The Daily Trade – Weekly Review (15/10/2012)

Filed under: Live Trades |

Well, last week turned out to be a decent week for the daily trade, with a rise on the bank of 186.08 GBP. With a theoretical bank of 10,000 GBP (which I am using), this represents a 1.86% rise on the bank. If we could do this every week, we would be doing very well indeed (i.e. double our bank every year!).

 

There were only two trades made last week for these gains, on the USD/CHF pair and the EUR/JPY pair. The USD/CHF pair hit the target, but as we took 70% of the profits at the 1R level (a level of profit equal to our risk), we ended with a total profit of 138.16 GBP rather than the original 200 GBP profit target. However, the trade on the EUR/JPY pair ended with a profit of 48.06 GBP. This trade actually hit our stop loss, but as we again took 70% of the profits at the 1R level, we actually got out of the trade with a slight profit when the stop loss was hit.

 

I am trying to take this more conservative approach at the moment (by profit taking at the 1R level) as we have been on a very good run. I also think that one should trade the same way whether it is with large sums of money or with small sums of money. If my risk was 1000 GBP rather than 100 GBP on each trade, then I think that taking 70% of the profits at the 1R level would be a much more comfortable way to go. At the moment, this method is also proving to be more profitable, as if we had used a set and forget strategy and let our targets and stops be hit without any interference, then we would have had a 1% rise on the bank this week instead of a 1.86% rise. That’s all for this week, and I’ll be back next week with another weekly review of our daily trades.

 

Equity for Total Trades Made

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