September in Review

Posted on 30. Sep, 2009 by Jakob in Forex Signals, Random Noise, Review

The performance of September is so far, my worst month of trading as you can see on my performance page. First of all, the month started off horribly with the NFP. This Friday was one big whipsaw, and I managed to take too many trades within a few hours. At the end of the day, I was already down by 1.89%. Not exactly the best way to start a new month of trading. Then I had two trades which was going good for some pips, but when the stop loss was moved to break even, the pairs turned and I got stopped out of two trades with 0% profit. Afterwards came another two losing trades, and I was down by 3.89% for the month. But then things started to look better. I got two pretty good entries on GBP/USD and GBP/JPY respectively. However, due to earlier losses and a technical picture of the charts, I increased my stop loss on these two entries to 200 pips, rather than my typical 100 pips. In spite of this I still managed to pull in 0.68% on the GBP/USD trade, and 3.12% on the GBP/JPY trade. This brought me back, close to 0% for the month, but definitely better than a loss. Yesterday, I took a new short trade on EUR/JPY, but this one got stopped out for a loss of 1%. The last trade for the month was on EUR/USD, and was closed out today for a profit of 118 pips or 1.18%. This brings me to a total of 0.09% for September. Not amazing, but definitely better than a loss, and considering how the month started out, I must admit that I am rather pleased.

Outlook for November

As my girlfriend is coming to visit me, and I have some school projects going on, I will (probably) not be trading before the beginning of the next week. On Friday we have the NFP numbers coming out, and I will definitely not make the same mistake as last month. I might be watching the market, and take a trade. But I have made a very strict plan to follow, in case I take a trade; that is, only one trade no matter what. And I will base my entry on the numbers of course (actual and revision), but mostly on price action. That is, if there seems to be logic coherence between the numbers and price action, I will take an entry when the 3rd or 4th five-minute candle closes. I will risk 1% using a stop loss of 50 – 100 pips, and have an open Take Profit. Nothing is certain, but if I take a trade, these rules will be applied. Hopefully the rest of November will prove to be a good month. Time will tell. Stay tuned.

Related posts:

1. November in Review
2. January 2010 in Review
3. December and 2009 in Review
4. Currency Trader – September 2010
5. October in Review

Tags: Forex Signals, my signals