Za7 Blog

May was another great month with returns more than expected. I learned a lot this month and refined my trading style more as well. For the past few months, I had a lingering problem with chasing trades and getting into a bad entries like buying at a top or selling at a low. It was really frustrating and tied up my margin. But after learning and watching Cisco, I could see that if I just planned ahead where I would enter and where I would not enter, I could keep myself out of trouble. This simple step has increased my winnings towards the end of the month.

I also cut trades for a $1100 loss during the second week. This was a decision based on the market price action showing little interest to return up to the level where I had longs positioned for another run at 1.6000. I decided to take the loss and gain back the margin so I could make profitable trades again. It worked, I was free of these bothersome trades and gained quite a lot of profit and focus again. I plan on being much more careful taking longs, buying only at a low of the day and putting a +1 to protect it reversing on me.

I found that the E/U is following commodity prices closely, thanks to Moderator at FX Insights, and this helped my take profit on trades before they turned around, also staying in profitable trades for more money since an extended move was more than likely. I also picked trades based on 5-7 higher 30m closes, and 5-7 lower 3om closes. These gave great turning points for the E/U and I was able to spot them and profit accordingly.

Profits:

week 1: 2 days - $552 (17% ROI)

week 2: $580 (18% ROI)

week 3: -$670 (-11% ROI)

week 4: $825 (13% ROI)

week 5: $1879 (30% ROI)

These numbers are way above my expectations. I am very pleased. Even with a week three loss, the other profit helped buffer it down to a $670 loss for the week, not so bad. Week 5 was amazing, I closed out a bunch of trades I had taken the week prior plus some big wins on intraday trades. My best day so far is $737. I remember making $220 a day at my former career as a Mechanical Engineer, this is so much more fun too.

I added some additional funds to the account, $2000 on the 12th and $4000 more on the 29th. I averaged the balance for the monthly ROI at $5000.

Total profit for May: $2968

May balance: $12,253

Funds I added total $8000, so total profit so far is $4253.

Goals: $50,000 ; current balance $12,253

Monthly Goal: 20% ROI

Weekly: 5%

Daily: 1%

So far I am on track to meet my $50,000 goal in about 6 months. I don’t think I will make it that fast, but who knows. I have a bunch of negative trades which I am working on getting out of when they turn a small profit. I am taking much less trades this week and next to try and bring my open trades balance back to 0. The ROI of the account is great, but I need to reduce these negative trades if I am going to continue. I am taking only a couple trades a day, so this means that ROI might be less for the first couple weeks of June. We will see.

If you are reading this and are trading Forex too, please leave a comment on how you are doing. I would love to hear it. I am always in the FXI chat under Ackn1099 and in the ProFXI chat too. I know a lot of other members are doing excellent too, people are reporting 1%, 2%, and even 4 % ROI Daily! Great work you guys, keep it up !

This entry was posted on Monday, June 2nd, 2008 at 8:55 pm and is filed under Forex. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.