Adam Grimes and Linda Raschke…and my Trading Plan!

Since I started trading and investing, I have spent a lot of money on trading/investing books and courses. After few years of reading, learning, following advice from my “mentors” and trying different trading and investing techniques, I have realized that I have to change my approach if I want to become a professional trader. I have earned smaller amounts of money but I still don’t have enough confidence or proof that I can start trading professionally and give up my 9-5 job. Finally, I have realized that I was jumping from one trading system/method to another…from one book to another…from one trading course to the next one. None of these trading “gurus” actually gave me the proof that I can make money with the knowledge they share. So I decided to look for someone who really does have professional trading experience. I did some research and, on one of the trading forums I found a post about Adam H. Grimes.

Adam H. Grimes is a professional trader with 20+ years of experience in the industry as a trader, analyst and advisor. Adam has been working at the NYMEX (New York Mercantile Exchange), as a senior prop trader and Chief Technical Strategist at a top-tier Manhattan firm, as a hedge fund trader, VP of quantitative trading at an institution, and he currently works as the Chief Investment Officer of Talon Advisors where he writes daily market commentary and institutional advisory. He created a totally free trading course at MarketlifeTrading.com, together with 100% free workbook which you can print at home or buy on Amazon. Adam is also the author of The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies which is considered by many to be the “Bible” of technical analysis. After reading a lot of positive reviews about Adam, I have decided to sign up for the course and buy both the book and a workbook.

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Research about Adam led me to Linda Bradford Raschke, Adam’s mentor. Linda started trading four decades ago and is considered as one of the top traders ever, with her hedge fund being ranked as 17th out of 4500 for best 5 year performance by BarclaysHedge. She was also featured in Jack Schwager’s book, The New Market Wizards. In 1995, Raschke co-authored the best selling book, Street Smarts—High Probability Short Term Trading Strategies, with Laurence A. Connors. This book also has some great reviews on Amazon, so I decided to buy it and read it after I go through Adam’s course and books.

I have finished the introduction part of Adam’s course (and books) and the part related to pullbacks trading. My plan is to practice pullbacks on Forex Tester and my real trading account for next 3 months and than continue with other parts of the course. I had a 21% drawdown and around 8% loss on my trading account in last few months and it would be really nice if I could achieve 0% loss soon, using Adam’s methods, so I can actually start from the beginning, using my new approach.

I will use this blog to share my trading ideas and to make sure that I am following the trading plan that I have created recently:

My Trading Plan

Forex Trading is not easy. If it was, everyone could do it. I’ve fought for everything I’ve achieved in my life. The effort was always worth it in the end. I understand results may not equal my expectations or be directly related to my work and output. My goal to continue trading professionaly isn’t for instant gratification, or to relieve my personal/financial anxieties.

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Instead, my daily goals to continue trading professionally are:

1) to have freedom I deserve

2) to create good trading habits

3) to focus on a successful trading process from A-Z

4) to execute mentally correctly

5) to develop a greater sense of self-awareness and discovery through trading and constant learning

6) to be a better person

7) to live a healthier life

8) to have a positive impact on people through hard work

I will be working on my goals every day, no matter how hard this work is. I am a good person, I can achieve everything if I work hard. This is my life’s work.

 

Trading style:

I will trade only currencies in the beginning. I will only use D1, H4 and H1charts. I will trade all 5 days of week.

Morning Routine:

  • Making myself a tea
  • 5 minutes of deep diaphragmatic breathing
  • Checking the charts and opening the trades
  • Have a shower to relax after trading and before work

Afterwork Routine:

  • 5 minutes of deep diaphragmatic breathing
  • Checking the charts and opening the trades
  • Writing the trading journal on my blog or regular blog post

Evening Routine:

  • Walking for at least 20 minutes or minimum 10 minutes of meditation
  • Checking the charts and opening the trades
  • Reading of at least 20 pages of a book which will improve my trading knowledge and performance

Weekend Routine:

  • Watch at least one video which will improve my trading knowledge and performance
  • Practice trading in ForexTester for at least 1 hour

Quarterly Routine:

After each quarter I will sit down and spend some time to asnwer these questions:

  • What went well in last quarter? Did I stick to my plan and daily/weekly routine?
  • What didn’t go well in last quarter?
  • What did I learn? Did I read enough? Did I watch videos which improved myself as a trader and as a person?
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I will also create separate documents with various trading rules for pullbacks, breakouts etc. I will try to trade based on these rules and check the results from time to time, to see what works and what doesn’t.

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