I just discovered that my broker(IBFX) does (did) a balance forward on the accounts. This basically screws up my whole track record thing, geez there is always a fastball coming from somewhere. My trades from older months are brought forward and treated as a new balance. Obviously I can't work like that and need to switch to a broker who will not do that to me. Suffice to say I will not be updating this account anymore and will actually close the account and transfer funds elsewhere. However, as soon as I start trading with new broker I'll post a new link for those interested in following my strategy.
First and formost, those are some impressive results you have there. however their is a flaw to your trading. I like the fact that you are capable of recognizing a high risk trade hence you open smaller position but your only flaw is that you get out of trades to quickly. You need to learn how to maximize your win to lost ration to atleast a 3 :1.
I would like to go head to head with you for a month.
Love the challenge, once I set up the account I'll gladly compete again, please have one ready as well in few days (Live and fully verified only)
Actually my win to loss ratio is like 9:1 My position sizes may seem small only because I have few different pairs open at a time so overall my position sizing is aggressive and if I feel really good about the trade I will concentrate my lots on that one pair. generally I'm in the range of 10,000 units per $400 in equity in my account and $800 in managed accounts.
You're right, sometimes I get out of trades too quickly but how do you know when too get out on each trade. There is no real answer to that question, everybody needs to find their own balance. A BIRD IN HAND IS WORTH HUNDRED IN THE BUSH. I still beat beat like 90% of the traders out there.
You are right your ratio is greater than a 3:1. However your average win stands at (21.62 Pips / $25.62) compared to the average loss at (-135.18 Pips / -$27.09). These are the numbers you should focus on working on. Beside its not the 90% of traders that you should be focusing on beating, its that 10% that you must beat. Whisper from the big bird, 90% of traders are gamblers who don't understand the psychology and the art of trading.
I can feel your good intentions here and thank you for participating.
21.62pips/$25.62 maybe correct but keep in mind that my goal is to compound the # of lots used so as the account grows, even if the average # of pips stays at 21.62 the $ average will be getting larger and larger. I used to shoot for larger trades in the 50-100 pips range and many times got out on retraces to around BE which kind of skews statistics lower, I have since decided to shoot for around 20 pips trades which will be better for the bottom line but the average will still be in the 20's. My losses are large but there is very few of them because I try to concentrate on the A+ trades and only let it go when I loose faith in it. Honestly, I'm not trying to beat anybody but myself by getting better consistently.
I have opened an account and will transfer funds within the next few days, in the meantime I added statistics for one account I manage at my new broker. Because its a managed account all details are private, It can be found under my profile.
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