Ike's Journal

[stead]

Hi, Herbert,

I took the last trade based on 5M chart, it's a little pity that I didn't hold the trade and took profit 20pips only (Default setting in EA).

Ike

[Herbert]

Well done never-the-less Ike. My next question was then what was your reason for exit while looking at the 5min chart...
Herbert

[stead]

Herbert,

I exited my trade because I didn't watch the chart all night. I only set to profit for 20pips so I lost a big trend......
Can you give me some suggestion? Thanks!

Ike

[Herbert]

Ike, that depends squarely on your trade-plan parameters. If you follow Grant's rules, have a look over his journal, he got a complete flowchart on setups qualifications and trade management. Other than that, the manual is a good base-line.

Every trader's preference is different, an opposing direction dot is one of the basic methods, also AO bar showing momentum loss, ie. darker colour.
From your screenshot, at that moment there was still no exit signal based on these 2 indications. So your trailing method would be important here.

One normally get a feel for it to trail by -1or 2 candle +spread for nice momentum moves like that or the alligator green and red lines, or new AIMS box levels, but since you could not attend i suppose your order manager capabilities is key. THV Cavemanager v1.41 got some nice features if you have time constraints often. Just search the forum or google it.

regards
Herbert

[stead]

Thank you, Herbert. It's a very useful suggestion.
I am a beginner in this system so your every input is very important to me.
Can you tell me where is Grant's rules? I must study this system more.

Till now I had two trades and made a little profit. Keep practice and trading.

Ike

[Herbert]

Go to Grant's journal, work through all the posts, you will find the rules links, related questions so he does not repeat himself, Grant's explanations and hard examples. Study hard, trade easy....
Herbert

[stead]

Three trades, one loss and two profit. How to exit with maximum profit? It's a very difficult thing.

[msk185]

Hi Ike

I took the last trade of your 3 for 9 pips but could have got more had I held on. I exited when price reacted to the 60min low a previous area of support.

The key thing to master at the beginning is the entry as Immy has often posted on the forum, you can then work on your exit strategy, but 10 pips is a good one as are previous support/resistance levels often highlighted by Snorms indicator.

Conratulations on your trading it looks very disciplined.

Mike

[stead]

Thanks for your comment, Mike. The first thing I am trying to learn is discipline. If I can trade this system consistently, then I can avoid greed and fear.

This is just demo account, hope I can build up my discipline and do the same in real account in the future.

Ike

[stead]

The last trade today because I need to sleep now. Thank you all and have a nice day. Good night,

Ike