MaxZen Journal - the newbies journey

[MaxZen]

This shall be my journal of learning the AIMS way.

I have read through the materials and am now making my way through The Seed thread. I also plan to join the Skype group soon but my day job is kinda crazy at the moment and I can't commit to London and NY open most days..

In the meantime I am learning on M5 and H1 using S1 and S2. I work through the day and have times when trading is not possible so my posts might be sporadic, but I shall be applying the T20 principals.

My first trade



The pip distance on M1 AIMs level box was 6 pips and the entry on M5 was an S2 (right?..). The trade went against me for a while and nearly stopped out at 14:50 but my SL being 1pip below AIMS level low kept me in the trade by just 0.8pip. I like to use pivot points and watched PA push through but then retrace back. I had set SL at green MA and was stopped out with 11.8 pips

1: +11.8 1R:1R

[MaxZen]

Today's trades

First trade was an S2 (I was away from PC when Alligator was sleeping). I didn't like the previous bounce off green because it was approaching a pivot line..



+12.2 pips 1R:1R

Second trade was rent. I was jumping on the paused momentum from a flattening red/green and used the previous AIMs box for entry but current low level for SL. However... I did not set SL to EXACTLY 1p past AIMs so got stopped out from unemployment news.. The price then went to my favour and I would still be in now had I of been more precise with my SL..



-9.2 pips

Third trade had a true sleeping alligator. I entered with the AIM high of 13:00 in mind ( so +5.5 pips above current AIMS) and closed half with 12 pips just below pivot point and moved the other half to just above BE. The R:R is not great here because the deep AIMs that I entered from plus the extra pips to caution against the 13:00 high. I was shooting for more took what I was given




+12.1 pips

Trade four was painful. Entered off a small retracement and re-cross of green line. Just above a pivot point from which the price stuck to for a few hours before bouncing back up.. SL at - 23.9 pips.. When I look at the AIMs wave again I see there was no signal here so I shouldn't have gone it.. especially approaching a pivot point.



-23.9 pips

T20 series
1: +11.8 1R:1R
2: +12.2 1R:1R
3: -9.2 pips
4: +12.1 1R:0.5R
5: -23.9 pips

[immy]

Hi Max,

Welcome to AIMS and congratulations on successfully starting your own journal and committing to keep a T20 score.

Looking at your trades, let me suggest that you'd greatly benefit from trade m15/h1 or rather trading h1/h4 if not h4/D1 because you're not able to watch your trades. Allow me make yet another suggestion. IF you agree to either trade h4 (swing trading) or m15/h1 or h1/h4 combination, you'd greatly benefit from Snorms ATM. All you will have to do is take the trade and then the trade manager will manage it for you automatically. If you then go on and get yourself a cheap vps service then that will be super awesome..


all the best... keep em coming...

[MaxZen]

Hi Max,

Welcome to AIMS and congratulations on successfully starting your own journal and committing to keep a T20 score.

Looking at your trades, let me suggest that you'd greatly benefit from trade m15/h1 or rather trading h1/h4 if not h4/D1 because you're not able to watch your trades. Allow me make yet another suggestion. IF you agree to either trade h4 (swing trading) or m15/h1 or h1/h4 combination, you'd greatly benefit from Snorms ATM. All you will have to do is take the trade and then the trade manager will manage it for you automatically. If you then go on and get yourself a cheap vps service then that will be super awesome..


all the best... keep em coming...

Thanks Immy

I am watching 1h too but haven't seen trades line up when I've had screen-time That said... It looks like my PO is about to open on 1h Aus/Usd
I have two VPS (I trade Binary Options too) and have a trade manager tool that has the same features as Snorms and much much more. You can set initial and trailing stops on MA's, swing lows, ratchet size and more including set to break even at X pips

Do you consider my first five trade genuine setups? Any thoughts?

MZ

[MaxZen]

My only trade yesterday and not well managed..

The trade was set up whilst gator was crossed but was not taken for 10 bars. As such, the AO had moved from zero by a margin.. Risk was 6.9 pips when trade was taken so, according to my trading plan, I should have closed half at +6.9 and set remainder to BE. +6.9 was achieved quickly and I altered my plan in anticipation for more upside. It didn't come and PA moved quickly back to just below my entry level. I anticipated a move back to the pivot line so moved my SL from -6.8 to -9.2. Mistake.. It stayed near pivot line for a few hours before stopping out around midnight.

Lesson: stick to the plan!



T20 series
1: +11.8 1R:1R
2: +12.2 1R:1R
3: -9.2 pips
4: +12.1 1R:0.5R
5: -23.9 pips
6: -9.2 pips

[immy]

My only trade yesterday and not well managed..

