The Daily Trade – Weekly Review

Filed under: Live Trades |

 

It wasn’t the greatest of weeks last week at the ‘Daily Trade’, recording a loss of around 57 GBP. Just to remind you, you can see all of my daily trades on my published forex account at:

 

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

Three trades were made last week, so we are by no means over-trading and are being selective about our trades. The three trades in question were on the USD/JPY, GBP/JPY, and on the XAU/USD (gold) pairs. Two of the trades were losers, and one of them a winner – with the winner being on the GBP/JPY pair.

 

Had we not done some profit taking on the GBP/JPY pair, we would have come out at breakeven (with 2x-1% losses and 1×2% winner). However, as some profit taking was done, it turned out that the winner was a 1.32% winner, and the two losers, -0.99% and -0.9% respectively. The 0.9% loser (rather than a -1% loser) was due to the fact that you cannot take small lots on gold via my broker, and I had to take a slightly smaller lot size than I wanted due to having to round it down to a 0.5 decimal place.

 

On the whole and despite the slight loss, I was happy with the trades that I took last week and felt that no mistakes were made. I followed my trading plan and in the long term, this should be profitable. Some very strong setups were taken, two of which just didn’t come off on this occasion. However, with a gain of 24.62% on the bank, I am confident that the methodology has an edge in the market, and I will continue to exploit this edge in the long term. The only question I have at the moment is whether to use a set and forget style system, or to take some profits as the positions move in my favour. This is something that I will keep an eye on over the coming weeks…

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