Kyle's Journal Mk2

[immy]

Hi Kyle

Further to our chatroom conversaion I thought I'll post this picture here to preserve it.

[Kyle]

Today, I took two trades and missed one good opportunity as I was watching the screen.
I believed that an S2 trade was ONLY valid after it broke the next AIMS level ie created a new AIMS and broke that one. I have been corrected and if the signal candle is within the current AIMS level, then the valid S2 is taken from the break of the existing AIMS level.
This is where I made the error of judgement.

2014-08-11_de30m1_entry_1739.png

Here is first trade taken. The conditions (rules) were met and simply think this one is just a Next. Rent paid. No stress over it.

2014-08-11_de30m1_entry_1850.png

And last attempted trade for the day. Ended up being cancelled.

2014-08-11_de30m1_entry_0023.png

A day end result of 0.71% rent, but that is fine. heaps of time to cover plus some with correct setups, rewarded from patience and consistency.

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[Kyle]

Something Immy said in the chat room tonight which sounds like the best advice to beginners (and possibly for me to take back and complete as well)

So, you have to run demo, and trade 20 Setups. and then see how many of them you got wrong. it does not matter if you lost money or made money, what matters is this. How many of the last 20 Trades were actually setups based on the rules.

Once you complete this stage, you will move on to 2nd phase. How many of the last 20 correct setups that you traded, were managed 100% correctly based on your rules. and when that is accomplished, you want to repeat the process a few times. then in stage 3. you see if you're making money or losing money.

If you're making money you carry on to live account. With small lots. and continue the 3 phases.

Once that is all done, then you can go to Stage 4 and 5

Stage 4 is when all is going well and now you want to simply book yourself a rocket to fly to space. You work the same hours, trade the same setups but make more money.


So, for the astute learner who wants to be a natural AIMS Trader
1. Trade correct setups UNTIL you are able to trade 20 correct setups in a row
2. Trade correct setups with correct trade management until you can trade 20 in a row correctly
3. Trade as before with small lots - confirm you are trading correctly, managing correctly, and account is appreciating
3.5 Increase your lot size to 1% of your trading account
4. Rinse and repeat as a natural trader
5. Not sure on stage 5, but I assume it is to be considered a consistently correct AIMS trader who therefore makes consistent returns

[immy]

Stage 4: Increase your ROI. Start adding on using the extra levels and let it run. You'd ideally start with 1% initial and then 1% add on. You can build it up to 4 add-ons.
Stage 5: you're in the zone, you've been doing this for living, its part of your life and you don't look at the gear when you want to shift from 1'st to second and top gear and back... you don't have to worry about your balance and you can even drive your bike with hands on the handle. You can now talk to your wife, have an argument, while set your kids in the back seat and still manage to make a U turn and even make a phone call, you are now in the state of "Knowing without knowing how you know". If you're not naturally a teacher type, people will ask you how you trade and you'd explain to them but they won't get it and call you a joker.

cheers

[Kyle]

OK two trades today. One was cancelled and the other was a small rent. Happy that both were valid. I have said that I will trade LO for two hours, but I think I will alter that to include extra time if the charts are moving. The first cancelled trade ended up being a nice short, so I stopped for dinner possibly part of the way through a "Campaign" which I would have profited from had I stayed at the screen at the time. All in learning.
Immy has also mentioned that I need to be a bit less objective and broaden my vision a bit - which I agree with. I think I have found myself being too set for the perfect type of setup, and it has prevented me being involved in mnay more trades that would have been quite good ones. A bit more development to come still - but at least I am aware of it.

The chat room has proved so valuable for me, for my understanding. It is value that cannot have a price on it to be honest.

Anyway, here are my two charts for the day - first one cancelled trade and second one a small loss, followed by the trade sheet/journal for the day.

2014-08-20_de30m1_entry_1852.png

2014-08-20_de30m1_entry_2348.png

2014-08-20_journal.png

Overall, my feeling is that the two trades plaed today were correct, and although I had a cancellation and a rent, I am still happy with the selections. I just need to broaden my scope a bit to allow more relevant trades.

[immy]

Choose a slot and stick to it, the law of averages will take care of the rest eventually. 2 hrs LO 2 hrs NY (that should cover both NYO and NYSE Open)

Thanks for the chatroom comment. I know we don't have many many users but thats how I like it and imagine it to be. anything more than 20 users and it will too hard to communicate with everyone. I don't know if you have noticed but you might have noticed that I am quite strict on deviations. The moment there is a tiny comment that might lead to going off the track I work my arse off to rectify that stray thought and have long conversations with those individuals. They might not even know why I did that but it has always been the objective to keep the chat room very very friendly and productive at the same time. Its people like yourself that keeps us all motivated and makes life a better experience... thank you.

[Kyle]

Long time no trade...

Have had some work issues that has prevented me being home in time for LO, but that has passed a bit now, and I will be possibly compromised with NYO due to earlier work starts - but that is fine. Trade LO consistently and all will be great.

One trade today, which was in NY session. A nice one that was also identified in the chat. Happy I took it and thing to work on will be add ons as it would have increased gains nicely.

The trade took almost no drawdown, and was slipped on entry by just over a pip. I followed the trade management guidelines (actually, they are rules), and moved S/L a number of times. Initially, I moved it to 3 pips above the trigger candle, then at +4 pips, I moved it again to -4 pips. When it hit 10 pips, I moved to BE, and finally decided to trail candles after the last big down move wheich pulled the candle well away from the Gator. With that, the trade got closed out on the retracement after hitting the low of 9587, so gave back 6 pips from the extreme of profit. Very happy with that.

My aim is to take only correct setups as per S1 and S2, along with correct Trade Management. I'll start here with 1/1 and aim for 20 in a row. Does not matter if they are cancelled or take rents, they simply have to be correct trades.

2014-09-16_de30m1_entry_2302.png

2014-09-16_Journal.png

[immy]

A very good post Kyle. Well done on the trade as well. looking forward to the next 19 trades.

[Kyle]

Finished the day's trading today simply watching the charts and not taking a trade. Benefit was that there was not a valid trade to take, so I was not trying to make one fit which is a positive.
Anyway, here is my NY chart for today. London was not really traded as my son is here this week and I am spending my time with him before he goes to bed, then trading after then

2014-09-29_NY_Session.png

[Kyle]

Again just traded NY session today. A bit disappointed with myself with missing a valid trade. Mostly on not 100% concentrating at the exact time and then when I noticed it, I was too slow on the Pending Order and it took off. I had an option of entering on the Market order a bit later but I chose not to, with the thinking behind it that there was a reason to enter some minutes before, but that reason was not a valid reason to take a MO, and it was better off that I treat it as a missed trade instead.
It eventually turned into a 1.45:1 return on risk. Doh!

Anyway, I have re-jigged my "journal" similar to what Immy posted earlier. I think it gives a bit more for decision making and the why with the extra cells I have put in.

Analysis on the day says that there were 14 opportunity signals as such. Of those, I filtered 12 for the reasons in the sheet, one was cancelled due to black dot and the other was my missed trade.

On to tomorrow.......

2014-09-30_NY_Session.png

2014-09-30_NY_Session_Journal.png