Starting with a drawdown!!

Well, the first trade I post in this and it's a loss of 35 pips! I hope it doesn't mark a trend! Anyway, today I got around to my computer at 4:30 am. What this means is that I missed a trade that was to be done in the 3:30am candle. By the way, all trades are on the GBP/USD unless other wise specified. More bad news- That trade would have been profitable! The bad news continues, the trade I did take, at 10:15 am was a loser. Now this is another reason it is important to get into as many valid trades as possible. If you miss out the good ones and jump in the bad ones, then it doesn't matter what strategy you use..results won't be good.

The system called for two trades today for a total of -16 pips. I lost 35 pips. So lets compare two traders executing the same strategy:

In his blog, Pip Surfer entered the trade short at 1.9807. I got in at 1.9805. For whatever the reason. When calculating the stop I put 1.9840. Pip Surfer had 1.9837. Maybe I look at charts on the ask price and he is looking at the bid price when he sets his stops...who knows, the fact is that we both followed the same rules, entered for the same reason and in the end I lost 5 pips more. Once again proving my point that no 2 traders will end up with the same result even if they follow the same rules. (Not to mention that he was up and got the trade I missed to make his day less of a loser than mine).



So here are the charts for the day. The main trend chart shows that we were in a downtrend all day and the 15 min chart shows what should have been the entries, stops and exits.



I will not be trading tomorrow or monday since it is easter and volume will be low, and thus erratic..so I will talk to you on tuesday!

Have a good Weekend!