The trade was set up whilst gator was crossed but was not taken for 10 bars. As such, the AO had moved from zero by a margin.. Risk was 6.9 pips when trade was taken so, according to my trading plan, I should have closed half at +6.9 and set remainder to BE. +6.9 was achieved quickly and I altered my plan in anticipation for more upside. It didn't come and PA moved quickly back to just below my entry level. I anticipated a move back to the pivot line so moved my SL from -6.8 to -9.2. Mistake.. It stayed near pivot line for a few hours before stopping out around midnight.

Lesson: stick to the plan!


T20 series
1: +11.8 1R:1R
2: +12.2 1R:1R
3: -9.2 pips
4: +12.1 1R:0.5R
5: -23.9 pips
6: -9.2 pips

Hi

you might have your own plan and way of trading but I would have exited with a good profitable trade on this one

I guess you know, moving SL from -10 to -15 is the Cardinal mistake of trading. you NEVER EVER EVER EVER EVER move SL away. The only way SL goes is UP Nearer the Entry and past it to lock in profit. PERIOD if you were a follower of the religion of Risk Management they would have beheaded you by now. ITs very very serious crime in my world (i don't know how to say, it just using some dark comedy, satire)

my 2 cents worth

[MaxZen]

My only trade yesterday and not well managed..

The trade was set up whilst gator was crossed but was not taken for 10 bars. As such, the AO had moved from zero by a margin.. Risk was 6.9 pips when trade was taken so, according to my trading plan, I should have closed half at +6.9 and set remainder to BE. +6.9 was achieved quickly and I altered my plan in anticipation for more upside. It didn't come and PA moved quickly back to just below my entry level. I anticipated a move back to the pivot line so moved my SL from -6.8 to -9.2. Mistake.. It stayed near pivot line for a few hours before stopping out around midnight.

Lesson: stick to the plan!


T20 series
1: +11.8 1R:1R
2: +12.2 1R:1R
3: -9.2 pips
4: +12.1 1R:0.5R
5: -23.9 pips
6: -9.2 pips

Hi

you might have your own plan and way of trading but I would have exited with a good profitable trade on this one

I guess you know, moving SL from -10 to -15 is the Cardinal mistake of trading. you NEVER EVER EVER EVER EVER move SL away. The only way SL goes is UP Nearer the Entry and past it to lock in profit. PERIOD if you were a follower of the religion of Risk Management they would have beheaded you by now. ITs very very serious crime in my world (i don't know how to say, it just using some dark comedy, satire)

my 2 cents worth

Agreed and thanks for the feedback

I should have stuck to my plan which would have seen 50% taken at +6.9 and then close the rest at BE. Lesson learned

[MaxZen]

I had a fair bit of screen time today but was anticipating slow markets due to the holidays in the US.

This trade was a good entry IMO but the price went against me. I stopped out at AIMs level from entry box.
Immy: you mention that I had options to get out of yesterdays trade - and I did.. that was bad MM - but would you have stayed in this too? You like to let them run, right?



-13.9 pips
-------

This was better

Simple trade - I took 50% at 6.8 pips and then got stopped out on cross of red at 3.6 pips



+6.8 pips
+3.6 pips
= +5.2 pips
-------

This was an odd one.. I didn't know how to read the AIMS wave but took it anyway.. Any advice on the wave would be appreciated



-22.4 pips
-------

A lovely UJ trade . The gater was resting just to the left of this image and had opened already when trade triggered. 7 pips taken in first swipe, then the other half was taken out at 6.2 on cross of green.

+7 pips
+6.2 pips
= +6.6 pips

I've decided to commit to a T100 series :-B

T20 series
1: +11.8 1R:1R
2: +12.2 1R:1R
3: -9.2 pips
4: +12.1 1R:0.5R
5: -23.9 pips
6: -9.2 pips
----
7: -13.9 pips
8: +5.2 pips
9: -22.4 pips
10: +6.6 pips

[immy]

Point 1. If you complete a T20 within a week, this shows you are a high frequency trader
Point 2. The idea of letting it run applies to when you're in profit and its moving in your favour with gators wide open, not in the opposite way. We don't let them run against us, that is what the world of trading calls, "cutting them short"...

Have a good weekend

[MaxZen]

Point 1. If you complete a T20 within a week, this shows you are a high frequency trader
Point 2. The idea of letting it run applies to when you're in profit and its moving in your favour with gators wide open, not in the opposite way. We don't let them run against us, that is what the world of trading calls, "cutting them short"...

Have a good weekend

Thanks Immy.

You are right, "letting it run" is not the phrase I am looking for. What I mean is I stuck to my trading plan and kept the initial AIMs level SL in place until it was hit.