Wednesday, July 1, 2009

2 Hours, 76 Pips, Done Deal

Today I was by no means infallible. I took losses, pars, and wins over the 10 trades I placed from 8:50 CST to 11:00 CST. But it was an excellent day to trade and I feel gave very real world results. Days like today really cement home the need for proper risk:reward. So this is how the trades broke down: 5 Wins, 2 Pars, 3 Losses, or a 70% win rate. But here is the really cool part, my losses were: -5, -6, and -7 pips respectively. In some cases, they were simply the spread minus my entry price. My wins on the other hand went like this: +12, +16, +17, +19, +30. As you can see the wins are clearly much much larger than the losses i'm taking. Its the kind of stats that make you feel all warm and fuzzy inside.

Here are some of the trades... I tried to include the charts with the most trades (wins and losses) on them.




Now i'm off to eat some lunch, watch some Wimbledon, and then go to work. Cheers!

Trade Results:

Forex: +76 Pips

5 comments:

Ace_Rockolla said...

That's awesome dude. I hope you can consistently make this work. I think you have something here.

I'm kind of in the same boat you were in a couple weeks ago, forced to find a part time job because the trading didn't work out. But, You have inspired me to try forex for for my last chance at making it.

Matt said...

I'm glad to hear it! If i've learned anything its to just keep at it.

Scalpwiz said...

Yeah risk reward is very important, you can win with a 40% win rate if your gains are much larger than your losses. That's why trailing your stop can be so powerful in certain situations. =) good luck and nice to see your still keeping at it.

GulzaarFX said...

hey, congratulations on the successful day. hope your NFPs went well too. what system do you use to trade?

Matt said...

I trade pure price action using a proprietary indicator i've developed for Tradestation and Multicharts.

But the basic concepts sometimes are as simple as pinbars and inside bars everyone knows about and info can be found for free all over the net.

I'm putting together a trading course on the subject as we speak :)