave was old, it has to be a fresh cross.
Point 2. Dont compare time frames in terms of it worked on m1 but not on m5. There will be days, when m5 will have loads of good trades, whereas m1 none and the opposite will happen too. Its just how chaos has designed the markets. during slow markets, move to higher time frame, during faster moves, move to smaller time frames. when m5 is moving slow, m1 will give you exits, when m5 is moving fast, m1 will let you take the most out of it.

[tombacon89]

-7 pips on UJ 5min this afternoon (forgot to upload earlier), after the trigger candle closed i moved my stop to 5 pips above it (-7.) I was watching 1min and was tempted to close when price stalled at +4. I then looked at my notice board above my desk and my daily mantra was staring me in the face. 'trade the rules, trust the system and respect the markets' So I am happy to say Next on this one.

[tombacon89]

-8 on euro. really thought i'd been patient and disciplined enough to wait for a good setup this morning. looking for a double aims break to put me in wave 5 on 5min chart with a fresh cross of the ao. (Traded it on the 1 min chart) I went aggressive in this trade as I really liked the setup at the time and didn't come out on the black diamond. Was this me hoping or trying to be patient and let the trade develop... at the time I felt I was patient, afterwards I feel like I was hoping. Feeling a bit dissapointed after giving back most of my months gains this week but the show must go on!

[tombacon89]

I was looking for a long on cable 15min, ideally to target the 60min high. I use 1min charts to place orders etc as I find it easier and it stops ve getting confused by having it on all charts. Triggered in and as I was adjusting my stop to 25 pips, the VE aims initial tgt of 20 pips was hit. (0.8%) I wasn't quick enough to move it below the 60 high. But, I'm not complaining =) Happy to finish the month off with a winning trade. Now it's time to add up the months trades ...

[tombacon89]

Well it's been another month and the end of my 5th month trading aims, so here's where I'm at:

June : 22 trades
11 wins - total pips won 94.6, average win 7.46 pips
11 losses - total pips lose 61.3, average loss 5.57 pips
total growth - 33.3 pips, 1.38%

5 months: 67 trades
21 wins - 158.7 pips won, average win 7.5 pips
42 losses - 247.9 pips lost, average loss 5.9 pips
4 break even's

Feb -1.75%
March +0.58%
April +0.29%
May - 8.86% ...... Things needed to change after this!
June +1.38%

total growth (shrinkage) - -89.2pips, -6.45%

It's been a tough month for me especially with the losses I had in May in the back of my mind, I've realised that my lack of discipline, patience and the need to trade cost me big time last month % wise. I really tried to step up the discipline and my mental trading approach and I feel like I'm turning that corner now. I am slowly but surely getting there and I will become consistantly profitable in time, nothing worth having comes easy and trading is no exception! Thanks to everyone on the forum that comments and helps me on this journey. Many pips to you all in July!!

[immy]

Well it's been another month and the end of my 5th month trading aims, so here's where I'm at:

June : 22 trades
11 wins - total pips won 94.6, average win 7.46 pips
11 losses - total pips lose 61.3, average loss 5.57 pips
total growth - 33.3 pips, 1.38%

5 months: 67 trades
21 wins - 158.7 pips won, average win 7.5 pips
42 losses - 247.9 pips lost, average loss 5.9 pips
4 break even's

Feb -1.75%
March +0.58%
April +0.29%
May - 8.86% ...... Things needed to change after this!
June +1.38%

total growth (shrinkage) - -89.2pips, -6.45%

It's been a tough month for me especially with the losses I had in May in the back of my mind, I've realised that my lack of discipline, patience and the need to trade cost me big time last month % wise. I really tried to step up the discipline and my mental trading approach and I feel like I'm turning that corner now. I am slowly but surely getting there and I will become consistantly profitable in time, nothing worth having comes easy and trading is no exception! Thanks to everyone on the forum that comments and helps me on this journey. Many pips to you all in July!!

I'm really impressed mate!

The first sign of your future success is the fact that you are concious of your performance and you are monitoring it well. This is a very important aspect of peak performance. If you don't know how well you're doing you'll never know how to get better and when to get better and how much...

I see a clear pattern here. Your winners are still smaller than your losers. We need to work on getting that average higher. We need to keep the success rate to around 50% (very easily possible with a little bit of patience and discipline) and get those average winners to hit 9-11 pips. Thats when profits will roll in. you may even just want to let it roll. But I can assure you even 15pips win average with 6pip loss average and success rate of 65% is possible. I've seen it with my own eyes. IN case of some other traders they even have higher average win, but that requires experience and intuition!.

Well done and have a great weekend! and THANK YOU for your contribution. I learn alot from eveyrone in the forum. I thank you so much all of you. ^:)^