Summary: | |||||||||||||
| Deposit/Withdrawal: | 0.00 | Credit Facility: | 0.00 | ||||||||||
| Closed Trade P/L: | -2.60 | Floating P/L: | 0.00 | Margin: | 0.00 | ||||||||
| Balance: | 1 242.62 | Equity: | 1 242.62 | Free Margin: | 1 242.62 | ||||||||
| Details: | |||||||||||||
| Gross Profit: | 49.84 | Gross Loss: | 52.44 | Total Net Profit: | -2.60 | ||||||||
| Profit Factor: | 0.95 | Expected Payoff: | -0.26 | ||||||||||
| Absolute Drawdown: | 34.06 | Maximal Drawdown: | 46.14 (3.67%) | Relative Drawdown: | 3.67% (46.14) | ||||||||
| Total Trades: | 10 | Short Positions (won %): | 10 (40.00%) | Long Positions (won %): | 0 (0.00%) | ||||||||
| Profit Trades (% of total): | 4 (40.00%) | Loss trades (% of total): | 6 (60.00%) | ||||||||||
| Largest | profit trade: | 20.10 | loss trade: | -11.56 | |||||||||
| Average | profit trade: | 12.46 | loss trade: | -8.74 | |||||||||
| Maximum | consecutive wins ($): | 2 (30.86) | consecutive losses ($): | 5 (-46.14) | |||||||||
| Maximal | consecutive profit (count): | 30.86 (2) | consecutive loss (count): | -46.14 (5) | |||||||||
| Average | consecutive wins: | 1 | consecutive losses: | 3 | |||||||||
intro: a funny month as had much on outside of trading. This meant adapting my method mid-month so that I didn't have to be around for trade entries or manage "in-trade" risk.
graph: the major draw down (trades 1-6) came from my first week with the new method, I was still "finding my way" with it. The second week using the new method improved and made up most of my losses.
numbers: Going to call this a break even month (-0.2). which is definitely an improvement on last March (-0.7). Happy to see my hit rate is staying around 40%. My largest win was 42% more profitable than my largest loss, while my average win was 29% more profitable than my largest loss, again better than March but still room for improvement in both these areas as I would need a large 61% wine rate to turn my efforts profitable.
summary: My win rate has been between 35-42% for the last four months which means that to turn profitable I need to get my average win 58-65% greater than my average loss. The only two ways I can do that is by letting my winners run, this I'm not sure is possible as I am already trading price into the next level of S/D. Or by reducing risk. The following are what I wish to work on in May...
1. ensuring that you are always risking 1% of account per trade. actually went under size this month! so a +2R gain only registered a 1% gain in P/L.
2. choosing low risk, high reward entries. started poorly this month but got better
3. reducing risk (trail and time stops) in trade. harder to do this month as using a "set and forgot" method.
lessons:
1. accommodate the brokers spread and nearby price action when setting targets.
2. Find potential demand levels in uptrend price action, find potential supply levels in downtrend price action.
3. you got to swing the bat, to hit the ball.
4. using quality S/D (pivot high/lo) on higher time frames means higher probabilities as levels are clearer for all to see so therefore less exploritory breakouts that can take out stops.
5. ask yourself if your level is truly supply/demand or just a pivot hi/lo.
6. hard drops/rallies from a level and price spending very little time at the level are positive factors.
7. don't make trading/plan decisions when tired!
