Another month rolls by and another one kicks in. As always I have reviewed last months trades (something I recommend every trader does). It has been a tricky month for intra day trading given the continued saga with Greece but the trade alerts sent have still delivered a fantastic return of 214 pips or 2.14% (risking 0.5-1% per trade). A good solid month, taking just 12 trades, which hits right in-between my monthly objective of anywhere between 1-5% and quite a substantial beat on what our banks will give us!
This weeks video is the one I send to my alert service clients where I summarise the monthly performance, last weeks trading and look ahead to next week. These are normally private but every now and again I feel it is worthwhile sending them out to all my subscribers because they can provide a massively useful learning which I want to pass on.
Now aside from these positive trading statistics, what I am most pleased about is how I stood to my long term, sound trading principles of trading quality over quantity and waiting for trades where the odds are heavily stacked in my favour. If you haven’t watched the video ‘My #1 Trading Philosophy and WHY it is so beneficial!’ then please do as it gives a great insight into how less is often more in trading.
The other thing which pleased me on reflection of June’s performance was how I was flexible in my trading approach. As you will have heard me say many times before ‘markets are imperfect’ meaning that they do not behave in the same way every month. The mood can and will change. Our job as a trader is to take note of the change, and to adjust our trading approach. To illustrate, normally I will hold positions for 1-3 days looking to obtain 50-150 pips in profit however last month, with the Greek situation where we have seen headline after headline swinging price around, I have taken a much shorter time frame approach. This has worked well and kept my profits protected. I haven’t really discussed ‘trading flexibility’ in much detail on the free blogs before but I certainly will produce a more detailed blog in the not too distant future as it is a very good skill to have as a trader, especially an intra day one.
Now on the flip side of things, reflection can also provide you with areas for improvement and I am no different. I actually prefer to identify and work on my weaknesses rather than celebrate too long on successes. On a couple of my trades, I could and should have held out for more profit (as you will see in this weeks video). Certainly something I will reflect on and devise a plan for improvement this month. Our journey as a trader is an ever evolving one, learning and improving all the time and that’s why I love it 🙂
Until we speak next
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