In Dec 2015, a myfxbook account was started for readers to be able to see how trades were entered according to charts shown in current website,
Please follow this twitter link to myfxbook account:
This was a good platform shed light on the details in how trades are entered, stacked, managed, exited or mitigation of losses which cannot be seen from mere charts alone.
Account was shared with trades placed in real time.
Some trading concepts of this account:
-Entries were made according to analysis posted on website and twitter, timed by signals fired off from #trappedtraders system. Not 100% accurate, so always leave enough for 2nd or 3rd batch of stacking in positions.
-Book profits fast, focus on securing actual trading returns of 0.3%-1% instead of waiting for wins calculated by pips
-Conservative preservation of trading capital
a) focus on postional sizing risk instead of pip risk. i.e trades in red can run up to 500-600 pips, but it is ok as long as capital risk is contained within 1-2%.
b) regular withdrawal of profits and resetting account to original amount to constantly be kept on toes.
-Focus on booking winners, and keeping the losers until they turn profitable.
32% ( 1/3 capital ROI) in 2 months
High winning percentage
High winning percentage with 97% of shorts won , 73% of longs won.
RRR is generally poor, as I tend to hold on to big losses before finally able to exit them. Although this goes against textbook trading best practices, it is important to develop styles that suit the individual personality instead of trying to change our personality to fit standard, boxed-in notions of what constitute successful trading is. After all, retail trading and professional trading are separate endeavors. Besides profitability, factors such as lifestyle, and ease of mind needs to be considered as well. Hence with a high winning percentage, my trading morale is constantly kept high and in turn my confidence is tremendously boosted, giving me the conviction to last my trades and believe that each trade i place will always turn out to be a winner. As records are tabulated, in turn the high winning percentage becomes a statistics ( of 97% win rate) to build my trading conviction for future trades.
Keeping account stable, keeping profits real and credible
While it is not diffiult to rack up 100% ROI with just a few winning trades, it is equally easy to burn it down. Most beginning traders are overly greedy and overestimate their ability to time the market. A good way to determine if the account is stable from account meltdown can be analysed through the concept of risk of ruin.
As of current writing, this account should be relatively safe from meltdown, as seen from the table.
I will like to surmise that this account has a stable growth, high winning accuracy with a system to lock in profits. Although the RRR is inferior according to classic trading practices, it is designed in mind for traders who plan to trade for a living. Keeping the account healthy, and withdrawing regular profits as the main focus is a good proposition and a compulsory stage before transcending to the next trading stage. ( more to come)
Do continue to follow this live account and the next update will be when 50% ROI is reached.