Hi SBS
Yes it's definitely time for an update
I had 90% hit rate last week (30 trades, 27 good ones)
Total Profits £909.70
Total Losses £229.56
Net Profit £680.14
So that's an average profit of £22.67 per trade.
Note my losses on the three bad trades averaged £76.52, average gain per the 27 good trades was £33.69
So as you can see I am making overall profits but I am having to allow quite a wide stop loss (about 2x my average gain) to make the trades work for me. The positions were open for periods as short a 40mins and as long as 6 day but most were open for several hours, up to about 24 hours
This week I had similar results
I placed 27 trades with 92.6% hit rate (25 good ones, 2 bad ones)
Total Profits £719.63
Total Losses £123.32
Net Profit £596.31
So that's an average profit of £22.09 per trade.
My losses on the two bad trades averaged £61.66, average gain per the 25 good trades was £28.79
Time scales for positions was fairly similar too - as little as 20 mins and as long as 8 days - I closed one trade in profit that was carried over from the previous week
So this weeks results are in the same ballpark as last weeks which I guess may suggest that I am placing trades fairly consistently at least.
I'm still not able really to explain the method exactly as I am still working some of it out and need to run it at least another week or two but I feel fairly encouraged so far. I am running against the grain of the advice 'keep your losses small and your profits large' as I found previously I was getting stopped out too much on trades that eventually would have come good, without too much drawdown in the interim period.
I do have a few open positions still running which I imagine will carry over to next week now. I feel quite happy to hold positions over a week or more as long as they don't run too far away from me and the charts suggest the opening price is in a range that those shares often cross.
Rich
Yes it's definitely time for an update
I had 90% hit rate last week (30 trades, 27 good ones)
Total Profits £909.70
Total Losses £229.56
Net Profit £680.14
So that's an average profit of £22.67 per trade.
Note my losses on the three bad trades averaged £76.52, average gain per the 27 good trades was £33.69
So as you can see I am making overall profits but I am having to allow quite a wide stop loss (about 2x my average gain) to make the trades work for me. The positions were open for periods as short a 40mins and as long as 6 day but most were open for several hours, up to about 24 hours
This week I had similar results
I placed 27 trades with 92.6% hit rate (25 good ones, 2 bad ones)
Total Profits £719.63
Total Losses £123.32
Net Profit £596.31
So that's an average profit of £22.09 per trade.
My losses on the two bad trades averaged £61.66, average gain per the 25 good trades was £28.79
Time scales for positions was fairly similar too - as little as 20 mins and as long as 8 days - I closed one trade in profit that was carried over from the previous week
So this weeks results are in the same ballpark as last weeks which I guess may suggest that I am placing trades fairly consistently at least.
I'm still not able really to explain the method exactly as I am still working some of it out and need to run it at least another week or two but I feel fairly encouraged so far. I am running against the grain of the advice 'keep your losses small and your profits large' as I found previously I was getting stopped out too much on trades that eventually would have come good, without too much drawdown in the interim period.
I do have a few open positions still running which I imagine will carry over to next week now. I feel quite happy to hold positions over a week or more as long as they don't run too far away from me and the charts suggest the opening price is in a range that those shares often cross.
Rich
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