Hi guys,
This is my third bite at the AIMS cherry.
I struggled a lot on my first two goes and lost money (demo money!) simply because I got whip-sawed on a lot of trades and had the classic "death by a thousand cuts". My winners when they came were decent but not enough to compensate for the constant flow of small losers.
I gave up for quite some while. However, now I am back and determined to make a success of trading. Especially when I see others doing so well, I see no reason why I should not. Yes, I am no Einstein, but by the same token, I am not a Homer Simpson either. I believe I should be able to do this. And Immy and the rest of the gang seem to be hugely successful.
I think some of my big failings in the past have been:
Not having a trade plan
Not sticking to the rules exactly as written - too much "free-styling" it
Revenge trading - taking larger risk than I should be
Jumping on moves just because there as suddenly been a big one and I didn't want to miss out
Often in the above two situations, using MOs instead of POs
And also because of the previous two, over trading
Not having a journal to keep me disciplined and accountable
So a lot of issues then. However, realising I have them, I hope means I can takes steps to rectify them! First up, I have created and attached my trading plan. And of course here, I am beginning my journal.
I look forward to getting your input and feedback on my trades. Where I am going wrong, where right, mistakes made, etc, etc.
Ed
Ed's Audit of Incompetence
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Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Ed's Audit of Incompetence
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Last edited by Pushers on 09 Aug 2018, 21:59, edited 7 times in total.
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Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Batch 1
Trade 1
My first trade today (Monday, 23rd July 2018) on Cable.
It was at the London Open and seemed to be a decent Set-Up 1 to me. Please let me know if not! I managed to get out ahead with this one, even if I got it wrong set-up wise. However, I do not want to get into bad habits, especially after my previous failures with the system, so if I should not have entered this trade, please tell me where I went wrong. Thanks!
Trade 1
My first trade today (Monday, 23rd July 2018) on Cable.
It was at the London Open and seemed to be a decent Set-Up 1 to me. Please let me know if not! I managed to get out ahead with this one, even if I got it wrong set-up wise. However, I do not want to get into bad habits, especially after my previous failures with the system, so if I should not have entered this trade, please tell me where I went wrong. Thanks!
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Last edited by Pushers on 24 Jul 2018, 07:43, edited 1 time in total.
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Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Batch 1
Trade 2
My second trade of the London Open session on the EURUSD.
Again, I thought this looked like a good Set-Up 1. Please tell me if I am getting it wrong.
To be frank, I probably should not have added the Add-On, as it is too early in my journey. One question I do have about Add-On's though - do they have to be perfect Set-Up 2's in order to be taken? Or with Add-On's can AO be further away from the Zero line, etc?
Trade 2
My second trade of the London Open session on the EURUSD.
Again, I thought this looked like a good Set-Up 1. Please tell me if I am getting it wrong.
To be frank, I probably should not have added the Add-On, as it is too early in my journey. One question I do have about Add-On's though - do they have to be perfect Set-Up 2's in order to be taken? Or with Add-On's can AO be further away from the Zero line, etc?
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Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Batch 1
Trade 3
I tried this Set-Up 2. I feel I got it wrong but I look forward to the group's input.
Trade 3
I tried this Set-Up 2. I feel I got it wrong but I look forward to the group's input.
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Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Batch 1
Trade 4
Again, another Set-Up 2 (or so I believe). Where did I go wrong?
Trade 4
Again, another Set-Up 2 (or so I believe). Where did I go wrong?
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immy
- Founder
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Re: Ed's Audit of Incompetence
Hello Ed
Great start to your journal. Enjoyed reading it.
Glad to see that you have identified the problems. Although they seem quite a few of them they are actually tied to one string. Discipline. The lack thereof.
But cutting the long short, you've embarked upon T20 and its a great big step. Firstly congratulations on taking this positive step. I'm sure you'll see the benefit of it and soon will realise how powerful it is and might even apply it to other things in life. (weight / body management is one example / dieting and eating properly etc)
Let me point out problem number one with the plan. You're trading the wrong markets or the wrong time frame.
Its not a good idea to trade currrenceis on m1 becomes the volatility is too low. Its never been high as it was during 2009-2012. You need the market to be moving around 150 pips a day, (of which you';d like most to happen with your trading session). Thats not gonna happen on EU or GU unless its news time. But trading around news could be tricky.
So The Recommended LOWEST time frame for Currencies is M15. And if you chose M15 the MAX number of pairs is M15 chart is 3. EU GU UJ would do the trick. no m1 or m5.
hope this helps.
Great start to your journal. Enjoyed reading it.
Glad to see that you have identified the problems. Although they seem quite a few of them they are actually tied to one string. Discipline. The lack thereof.
