So, all data for every trade can be found here, and even thought I started with this strategy just 2 weeks ago on October 18, I found some success. Below are the results:
|Pips||Pips in $||Account $||Total %|
|October||198.6||$ 19.49||$ 519.49||3.86%|
So it was a pretty decent few weeks actually. 10 trades and of which 2 were busts because of stupid mistakes. First mistake was with my AUD/JPY after I freaked out and exited a trade because of news I read regarding the pair. Stupid. Then, the second one with the USD/CHF trade and I had a TERRRRRRIBLE stop/loss in place.
Despite the limited amount of time I have to study charts, enter trades and watch them, they were all pretty quality trades. That’s going to be my biggest obstacle as I move forward.
October brought some great lessons and observations
- Stop/Loss needs to have enough room to breath in case of a bad entry spot (which is my next point) and be able to withstand price before it changes direction.
- Correct Entry Positions. This will be a battle for the next few weeks and probably months, figuring out when to enter a trade. Are my emotions in play? do I not do enough reading/studying where price and indicators stand? and are my signals actually correct? are the questions I need to answer.
- Utilizing more information from other charts is pretty cool figuring out where price will go and how to size the trade.
- I need to get out of trades sooner, with as many pips as possible (AMPAP?).
- Try riding the trend more, find where price is meeting resistance and support lines and catch that swing.
Looking forward to November and improving, improving, improving. Lets get after it!