Abe's Journal

[AbeP]

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Hello Everyone,

New to the AIMS forum and just received all my information last week. I'm a father of two beautiful kids in California, USA. I wake up at 5am local time to trade the NY open for 2 hours before I have to get the kids ready for school. I'm very excited at the potential but wanted to post my journal as I take my journey and can look back at my progress.
Initial plan is to trade the S1/S2 setups and develop good discipline to avoid silly mistakes ( I can think I two I already made in today's trading). After 30 days of posting I will continue my T20+ trading and hopefully begin to incorporate Fruit trades as well. I know there are Skype rooms to help the learning curve, but unsure if I am ready to join at this point or if I should be doing more reading on the strategies before joining. Feedback appreciated on this one.

2/1/2016
Total of 5 trades along with my thoughts on each
I put in a red vertical line to represent the NY Open which is when I started.
The yellow lines represent the opening and closing of trades along with my thoughts on the trade in the text boxes.

I have the widget which I removed for the picture, but am also looking to get the automated order entry system that allows me to move SL and TP levels by clicking instead of manually entering. There is a lot of material in the forums and reading through everything slowly.
Blessings to all and all comments are welcome.

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Thank you,

Abe

[baldeagle]

Hi Abe,

I am also in the Pacific time zone up here in Medford, Oregon. I taking a very similar approach although I have migrated to the M15/1 hour TF's. For me limiting my mistakes is the key. I have learned to hard way to stick to my plan.
For now, I am starting to see some success.

I have also started a thread, Tips for US Traders, to take advantage of the community intelligence. So far, I have a lot of views but no comments.

I will follow your Journal with interest.

Ed Abbott

[AbeP]

Thanks Ed.
Appreciate you taking the time to view and comment. I'll take a look at your thread as well and provide feedback if I have anything Curious to hear about your results on the higher timeframes. I think for me, I like the thought of watching for time period and then closing everything down and walking away. Best of luck to you a fellow west coast trader

Abe

[AbeP]

Day 2:

Think I had a good day today as it relates to discipline. Caught a big move on the way down that I trailed per the rules as well.
3 Trades all following the rules (I believe).

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abe

[AbeP]

Day 3
Thoughts:
Big run up coming out of London.
I was careful to wait for a pull back below the ZL before I took any trades going long today
Still finding myself wanting to close trades early to take the profit. Trying to go dot to dot unless there is a run in which I can trail. Still long way to go on the discipline

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Abe

[AbeP]

Day 4
I was hoping someone could provide advice on whether this was just a good trade that I paid rent on or whether I should have somehow avoided this trade.

Thank you

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Abe

[immy]

Day 4
I was hoping someone could provide advice on whether this was just a good trade that I paid rent on or whether I should have somehow avoided this trade.

Thank you

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Abe

That depends on two things.
1. What is your box size rule? 15 pips, 10 pips?
2. What is the role of elliott wave in your trading?

Visually this long was against the previous down move, so counter trend for that moment but a breakout situation indeed.
If you decide to trade only in the direction of previous wave or in EW terms in the direction of previous wave 3 then you won't go long rather go short to target wave 5...

so the trade is good and bad at the same time depending on what you have in your "trading plan"... obviously the one you've written and printed...

avoiding rents is the way to go ... focus on letting winners run. Focus on profit take the focus off losses. Rents will be paid, but when its time to profit , profit should be at least twice as much as losers preferably 3-5 times bigger.


the question here is did you later take the short trades... if you did, it paid for the rent and some profit, that is how trading is done. you often first pay your finders fee and and then you find your gem that pays off for everything.

hope it makes sense....

[AbeP]

AHA Moment...
Thanks Immy....That is exactly what I needed to hear. Looking back and using that same philosophy I would have had the same number of wins over the last week, but I would have avoided quite a few bad trades again. Thank you..Will use this going forward...

Abe

[baldeagle]

Abe,

You still trading?? Sent you a PM a week or so ago but don't see it in my sent folder. Did you get it?

Ed, Fellow West Coast Trader