This one was on the USDCHF. I actually took the trade yesterday evening, but was not close to a computer to update the blog to let everyone know.
I bought at 0.92133 at 17:15 and it was closed out just a few minutes ago at 0.92200 (again I raised my stop to break even, but managed to take a couple of pips in the process.
I have started using a spreadsheet called DDSM which is an automatic spreadsheet that gives you lot sizes against risk. It looks to be very handy, as over the course of 20 trades, if you win 10 trades at 100 pips each, and then lose 100 10 trades at 100 pips each - you will come out with a hefty profit. Likewise if you lose 10 then win 10 you still come out ahead. A very useful tool indeed - it ensures that you have every chances of earning money over the long term.
Anyway, my lot size on this occasion using this spreadsheet and using past performance would have been 0.13, and the account balance would have been $1387.93! Quite a bit more than my other bank balance without using the spreadsheet... This small pip gain would have netted me $9.45,, which for one trade at a very low balance is great!
I think what I will do, is set up another account using the DDSMM money management spreadsheet to track how this spreadheet works - as anything that works well can add to the arsenal!
Happy trading!
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