As is expected after a large winning month like I had in May (+4,597 pips), there was a lot of ranging and many false breakouts across the 8 pairs I trade on the 4 Hour chart as price settled down in June. In the past I've considered taking a week or two off from trading after large winning months to avoid some of the losses that are almost guaranteed, but I don't... because part of being successful when trading a trend following method (like I do) is to take EVERY signal. While most times after large moves there is some ranging, sometimes the new trend is established very quickly on the very next signal. History shows this to be more true the higher the time frame you trade... you'll see it many times on the Daily chart (higher time frames = less noise). Missing these new trends because of adding a rule about NOT trading could end up making the system less profitable instead of more profitable! Once again there is a lesson here... to be a successful trader you must learn to accept your losses. As long as you know history shows you that your losses are smaller than your profits, there is no reason to get upset when you have a loss.
Even though the month of June was a losing month for me, there are still a few trades open from June that continued into July that show a profit in equity of almost as much as June's losing trades. As of this writing the USD/CHF is showing an open equity profit of over 1,000 pips alone! Continued moves in these trends means that I could see a new high in my account balance as early as the end of July.
Here are the results from June on the 4 Hour chart:
36 trades
10 wins: 1,087 pips
26 losses: 2,957 pips
Total: (-1,870 pips)
27% win rate
Avg win: 108 pips
Avg loss: 113 pips
Avg R/R: .95 to 1
And the details by currency pair:
EUR/JPY - 2W, 2L - (-4 pips)
USD/JPY - 1W, 2L - (-39 pips)
EUR/USD - 2W, 3L- (-81 pips)
GBP/USD - 1W, 2L - (-146 pips)
USD/CHF - 0W, 3L - (-213 pips)
USD/CAD - 1W, 3L - (-238 pips)
AUD/USD - 1W, 6L - (-563 pips)
GBP/JPY - 2W, 5L - (-586 pips)
Here are the results for the year 2010 so far:
January: +823
February: +669
March: +434
April: (-446)
May: +4,597
June (-1,870)
Total: +4,207
Average: 701 pips per month
For more information about Forex Profit Monster (and my daytrading system Forex Day Monster), visit www.forexprofitmonster.com.
To purchase, visit the website or my eBay page at http://myworld.ebay.com/jimsgr8stuff4less/
Thanks for visiting the results blog, and best of luck in your trading!
Jim
www.forexprofitmonster.com
http://myworld.ebay.com/jimsgr8stuff4less/
