Well, what a week it was. We had one trade that netted us 90+ pips. That is a great result. However, my prediction came true, and the USDCAD pair dropped like a stone, and we could have picked up additional pips - the trade set up was actually perfect - but I missed the boat by a couple of hours, and by that time, the opportunity passed. This would have turned into a potential high risk low reward trade. It is easy to look back and say that it would have been a good decision to jump in the trade, but at the time, you do not have the liberty to see what happens in the future!
What was not so great is that we had a trade setup on about 4 different charts which would have netted over 1000 pips all combined (mainly off the back of the Euro). I missed these as I was simply not in time to take the trades and be 'guaranteed' the profitability I was after. I think I could have jumped on the bandwagon and tried to pick up 10 - 50 pips, but the risk was simply not worth it. It does seem a bit silly to try to force these trades. We could happily do 4-8 a month, and with that we should see some nice returns. The trades we are taking are all high percentage trades with high profits attached to them.
All in all, I am pleased with this so far, and hopefully any one who wants to jump on the bandwagon will be pleased as well.
I have been looking at shorter time frames to ramp up the proiftability of my trading, but at the moment, I have not got the time to dedicate to it, although it would be great if I could have the time as I would certainly give it a go. At the same time, the results here would still be strictly for this strategy.
The success and failure of a system is judged on results - so far we are winning more than we are losing, and we are gaining more pips than losing. This is certainly a great start, but I am trying to stay rooted to the ground here, for the very fact that a trading strategy is judged over the long term - hundreds and thousands of trades- so this is still very very much in its infancy.
The trends are very strong in the markets at the moment, so away from this strategy, you may want to jump on the bandwagon and seek a few pips on the ride.
As an aside, if you can use nano lots on your account (1 pip = $0.01), then starting with a $800 account (about £500) you would be now sitting on 881.35 - an increase of just over 10%. This is taking into account the losing trades as well!!!
In actual fact, I am going to add another widget which will show an $800 account (i prefer to work in USD as the pips are easier to calculate).
Anyways, here's to a relaxing weekend, and some more....
Happy trading! :)
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