Week 7 Performance Review
January 20, 2006 by Trader Rich
After a mini-hiatus from trading on Monday, I’ve been able to turn a respectable profit this week.
I ended this week with a 189 pip profit or $1727. This is a 13.5% increase in capital. I had 11 winning trades and only 2 losing trades. A lot of my winning trades this week were for a smaller profit but I did manage to profit 100 pips on the CAD yesterday.
After 7 weeks, I’ve profited a total of 560 pips and $4662. That’s an average of $666 a week. This isn’t going to pay the bills where I live (New York City.) Maybe if I moved to South Dakota it would but I’m not about to do that. It should be noted that I’ve really only been trading SINGLE lots. If I’m consistently profitable when I do start trading full-time, the amount of lots I trade would be increased. If I happened to be trading 3 lots at a time (entering and exiting lots at the same time), I would be able to live on the $1900 a week my average translates into.
I feel like I am still on track to trade full-time this year and it’s starting to look more and more realistic by the week. 7 weeks of trading though still doesn’t convince me I’m ready today but it isn’t as far off as I believed it to be when I started the Forex Project.
My success this week is attributed to 2 simple rules:
1. I had a solid plan going into the week. I would concentrate on 1 type of setup.
2. Trading Support and Resistance
That’s it. I’m convinced that the simpler your rules are the better. The more and more you search for that holy grail of technical indicators, the furthur you get from where you want to be.
I think John Carter stated this helpful comment to keep in mind at all times:
Don’t trade with the thought of making a killing. Trade with the thought of making a living.
Trading to make a killing can lead to disastrous results.
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Can’t be to upset with a 13.5% increase in a week. Keep it up, I am watching in envy and hoping I can start getting those results. I am getting everything set up so I can start my week one on Monday.
I just signed up with esignal premier and also order sr analyst. So I hope to be all set up and ready to go soon.
Can’t be to upset with a 13.5% increase in a week. Keep it up, I am watching in envy and hoping I can start getting those results. I am getting everything set up so I can start my week one on Monday.
I just signed up with esignal premier and also order sr analyst. So I hope to be all set up and ready to go soon.
Good luck. Do your homework this weekend.
Good luck. Do your homework this weekend.
I thinkyou have something here. I’ve trading for four years, demo and real, and my comments to my wife this eveing mirror yours. “Support and resistance areas are critical to successful trading. It took me a long time, years, I confess, of trial and error, to “get” that fact. Slow learner. On the psychological side, the other half of the trading coin, you are going to lose big if you go into FOREX belieing all the hype that says you can make a million dollars overnight. That’s an exaggeration, but you get the point. One should go into trading with the idea of preserving capital, i.e., cut your losses, ride your gains. There are some very sharp traders out there, also with sophiscated computer programs that trade for the big players, who are waiting to take money from the naive. I know. This caveat offered, the currency markets are a lot of fun, and of course the potential for profit is unlimited. Keep it simple, a trader said to me long ago. Agree.
I thinkyou have something here. I’ve trading for four years, demo and real, and my comments to my wife this eveing mirror yours. “Support and resistance areas are critical to successful trading. It took me a long time, years, I confess, of trial and error, to “get” that fact. Slow learner. On the psychological side, the other half of the trading coin, you are going to lose big if you go into FOREX belieing all the hype that says you can make a million dollars overnight. That’s an exaggeration, but you get the point. One should go into trading with the idea of preserving capital, i.e., cut your losses, ride your gains. There are some very sharp traders out there, also with sophiscated computer programs that trade for the big players, who are waiting to take money from the naive. I know. This caveat offered, the currency markets are a lot of fun, and of course the potential for profit is unlimited. Keep it simple, a trader said to me long ago. Agree.
Beginner traders. Take it from Greg, I believe he is absolutely right…..
Beginner traders. Take it from Greg, I believe he is absolutely right…..