Hi Guys,
just letting you know that I am still around and keeping up my demo
The last few weeks have been typical in terms of trading the higher timeframes. We are taking our direction from the weekly charts and often there are only 2 -3 trend changes in a year, some pairs have not changed trend in more than a year and then some have changed more regularly. This is where we find out who has the temperament to trade these time frames because not everyone does and that's ok too. We all need to find the medium that works for us.
For me personally, I spend 10 minutes a day on these trades and if I can average 10% per month over a year then I will be ecstatic...even 5% per month and I will be ecstatic. We need to remember (or learn) that more trades more often does not necessarily make us more profitable and that's what I'm after...profits!
In terms of our current trades, of course they are going to go into drawdown within their trends. It would be unrealistic to believe that trades won't range within their trends whilst still maintaining the existing trend direction. Notwithstanding, Gary is helping me out at the moment to try and identify the following:
1. Do we just hold our trades until they either close in profit (at BE +5 or JS) or we close them at the change of trend - this is how I'm trading now
2. Do we set a SL based on ATR or some other tangible - the problem with this is your loss is locked in no matter what, which is why I rarely trade them, but does allow for us to perhaps re-enter at a better position
3. I haven't given much thought to multi level trading, but this could be a good option provided we are careful with our lot sizes
Attached below is my current trades, closed balance is currently $7197...so still an increase of 43% in 2 months which is not too shabby. Floating balance is $5839.
I too believe that our trades are turning around slowly but surely starting to head back into the direction of the trend...patience grasshopper