Trading Account

Trading Account

Monthly Trading Results

Monthly Trading Results

Saturday, October 10, 2009

Weekly wrap-up

This past week went quite well. I booked some profits on the EURCHF and am holding 4 short positions over the weekend as the pair holds near 1.5200. Also, my newer trading strategy work well and I was able to recover half of my losses in that strategy from the past 3 weeks. It is becoming obvious to me that an area of my trading that needs development is the mental side. I find myself taking trades early at times, and also not booking profits when I should. My main area of focus this coming week is going to be taking some profits once the trade goes 10 pips my way and then moving the stop on what ever remains of my position to break even or 1 pip positive. My entries seemed to be getting more accurate towards the end of last week so hopefully that continues and I stop trying to hit home rums each time and take what the market is giving me. Richard Regan from ProTradingCourse.com says that "Entries are a science, and exits are an art." I think this is a great way of approaching trades.
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4 comments:

  1. AnonymousOctober 30, 2009 at 5:32 PM

    Hi, I read you blog with interest. As you trade full time, would you be able to tell me what sort trade size do you put on each trade?

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  2. mackusOctober 31, 2009 at 9:35 AM

    When trading the eurchf pair I take a position equal to twice my account size. So for each $1000 in my account I take a $2000 position. It is necessary to utilize mini-lots (10k) to trade this way. When trading the other pairs, which is becoming an ever larger part of my trading regemine, I am risking .5% of my account on each trade. So I'll take the largest position I can that will only lose .5% if my stop loss is hit.

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  3. AnonymousFebruary 27, 2010 at 11:41 AM

    Hi do you employ technical analysis for your trades? Also, what is the typical length of each trade?

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  4. mackusFebruary 28, 2010 at 9:19 AM

    I've been increasing the use of technical analysis over the past few months, and have also moved away from trading the EURCHF pair to trading the majors. As far as trade length goes, I would have to review my trading journal to give you an accurate number but my guess is that they average between 1-3 hours. Come to www.blue-point-trading.com where we chat live throughout the trading day, and other traders as well as myself post charts and blogs.

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