Yet another bad losing week. The reason again was just lack of discipline. I entered way too many trades, and I entered trades without proper setups. And the worst mistake of all, which I still have open is to open a trade with no stop loss. This trade (EUR/JPY Short) was in fact from the previous week, but it continued to get worse, and I am still having it open. But I will be closing all open positions tomorrow to close out the month.
Lets first start with the highlights of the week.
- The main highlight of the week was the finding out yet another trading system called the 'Elite'. This is a system I came across ForexFactory, and its by 'WaterFlame'. I am just using the system as described by him.
- Picked up some good setups and let the profits run. Notable among the trades were the EUR/USD and EUR/CAD trades which are still open.
Alrite, moving into something more pleasant, I have been reading some forums where they have been talking about other money management and position sizing methods. The idea is to open larger number of lots, but taking small pip profits. Considering that in the setups that I use, the easiest profit is made in the first 50 pips, why not open more lots (say 10) and close them all out at 50 pips? I will give this idea a shot next month to see how feasible it is. The biggest drawback is that in case of a string of losers, I might drain out my equity pretty quickly and go out of business. So its of at most importance that my system had a very high success rate.
Now finally on to the stats for the week.
- Number of Trades: 18
- Number of Wins: 11
- Win Percentage: 61.11%
- Win/Loss Ratio: 1.571
- Gross profit: $1429.70
- Gross Loss: $1688.38
- Net Profit: $258.68
- Avg. Profitable Trade: $129.97
- Avg. Losing Trade: $241.19
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