Before I summarise the results for week 2, I think it is worth mentioning that, following on from my previous update I received the Money-Line email and official results and it indicated that there were no trades for Friday 14th September. I however had two 2 trades as the entry criteria were perfect. They both turned into two losses! I wonder why the official “Third party independent trader results” say there were no trades… However there is no analysis and no comments other than the “no trades” so, we will never know why…
Also, I have to say, once again I am quite annoyed by the analysis videos, this time for the Wednesday trades. Once again it explains all the reasons why you would have entered and why/how you would have exited, but of course it explains them all with the benefit of hindsight. I think I’m going to stop watching these analysis videos – all they do is annoy me…
Anyway, onto the summary for week 2:
Monday – GBPUSD no trade, EURUSD no trade
Tuesday – GBPUSD no trade, EURUSD Loss 1.04% (£20)
Bought EU at 80.0. Unfortunately I didn’t quite have enough in my bank to risk £2 per point because that would be just over 2%, so, trade entered at £1 per point. As it turns out that was quite fortunate as the trade lost. Bank now at £1906.6
Wednesday – GBPUSD Profit 2.7% (£51.9), EURUSD profit 4.8% (£92)
Two good trades. The entry appeared to me to be exactly like the manual describes. The entries were also quite good – I waited a little this time, rather than jumping straight in, to try to get a better price. On this occasion it didn’t make any material difference in the result of the trade. I was able to trade at £3 per point for GU and £2 for EU, without risking more than 2% on each trade.
As for the exits, as is always the case, it is very tricky to know when to close out the trade. There is a 15 pip window, so theoretically, as soon as price goes into that window, you should close out your trade. You just have to decide whether to wait it out and try to get a better exit, or whether to close immediately for a lower, but more secure profit. My exit on the GU trade was ok, however the EU trade had a very good exit. The result is that I had 2 winning trades so all the loses from last week have been recouperated back and I am now sitting with a small profit (1%). Bank now £2050.5
Thursday – GBPUSD Loss 0.8% (£16) – EURUSD no trade
The EU was already way below the entry when the start time came, so there was never an entry there. The GU was not quite the same and right on the opening time (8am) the trade was taken. However, it never really came to anything, so I closed it in the afternoon for a small loss. Bank now £2034.5
Friday GBPUSD Loss 1.2% (£24) – EURUSD profit 2.7% (£55)
Wasn’t sure what to do this morning. Price moved very quickly through our entry and kept going. That meant I could have had a very good entry price, however it also looked like price was just going to keep going. I obviously had no way of knowing what was going to happen, and I don’t have the benefit of hindsight like Jason Alexander does in his videos. So, all I can do is try to trade the system as best I can, given the rules. However, I obviously don’t want to just throw money away, so I waited a bit to a) see if I could get an even better entry and b) see if price continued, or started to come back. In the end I did enter when price came back a little, still with very good entries. However I also entered the trades with reduced risk, so if they did lose, it wouldn’t be as much.
As it happens the EU trade came right back to the money-line, so I closed that for a tidy profit, and that more than covered the small loss I took on the GU which didn’t quite do the same thing.
So at the end of week 2, bank is up just over 3% at £2065.5