Starting my week right. I closed 2 positions and made $92.70. This would now allow me to take new trades. Since my risk management strategy involves not taking more than 1 position for each currency. Closing these positions now allows me to open new positions with these currencies (CAD, CHF, EUR, JPY) when new trading opportunities come up.
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I am still nursing 1 open losing position for AUDNZD. I expect to be able to close this position profitably within this week as well
As expected, my losing AUDNZD position has reversed and I was able to close it at a small profit, from -$79 to a profit of +$16. Now I have no open positions and waiting for new potential trades to form.
Still holding my 2 positions. both are profitable but I still expect the market to move in my favor so I will HODL.
This week has been my worst week so far. 4 open positions are still negative. I’ve only profited $29 and it’s already a Thursday. Total profits so far this month of February is also lower than usual at only $196.
Open Positions Feb 11, 2021
Closed Positions: Feb 8 - 11, 2021
Profits Month-To-Date February 2021
Of the 4 positions, I was holding, I was only able to close NOKSEK at a minimum profit of $1.54. I’ve also added a few open positions and waiting on them to be profitable next week. I expect USD to gain strength after an entire week of being at the bottom of the currency strength meter. This would benefit 3 of my positions where I am long on the USD.
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Finally, after 10 days of trading to manage my loses, instead of trying to profit, I was able to close all my problematic, losing positions with a small profit. I still have 1 losing open position but AUDNZD is not a problem. I can get it back into profitability before this week ends.
I still have not lost a single trade this month yet.
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Wow this is interesting,
You make trading looks very simple.
I’ll learn your strategy with virtual money
My strategy is similar. But I check in a few time frames. And I also consider MACD in laver time frames.
Wow great stuff mate. This has piqued my interest beacuse i have been forward tesing (afte succesful backtests) a trend system on the 4hr (would love to trade just daily but I want to apply for FTMO so doesnt seem feasible), and started to notice a system for capturing continuation trends…similar to your system it waits for the trend to be confirmed, waits for a pullback, then uses a volatiliy indicator to ride back into it. The interesting part is that the continuation system is looking far more succesful than the trend system. Something to be said for being happy to join the middle of a trend and/or take chunks out of it.
Can you please elaborate on the rules/trade plan of your system?
Just checked your myfx mate…insance profit factor of 55 haha
It looks to be working. My dear brother can you tell us more about the system forexample, the rules, entry and exit, indicators etc…
Thanks for sharing.
Great job @thesufitrader… I am a bit curious though! How do you position yourself with respect to risk:reward? Also, when entering a position, what % max of your equity do you plan to risk on your trade, incase the market manages to go against you? I am asking because you never mentioned your exit strategy on losing trade (stop loss), and you took quite a good number of trades with huge lot size for a $300 equity, correct me if I am wrong. Understanding that fundamentals could change all of a sudden and put you on a huge number of losing trades, I am just wondering your strategy on managing those kind of situations with your profitable and very eye catching strategy.
I never use a stop loss on losing positions. It is not part of my strategy. In my opinion, when you use a stop loss, it means you have given up on your strategy. I do use a positive stop loss on winning positions. To ensure profit while risking making more profits if the market continues to trend in my direction
I’ve actually just figured out an even simpler and more powerful strategy than what I am using now. I’ve started using it just today on GBPNOK and NOKSEK and I’m already up by about total of $50 so far today. LOL
With this new strategy, I won’t be missing any big moves and will be trading all trends, instead of waiting for pullbacks.
My trades today. I did already close 1 position (USDCAD) for a small profit of $33. USD is giving me a run for my money again but I expect it to reverse in my favor so no worries. I don’t care about draw downs. I only care about profits.
