Sunday, January 31, 2016

Review of January Campaign

I finally opened a myfxbook account (found here), and will be basing my monthly reviews on its statistics.

January hasn't been great. The majors became choppy, particularly the EURUSD, and I finished in the red, with a monthly drawdown of -3.42%.

Trades opened: 9
Profit factor: 0.74
Account growth: -3.42%

The 4H Timeframe

I tried to forward-test a system that I had developed on the 4H timeframe, and often found myself trading with or against positions I had already opened on the daily timeframe. Basically, I was hedging or adding to my swing trades on the daily timeframe, so there wasn't much point in trading the 4H. I think signals on the 4H and daily timeframe might be too correlated, so I've shelved research on the 4H timeframe for the moment. If you are a swing-trader and want to trade a shorter timeframe, then the 1H or 30M is probably better. 

Next month

In February, I'm planning to reduce my maximum position size to 1.5% until I'm back at breakeven.

Thoughts on Myfxbook

The psychological pressure from opening a myfxbook has been less than I predicted. It's actually forced me to be more accountable for my trades. If I open a trade, there better be a good reason, as it will turn up on my results. This has reduced the temptation to do anything stupid. 

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