Ah, the summer doldrums of trading. While I enjoy summertime and the warmer weather where I live, I don't enjoy the lack of volume in the markets. I feel like I'm wishing my life and favorite time of the year away, but as far as business is concerned I just can't wait for September to get here so that trading volumes can get back to "normal"!
I'm reminded of the summer trading doldrums by July's results. Not a bad month, but not a good month... just sort of a "month". Technically a losing month, but when those losses can almost be completely explained by the transaction costs of the trades, it really wasn't much of a loss. Plus, once again there were some significant moves on the 4 Hour chart toward the end of the month of July and I have over 2,000 pips of open equity profit across several trades while writing this post. Even with the volatility caused by the poor jobs numbers during the Non-Farm Payroll here in the U.S. today, most of those trades either remained largely unaffected or actually moved in my direction. Because of this I look forward to closing out these trades in the next couple of weeks to make August a profitable month.
Here are the results for July on the 4 Hour chart across the 8 pairs I trade:
31 trades
10 wins: 1,641 pips
21 losses: 1,826 pips
(-185 pips)
32% win rate
Avg win: 164 pips
Avg loss: 86 pips
Avg r/r: 1.9 to 1
Results by pair:
USD/CHF: 1 W, 3 L +812
USD/JPY: 2 W, 3 L +115
EUR/USD: 2 W, 0 L +69
USD/CAD: 2 W, 1 L +36
AUD/USD: 2 W, 1 L (-12)
EUR/JPY: 1 W, 3 L (-175)
GBP/USD: 0 W, 4 L (-351)
GBP/JPY: 0 W, 6 L (-679)
It seems that during the month of July I've reached another milestone in my trading career. If you look at the equity graph above, you'll notice that this is start of the 4th year of my results of trading with Forex Profit Monster. The funny thing is that during the past month since I've hit the mark of having an established and verifiable 3 year track record, I've been contacted by several entities regarding getting professionally involved with them. Some of these were brokers offering me the opportunity to become an "Introducing Broker" to other traders and handle transactions through them with a branded website, and others were small firms inquiring about my availability to trade other people's money.
While I can appreciate the opportunities that are now open to me after several years of trading, and I know that some traders would be excited to have the chance to expand their business with these opportunities, I really have no interest in getting involved with any of these scenarios. After reading the "horror" stories of other traders losing their freedom to trade as they see fit once they start to trade money for clients, I've decided not to follow this path, at least at this point in my life. I also have no interest in having to sell my current customers on using my services as a broker. I prefer to just keep trading my own account and offering my trading systems to those looking to learn how to trade a profitable method... these two things provide me with a nice living plus I get to keep total control of my business, which is important to me. I spent years looking for a business that I could run by myself without large overhead and having to deal with employees... I've achieved that in the past few years and am not really interested in changing it now. So I guess I'll chalk these experiences up to "it's flattering to be asked, but no thanks".
Speaking of "track records", here are the FPM results for 2010 so far:
January: +823
February: +669
March: +434
April: (-446)
May: +4,597
June (-1,870)
July (-185)
Total: +4,022 pips
Average: 574 pips per month
For more information about Forex Profit Monster (or my day trading system Forex Day Monster), visit www.forexprofitmonster.com.
To purchase either or both trading systems, visit www.forexprofitmonster.com or my eBay page at http://myworld.ebay.com/jimsgr8stuff4less.
Thanks for visiting the Forex Profit Monster results blog, and best of luck in your trading!
Jim
www.forexprofitmonster.com
http://myworld.ebay.com/jimsgr8stuff4less
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