The markets these past few months have been pretty abysmal, with tight ranges in GBPUSD and in particular EURUSD I’ve been watching and trading other currency pairs (namely GBPCAD, GBPJPY and also Gold). I wanted to show week’s trades (May 5 – 9) as it was the first sign that the strategy I have been studying and putting into practise is slowly starting to come together. It was only the other week I’d mentioned to Sterling from DayTradingForexLive that I was beginning to get disheartened as I’d had little to no winning trades recently. He assured that the lack of volatility in the markets is highly unusual and that it will correct itself in time and when it does, I should fare well from it as I’m managing to breakeven even in such lacklustre markets.
4 losers (avg loss $6)
5 winners (avg win $11.67)
Account gain/loss: +7.4%
What I love about this is the fact that it clearly shows how important managing risk/reward is. I never risk more than 2% on any trade but every winning trade nets me 4%, hence why I am still in profit by an impressive 7.4% while having almost 50% losing trades. Still early days and only trading small lot sizes on a $500 account but I will be increasing my account from June onwards.
One final point I must keep reminding myself is to stay humble, patient and disciplined no matter the outcome and not let my emotions cloud my judgements.