Five years has passed since Deimos the middle child of Princess Luna and a dragon lord had decided at age ten to leave both his mother and regal life behind to live in a cave near ponyville. Under advice from his uncle spike he has mingled with the residents. Most still fear him but he pays them no mind his too busy trying to survive his day-to-day with his friends, making a name for his self, and trying not to follow to closely in his father footsteps.
A little hard to follow, a few missing letters and it's lit his tail on fire,,,,,,,
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Uncle?
Residence means the building where you live, My friend. Residents are the people that live in a residence.
Not trying to come off as a grammar nazi, just trying to help.
Your punctuation is horrible, you have several instances of choosing the wrong homophone, you have some capitalization errors, you're missing words in some places (such as "I'm looking for honest criticism"), and your grammar in general just isn't very good.
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