But cutting the long short, you've embarked upon T20 and its a great big step. Firstly congratulations on taking this positive step. I'm sure you'll see the benefit of it and soon will realise how powerful it is and might even apply it to other things in life. (weight / body management is one example / dieting and eating properly etc)
Let me point out problem number one with the plan. You're trading the wrong markets or the wrong time frame.
Its not a good idea to trade currrenceis on m1 becomes the volatility is too low. Its never been high as it was during 2009-2012. You need the market to be moving around 150 pips a day, (of which you';d like most to happen with your trading session). Thats not gonna happen on EU or GU unless its news time. But trading around news could be tricky.
So The Recommended LOWEST time frame for Currencies is M15. And if you chose M15 the MAX number of pairs is M15 chart is 3. EU GU UJ would do the trick. no m1 or m5.
hope this helps.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Ed's Audit of Incompetence
These are NOT setup 1 trades. You must understand what is the Setup 1 , setup.Pushers wrote: 23 Jul 2018, 14:21 Batch 1
Trade 2
My second trade of the London Open session on the EURUSD.
Again, I thought this looked like a good Set-Up 1. Please tell me if I am getting it wrong.
EURUSDM1 T1 23.07.2018.png
To be frank, I probably should not have added the Add-On, as it is too early in my journey. One question I do have about Add-On's though - do they have to be perfect Set-Up 2's in order to be taken? Or with Add-On's can AO be further away from the Zero line, etc?
I'm sure you know where to look. Its in yoru DASHBOARD. steps by step.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Thanks Immy,
Out of interest, if I do wish to trade M1 (happy to move my trading times) are there any markets you would suggest that are better?
By the way, discipline is most definitely my biggest issue (or lack thereof). I realised as I posted these that the trades 3 and 4 were outside of the trading times I put in the Plan! And i just started. DOH! Must get better at this aspect of myself.
Part of the problem is that, for whatever weird reason, I rather enjoy just watching the charts and tend to have them open a lot of the time. Then of course comes the temptation to trade, even when I should not be.
Out of interest, if I do wish to trade M1 (happy to move my trading times) are there any markets you would suggest that are better?
By the way, discipline is most definitely my biggest issue (or lack thereof). I realised as I posted these that the trades 3 and 4 were outside of the trading times I put in the Plan! And i just started. DOH! Must get better at this aspect of myself.
Part of the problem is that, for whatever weird reason, I rather enjoy just watching the charts and tend to have them open a lot of the time. Then of course comes the temptation to trade, even when I should not be.
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Ed's Audit of Incompetence
Hi
I really don't think there is any advantage in trading the M1 during Stage 1. I would suggest trading the H1 time frame but if you cannot and have only 2 hrs then M15 3 pairs is the BEST way forward.
Trading time , start and end time is a MUST and you should have mechanism in your trading plan to mark your trade as a DS0 if its out of time. Take stage 1-2 as very strict almost robotic style of trading. When you get to stage 3, you probably won't even need me to tell you what you should be doing next.
cheers
I really don't think there is any advantage in trading the M1 during Stage 1. I would suggest trading the H1 time frame but if you cannot and have only 2 hrs then M15 3 pairs is the BEST way forward.
Trading time , start and end time is a MUST and you should have mechanism in your trading plan to mark your trade as a DS0 if its out of time. Take stage 1-2 as very strict almost robotic style of trading. When you get to stage 3, you probably won't even need me to tell you what you should be doing next.
cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
Pushers
- AIMSter
- Posts: 36
- Joined: 15 Dec 2011, 14:09
- 13
Re: Ed's Audit of Incompetence
Thanks for that Immy,
So a question or two on that then.
When trading at M15 level, what is the maximum AIMS box we should trade (before we discard it) - if it was 15 pips and under for M1, I assume it is a little larger for M15? And should I stick to two hours at the London open and then another two hours at the NY open or trade at different times of the day for the best results? And the same two questions if I can fit in H1 trading. And any other pairs or markets for H1?
Finally, since coming back I have noticed this DS0 and DS1 but I cannot find the original post(s) explaining it - so right now I am unsure what I am meant to do. Would you be able to briefly summarise and point me in the direction of the posts about it?
Many thanks in advance.
Ed
So a question or two on that then.
When trading at M15 level, what is the maximum AIMS box we should trade (before we discard it) - if it was 15 pips and under for M1, I assume it is a little larger for M15? And should I stick to two hours at the London open and then another two hours at the NY open or trade at different times of the day for the best results? And the same two questions if I can fit in H1 trading. And any other pairs or markets for H1?
Finally, since coming back I have noticed this DS0 and DS1 but I cannot find the original post(s) explaining it - so right now I am unsure what I am meant to do. Would you be able to briefly summarise and point me in the direction of the posts about it?
Many thanks in advance.
Ed