Week 2 Performance

After my 2nd full week of Rob Booker 1 on 1 training, my results have improved from last week, I only lost 153 pips! I'm being sarcastic and once again don't blame anyone for my results this week but myself.  I made 17 trades this week, only profitable on 5.  My average profit per winning trade was 18.8 pips and my average loss per losing trade was 20.58.  Now it isn't unusual for traders to only "win" 5 out of 17 trades but when your risk/reward is only 1:1 like mine, it is difficult.  That is why I find myself questioning Booker's channel trading strategies where most trades only give you the 1:1 risk/reward.  

On an upbeat note, I ended the week on a 2 trade winning streak, my 1st was contrarian and my 2nd was during the jobs report on Friday.  I actually have been quite successful trading the jobs report in the past and it was no exception on Friday.  As I have done in the past, I drew channel lines for the high and low for the previous 12 hours or so.  I placed a buy order 6 pips above the upper channel line with a 20 pip trailing stop.  I placed a sell order 6 pips below the lower channel line with a 20 pip trailing stop.  On Friday, the price broke the upper channel, my buy order was initiated and 15 minutes later was automatically closed when my trailing stop was hit with a profit of 30 pips.  I could have made more if I didn't place a limit but I've never been greedy when it comes to taking profit.  I'm a lot more stupid when placing stops.

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