Friday 31st October
Well, nothing again on Friday and last week turned out to be the quietest week I have had using my method on Tufxp. I didn’t make a single pip and had I traded all week I would still have only made 30 pips profit. Still, at least there were no losses and using the dual chart qualification certainly saved me from some losing trades.
I’ve done a tally of the pip profit I’ve made since starting with Tufxp back in May and it adds up to a very respectable 2630, which as you know is £26,300 profit in five and a half months at £10 a pip. If this level can be achieved for the next six months then we are looking at £50,000 annual profit, tax-free, which I reckon is the equivalent of earning around £80,000 and paying the tax (although I’m no accountant).
Certainly a reasonable return for the time and effort required. Lets see how the next six months go.
I have another update from Tony regarding trading on the one minute time frame. Thanks again Tony:
I have been following the one minute chart for the last 5 weeks in an attempt to establish if it is possible to make a profit by using this chart for scalping. Judging by the results it would appear that this is not the case. After the first week showing a nice profit of 95 pips the following 3 weeks all produced a loss. This week is much improved with a gain of 80 pips from a total of 28 trades, 20 winners and 8 losers, however overall the 5 weeks have produced a profit of only 30 pips.
As I mentioned in my update last week I have also been monitoring the results that were available if a trailing stop of 5 bars was used. The results are listed below, these results do allow for a three pip spread. These results appear far more interesting. I have also recorded the maximum pips that were available, during this week there were an additional 582 pips, it is extremely unlikely that anyone would have achieved the maximum amount of pips but with careful management a good profit could have been achieved.
Week one using a trailing stop of 5 but all other setting as listed for scalping +170 pips
Week two -56 pips
Week three – 6 pips
Week four +688 pips
Week five +94 pips
I am off on holiday to Spain for 10 day break on Sunday and I will not have internet access so perhaps this a suitable time to call an end to the scalping trial. I will resume my testing of the one minute chart using a trailing stop when I return and if you are interested will keep you updated.