The Daily Trade – WEEKLY REVIEW

Filed under: Live Trades |

Well, we had a good week last week. As usual, you can see all of my live trades at:

 

http://www.myfxbook.com/members/jjrgaskell/daily-trade/357261

 

I had around a 600 GBP rise on my bank, which with a theoretical bank of 10,000 GBP, represents a rise of 6%. This is a very satisfying week’s work, and goes a long way towards making up for the bad drawdown that we experienced over the past couple of months.

 

The 6% rise included three successful trades with a risk-reward scenario of 1:2, and two breakeven trades. The two breakeven trades came on the AUD/USD and the AUD/JPY pairs, and in hindsight, these proved to be the correct decisions although our fortunes could have been even better had we not missed some opportunities to enter the market at some retracement areas.

 

All of this puts us on a really great run of five successful trades in a row and a 10% gain; which has us near to our all time high. This recent success also coincides with a slight change in my trading methodology – which is more selective and patient. I have been only taking trade setups in the direction of the daily trend, and using breakouts as levels of support/resistance, and using these levels to find price action setups in the form of pin bars, inside bars, and engulfing patterns. So far, this approach is paying dividends.

 

We have only had eight trades so far this month, and I will continue with this careful, patient approach as our eight trades have so far given us a 9% rise on our bank. My aim each month is to make a 6% profit, which over the course of a year and with compounded interest would allow us to double our bank. Theoretically, if you can double your bank every year for ten years, 10,000 GBP would become over 10 million! Therefore, 6% per month is a very decent figure to aim for.

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