Week 4 Performance
by Trader Rich
I'm done for the week. The channels were too wide in the GBP and Yen going into the US Session this morning and the CAD swung wildly up and down. I made no trades today. I'd also rather end the day and be up for the week. It's good for my psyche.
In my 4th post Booker week of trading, I managed to pull off a small profit of 14 pips or $111. Here are some more statistics from this week:
TOTAL # of TRADES
TOTAL Winning Trades
TOTAL Losing Trades
I feel like I went back to my "roots" this week. I'm trading like I did months ago when things were going more my way. The thing is, other than channel trading rules, a majority of my trades don't have any hard rules. Most were based on discretion only. Since I'm moving back towards this style of trading, maybe this is just what is needed. I was sending comments back and forth with a visitor to the site, Wim and Wim states that in 5 years of trading FX:
"I can tell you that a combination of a mechanical simple system and your own judgement will give you the best results…. Make your own judgement on trades!!!"
I've done a lot of reading over the past 12 months and a lot of it is repetitive. I've also been trying hard to go by what I've been told over and over again but maybe I've been wrong. Yes, some of the preachings are absolutely true like the recommendation to PLACE STOP LOSSES. But no one knows what your or my personality is. Just because a certain way of trading whether mechanical or discretionary works for 1 person doesn't mean it will work for you or I.
I look back at the first 11 weeks I was trading and I don't think it was beginners luck:
|Week #||Pip P/L||Gross P/L||Total # of Trades||Total Winning Trades||Total Losing Trades||Total Even Trades||Avg. Winning pips||Avg. Losing pips|
Yes, I made some mistakes but overall, I was doing something right. I was up $7700 after these first 11 weeks and this was mostly trading 1 LOT. I don't know what the future holds but we will definately see if my discretionary way of trading is what works for me.