Dear friends! First of all, I want to congratulate you on the May holidays and wish you successful trading! May Fortune favor you and all deals bring you profits only! I also wish you more bright ideas and much success in all endeavors! I hope that your work will always bring you financial gains and, moreover, a great mood!
I suppose that each of you wants to share your trading results in the comments below the article. Now I will start from myself.
I have repeatedly said that when trading, I try to follow the rule:"The main thing is to save funds and profits will come soon." Your funds are safe if you move orders to a breakeven area and use methods of partial locking in profits. Of course, this approach does not always work, however, thanks to it we can have some stability in the results and the total profit of $477confirms that.
In April 2017, I used 3 accounts for trading. Below you will see the description of the most memorable moments and statements of each account.
Account №1.
There were strong reversal movements on this live account in the previous month. Basically, this was due to a number of intuitive trade deals and several mistakes made during trading the GBP/USDpair. If you remember, the Wedge pattern was formed on the GBP/USD chart on April 18. As I expected that the price would move downwards from the apex, I opened a short position and just in a few minutes the floating profit from this deal exceeded 80 pips. Everything was going great: bears with high volumes pushed the lower slant line down, so the price broke the first target level and went towards the second one. I moved orders to a breakeven area and was ready for partial locking of profits at the third target level. I also expected a further decline of the price according to the Double Top pattern formed on a longer timeframe. However, right at the moment Theresa May appeared on the stage and announced a snap parliamentary election.
Investors cheered the news and the pound began to strengthen. First, I did everything right: I moved the order to a breakeven area, so it was closed with zero profit after the prime minister's speech. And then, after the rebound from the resistance line at 1.2595, I proceeded to sell, averaged out at significant levels several times and, after large stop orders were triggered, I opened a locking position. GBP/USD increased by 400 pips and the drawdown reached 10%. In such cases, it is necessary to close all orders and take a break or to pull yourself together and take an account out of a drawdown without increasing a trade volume. I’ve chosen the second way. The analysis conducted on the ThinkorSwim platform allowed me to calculate a short-term trading range of the currency pair correctly. So, after making several deals, I managed to reduce the loss on the pound-dollar pair by 2 times. Profitable trade deals on other currency pairs offset this drawdown completely and eventually, there was a small monthly profit of $29.
Account №2.
Trading commodities, though, was a success in that month as it made a profit of $563.The forecast published in the article called "Preparing for a decline in oil and gas prices" was a fruitful one. The yield curve is still smoothly growing and the key account indicators show positive readings:
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profit factor - 3.08;
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amount of profitable deals - 45.45%;
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maximum drawdown - 1.11%.
Account №3.
At the beginning of this article, I mentioned that moving orders to a breakeven area does not always suit. My account for medium- and long-term trading may be a good example of it. On April 11, after the USD/ZAR pair was rejected from the resistance line at 13.950, I opened a long position on this pair. The deal could have brought a profit of 600 pips, however, before the price reached the target level,I had to exit the market due to a breakeven stop.
The rest of the setups did not meet my expectations, at the end of the month there was a total loss of -115$.
I also take part in the Quest contest. For a couple of weeks, the funds on my account were increased by 10 times. At the moment I am the 6th in the rating of the contest.
The competition is quite fierce and most of the opponents trade very aggressively. If I take a prize-winning place in the contest, an article with a detailed description of my trading strategy will be published in a week.
