Kyle's Journal

[Kyle]

OK guys,
I am probably starting my journal a bit early, but I also like to learn "hands on" a bit. I have opened a fresh DEMO account with my trusty broker and have also set it up on myfxbook.com
http://www.myfxbook.com/members/Tassief ... ims/309675" onclick="window.open(this.href);return false;

If it is too early, I don't want to waste anyones time so I am happy if you don't wat to comment yet, but any comments are welcome. I find this is the best way to learn for me - applying what I have read like this.

[Kyle]

My First Trade.
Firstly, I am about to add the Waves part to my chart, so it is not fully complete as such. I took a sell signal and then the subsequent signal to exit the trade. Happy even though it was a loss, as it is the start of the new journey. I would be the same if it was live as I am fully aware that losses are part of the overall winning strategy. Just got to cut those losses short and let the winners run

[immy]

My First Trade.
Firstly, I am about to add the Waves part to my chart, so it is not fully complete as such. I took a sell signal and then the subsequent signal to exit the trade. Happy even though it was a loss, as it is the start of the new journey. I would be the same if it was live as I am fully aware that losses are part of the overall winning strategy. Just got to cut those losses short and let the winners run

Kyle

I dont think its every early to start a journal. In most cases it might be too late, but then there is never too late ever....

So let me take this opportunity to welcome you to our community. and let me repeat myself one more time, a Journal is Your mirror! it is the greatest tool a trader has to start learning, continue improving and maintain consistent success! Well Done. This first step is a Quantum Leap!

Your entry was not bad but remember, break of aims is NEVER A Market Order, Read the GROUNDED Rules. No Market orders. You must put a Pending order and with that you need to give a 1 pip buffer . So in this case your entry would not have been triggered instead the next aims level was a nice entry level. Well done on the exit though .

cheers

[Kyle]

Thanks Immy,
Yes, I did do a market order. I was calculating the position size to risk wanted, and was a bit slow. The trade was back into the AIMS level (just) so I took the order at that stage. I will be working on getting quicker at entering properly. I am going to put up the Easy Order window to assist in this. Been looking around to find one that will also give an entry based on risk % to balance instead of lot size.
Different from most beginners, am happy for the first trade even though it is not a winning one. I know the thing overall is sound and losses are all a part of it.
This journal is to show my journey for other beginners and to track my own progress so at the end of the day when I am helping others as an expert forum moderator, they can see where I have come from and how easy it is with a bit of concentration and patience to get there

[immy]

Thanks Immy,
Yes, I did do a market order. I was calculating the position size to risk wanted, and was a bit slow. The trade was back into the AIMS level (just) so I took the order at that stage. I will be working on getting quicker at entering properly. I am going to put up the Easy Order window to assist in this. Been looking around to find one that will also give an entry based on risk % to balance instead of lot size.
Different from most beginners, am happy for the first trade even though it is not a winning one. I know the thing overall is sound and losses are all a part of it.
This journal is to show my journey for other beginners and to track my own progress so at the end of the day when I am helping others as an expert forum moderator, they can see where I have come from and how easy it is with a bit of concentration and patience to get there

I Admire your Vision! \m/ (wd)

[Kyle]

One must have a vision/goal. Without that, a person will never grow

[Kyle]

Thought I'd put one up where the entry dot came up, but the spread on the AIMS level was too small. It was just 3 pips, otherwise the rest would have been good, along with a nice push out fo the AIMS level. Plenty more to come that will be valid, I am sure.
From reading so far, some of the best times to trade this method is the first few hours of a trading day. NY session to open soon, so that will be interesting to watch

[Kyle]

Just had a thought, what happens when you get a signal and all looks good so you place the pending order and the AIMS level changes. Do you stay with what the level was initially, or do you move the entry & SL to that of the new level?

[Kyle]

Took a short off the 5min. I was sure the dot indicator was red for pending short and placed the pending order, but it was pink. Oops. Need to crawl forst and get the "classic" type 1 entries right. Also made the mistake that the Alligator was not sleeping. By the time I saw it, the trade was activated and I couldn't cancel. It went to profit, so I moved the SL from a pip plus spread past AIMS level to BE- a pip or so to make it no risk.
Ended up hitting SL and took a very small profit out of it. A mistake made, but no harm done in the end.

Lessons being learned, so that is why I have started the journal early on in the trading here

Oh yes, I know many people talk about profits in pips, but I do prefer to talk in % of account, so I hope people are fine with me looking at it that way. This one was 0.2% profit. First one 1.03% loss.

[immy]

Kyle..

You might want to upgrade your AIMS Entry Alert to V5.1

cheers