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Well, it was a quiet week this week BUT I managed to secure my 10% profit for the month which I really am pleased about. It was the ultimate goal for me this month.
Monday gave me a small 9 pip loss on the GBP, but I took 20 pips back from it on Tuesday and Wednesday I took a small trade on the EUR which paid out almost 10 pips – just enough to take me over that aspirational 10% profit target for the month.
So, although this week was quiet in terms of trades taken, it was pretty exciting all the same and very satisfying.
I took 1 trade on Friday (CHF Long) but unfortunately it was still going when the NFP was announced and the price crashed and stopped me out (only 25 pips though – my first actual loss in a while). Nothing of a concern though as my max risk is always 1% so December is not a concern.
This week I learned the true benefit of logging trades… on Friday I spent about 5 hours analysing all the trades taken since October (48 in total) – I wanted to see if I could half my stop loss and double my lots to ultimately bring more profit to the table without taking considerably more losses as a result. I went back and traced each trade on the m5 chart to see exactly what happened and took note of the maximum draw down before reaching my T/P levels. The results were better than expected, in fact with the halved S/L and doubled lot size, risk reward ratio is better and if the trades I have already taken were executed with these new rules, not only would my losses be smaller, my profits would be multiplied 400%!!!!!
This really highlights how tracking your trades and analysing them in a non-emotional, constructive way can help with your trading…
So December here we are… I don’t expect profits as big as October and November due to the upcoming holiday season, but I’m still feeling positive about the month.
That’s it for now but I’ll be back next week.