March 2010 is officially in the "books", and was another winning month for Forex Profit Monster. As you can see from the total pip equity above, I'm once again at an all-time equity high... with a total of 43,803 pips won since I started tracking the live results in the summer of 2007.
Here are the results for March for the 8 pairs I trade on the 4 Hour chart:
38 total trades
11 wins - 2,485 pips
27 losses - 2,051 pips
Total pips: +434
29% win rate
Avg win: 225 pips
Avg loss: 75 pips
Avg Risk/Reward ratio: 3 to 1
Results by currency pair:
GBP/USD 2 W, 3 L +682
USD/CAD 2 W, 0 L +279
GBP/JPY 1 W, 5 L +210
AUD/USD 1 W, 2 L (-11)
USD/JPY 1 W, 4 L (-51)
EUR/JPY 1 W, 2 L (-76)
EUR/USD 2 W, 4 L (-262)
USD/CHF 1 W, 7 L (-337)
FPM was able to show a profit for the month even though the win/loss ratio for the trades was only 29%! Once again, having the discipline to stick to the trading system is just as important as the trading system itself.
It's also important to note that as I post this entry I'm sitting on about 1,700 pips of open profit on 5 trades. These trades were all opened toward the end of March and are providing a nice head start for April's profits :-)
Here are the results for the year so far as we've reached the end of the first quarter of 2010:
January: +823
February: +669
March: +434
Total: 1,926 pips
Avg: 642 pips per month
While I trade the 4 Hour chart, I want to take a moment to discuss trading the Daily chart with FPM. I get a lot of questions from traders wanting to know if FPM is only profitable on the 4 Hour time frame, and if that is why I concentrate on 4 Hour charts. The answer to this is... NO! FPM can be used on any currency pair and any time frame (although I do recommend using 1 Hour charts and above)... it's not "curve-fitted" for any particular currency pair or any time frame (again, look at the graph of the results above that spans across the past 3 years). I trade the 4 Hour chart because it suits my trading personality. If you need to trade a Daily chart because you work a full-time job and can't commit to trading a lower time frame or because you'd rather only spend a few minutes a day trading, FPM works just as well on a Daily chart. Of course you'll have to be more patient in waiting for trends to develop (you'll get fewer signals) and you'll also have to have the discipline to stay in a profitable trade longer, but the system works just as well on a Daily chart. Here's a Daily chart of the EUR/USD since January 2009:
The ability to profit from the Forex is there... with the proper trading system and the ability to stick to the rules you can be successful even if you only have a few minutes a day to devote to trading.
For more information about the Forex Profit Monster system (and my day trading system Forex Day Monster), visit www.forexprofitmonster.com.
To purchase either of my trading systems please visit my eBay page: http://myworld.ebay.com/jimsgr8stuff4less/
Thanks, and best of luck in your trading!
Jim
www.forexprofitmonster.com
http://myworld.ebay.com/jimsgr8stuff4less/
