Home > Forex Swing Trades – Week In Review +4.25%

Forex Swing Trades – Week In Review +4.25%

This was what I call a typical week of forex trading. We had a decent mix of trades, with some trades hitting their targets, and some trades hitting their stop losses. We also had quite a few trades that required a manual exit based on the active management guidelines (trend stalled out and stop loss was trailed in to reduce lose or lock in profit).

For guidance on using this strategy, watch: How to Use the Forex Swing Trading Signals (video). The strategy is covered in the Forex Strategies Guide for Day and Swing Traders 2.0 eBook; reading and having practiced the other concepts in the eBook will aid you in implementing this strategy.

Forex Swing Trades – Week In Review +4.25%

At the start of the week there were a number of trades mentioned in the August 10 (Sunday/Monday) swing trading signals. All percentages relate to the loss or gain on total account equity (assuming 1% is risked per trade).

NOKSEK -1%, USDMXN +0.25%, AUDJPY -0.5%, EURGBP +0.3%

I will have to go back and verify this but I have noticed that early in the week signals tend to perform a little worse than they do during the middle of the week. Monday, Tuesday and Wednesday seem to perform a little better as trends get going and tend to have a bit more follow through. Sunday night and Thursday night are a little more hit and miss. I will dig up some stats on that.

In the comments section of that post above I mentioned a couple other trades:

CADJPY -1% and EURCAD +3.5%

With that, so far for the week we are +1.55% on account equity.

The chart below shows the trades that took place after this,  from August 12 to August 14, as verified by myFXbook, which I recently hooked this account up to (the account for swing trading this strategy–I use different accounts for trading on different time frames and strategies, so I can see precisely how each is performing).

+2.7% on those trades

trades aug 12 to 14

 

That puts us at +4.25% for the week. This is typically what I expect, and is a pretty common week. No massive trades and no massive losses. It may feel like you are treading water but at the end of the week the strategy produces a profit.

This is where many traders falter; they get frustrated by a few losing trades–like the ones early in the week–and then either start taking foolish trades or skipping trade signals because they are afraid of losing more. Trading isn’t about getting rich overnight. Stick to the system. Once you have mastered it, and know it works for you, you can always increase your position size to magnify your returns. For example, if you had risked 2% of your account per trade, then your return this week would have been 8.5% (everything above is based on risking 1%). I don’t necessarily recommend that, but you could do it and risk is still relatively low.

We also had quite a few trades later in the week, and a lot of them didn’t do much. That happens…a lot. We can’t assume the market will take off just because WE got into a trade. Take what the market gives, and look for other trades.

If you want help with your trading, read my Forex Strategies Guide for Day and Swing Traders 2.0 ebook.
300+ Pages and more than 20+ strategies combined with trading psychology and a proven 5 step method for becoming a winning trader.

Stay Profitable,

Cory Mitchell,CMT