Happy Sunday,
As of 5:00 pm, my current stats are:
Total Deposited: $10,554.20.
Balance: $12,642.80 (+$202.70 from last week)
Gain/Loss: 27.7% = +2.2% from last week.
Equity: $11657.95. ***I will comment on this below***
Open Trades: 12 – Going to have to make some tough decisions on the open trades I have from Christmas and New Years weeks.
Drawdown: 13.69% (Made up some ground getting the yellow and redlines back together.)
Transparency:
***This section is dedicated to me being as absolutely transparent with you as I can. I want anyone who reads this to understand what I am thinking, doing, and how I am measuring my success/failure at trading Forex.***
- Still fighting off my bad trades. I am currently comfortable to some extent with the positions and size of drawdown. I am making an effort to trade “within some of the losses.”
- The objective here is to try and trade towards daily pivot points during the time I targeting my weekly and monthly pivot points.
- The temptation that I failed at over the last many years of trading forex is increasing your size of trade attempting to “make up for the loss” (also known as revenge trading or martingale systems.)
- DO NOT EVER increase your size of position when targeting a new trade with a current open loss. I will get into more detail on this in future posts.
- I will follow up with some posts in the following few weeks with my trading system, money management system, and end of each month status on my goals.
- I took 1 very risky trade that I got very lucky on. Traded a USD/MXN lot at .50 lot size. Over-confidence and not using my normal filters for entering a trade. Typical size for me is .02 – .15. Also, I took the trade during off peak trading time and the spread was way larger then I realized. Trade opened at $-51.50! I monitored it closely and was fortunate enough to close at $10 profit. Will not do this again.
- Litecoin dipped to $190 putting me back to even on a $7000 stake. Still up $4000 from the super spike last year. I will be writing more about this also in upcoming posts.
Thanks for reading,
Redlined 2
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