Week 13 Losses
by Trader Rich
I’ve already gone into the reasons why I think this week was unprofitable. The main reason was due to my exit of profitable positions before my limits were triggered. I exited many positions this week just to take the quick profit however small it was. I noticed afterwards that these positions would have moved more in my favor if I had not exited early.
I made a total of 19 trades this week, winning 10 and losing 9. My average trade profited by 32.1 pips which if you take into consideration I’m trading 3 lots, it’s really only about 10 pips per trade. That is not good. My average losing trade was 54 pips or 18 pips per lot.
I lost a total of $1827 this week bringing my 13 week total to +5519. So I am still in the black but if you average my total profit over 13 weeks, it’s only about $425 a week.
So I have work to do this weekend. I need to develop a more systematic approach to entry and exits. I don’t have a true trading plan and a lot of my setups are random and sometimes come from feeling. This will be a work in progress.