FX challenge Week 4 Review

I close the week in profit again with pathetic +0.3% (vs last week) , it was a disappointing ending. I just can’t get rid of the Friday jinx. The week’s performance was destroyed by this stupid Friday market. Anyway, I am not really satisfied with my performance this week. Firstly, I found myself watching the trading screen too frequent and have the tendency to exit a trade early even though profit target has been set. Well, some people say “You won’t go broke by taking profit”, I don’t buy this. It is important to hold on your winners to bag bigger profit, you need them to balance out your draw down period. I have no problem exiting a losing trade, since I really hate loser. The real work for me now is to hold on my winners and derive a better way to manage my profitable trades.

Well, I thought I can finish the week strong. But, hey, you don’t know what’s gonna happen next, that’s trading. Anyway, it is still a profitable week. Accept it, fool.

Month in review April 2007

I was feeling a little bit pissed when compiling this monthly review. However, after reading through my trades again, I guess, I should not bother too much. This is just the first month of my live Forex trading, and I ended the month flat (well, up +38 pips, or +0.96 R), the most important to me is, I manage to recoup all losses incurred in the early of the month. The first two weeks was a total trial-and-error period. I finished my trading plan after 2 weeks, understood and found a way to deal with my bastard broker’s widened 20-pip spread during news time, and started trading the new plan since 3rd week. Despite my Friday jinx, I was actually up 189.5 pips , or +4.74 R for the last 2 weeks of April. I should not push myself too hard over this result. I do not plan to tweak my system again for the time being, I shall execute it through out next couple of months. The only possible change might be stop trading on Friday until I find a priest to get rid of my Friday jinx, uhm…LOL

All in all, I finished the month with a whopping +38.5 pips, +0.96 R. System accuracy was just 43.10%. I might not be trading next Monday. If I do, I will update it later.

In case any auditor wants to view my trading log, I have uploaded here.

“The real man trades Futures, his son trades Forex, I am trading both, for my wife”

From the desk of Tradergav.com