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A fantastic week of trading with a +4.2% account gain

BY , , , , , , ,

Podcast:

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In this video:
00:23  +4.2% gain this week on the daily, four and one hourly charts
01:05  Lots of new clients sign up with the birthday promotion
02:19  What’s your win rate?
03:58  Aussie Swiss Franc took a short position on the daily chart
05:11  Looking for a higher U.S Non-Farm Payroll figure

Well, no lunch with the Prime Minister to report this week, but I had some fantastic trades with a +4.2% gain on my account so far this week.

Let’s look into it now.

+4.2% gain on my account this week

That’s right.  A +4.2% gain so far this week on my account through the daily charts, the four hourly charts, and a couple of one hourly charts.  Haven’t done a massive amount of trading because the set ups haven’t been there.  But still, a +4.2% return, with just half a percent risk on each trade.

I want to go through and talk about some of those trades, because it’s really important to understand what trades are taken, be very selective with the trades.  But like I’ve talked about in the last few weeks – really important to have high risk to reward trades.

As I said to start with, no lunch with the Prime Minister this week, so slightly boring there, but it’s not every week you do that.  Really enjoyed last week, as you probably found out.

Lots of new clients sign up with the birthday promotion

Also had a lot of new clients sign up this week with the birthday promotion that I’ve been holding over the last couple weeks.  So, if you’re one of those new people, fantastic.  Really pleased to have you here.  And I know a lot of people were on yesterday’s live 2 hour trading room webinar. And we took about three trades on that session.  It was also a really good opportunity to introduce those new people to some live trading and to see the actual process occurring in real time.  We also had a really good opportunity to review some daily charts, four hourly charts, and one hourly charts through the session.

Really interesting again, I had a client from Namibia.  He’s been with me for about, probably 2 years now.  He said, “Look, I’ve had really good success.”  I think he had a 3% gain for the week so far.  He was closing down due to today being non-farm payrolls – closing down his trades for the week.  But a 3% gain.  And he just said “Hey look, Andrew I don’t need huge win rates.” And I think he had something like 3 winning trades, and 2 losing trades.  But still a 3% gain for the week.  I was really pleased to share that information, which is fantastic.

What’s your win rate?

I also want to talk about a phone call I had today.  I had a lady call me and say, “Look, Andrew.  What’s your win rate?”  I said, “Well, look, it doesn’t really matter that much. Well, it kind of does matter, but you don’t need to have a huge win rate.”  And so, I think she was expecting me to say something like a 90% win rate.  And it just is nowhere near that.  90% win rate is fine if you’re sort of scalping a few pips here and there, and you’ve got a very low risk to reward on your trades.  However, if you can get around a 50-60% win rate with your trades, yet you’ve got somewhere like between a 2 or 3 to 1 on average risk to reward, you’re going to do extremely well.

Just to clarify those daily trade results so far from this week: daily charts are up +2.4% for the week, with a 0.5% or half a percent risk on each trade.  And I’ve had 4 winning trades and 4 losing trades.  But, still a +2.4% gain with very, very low risk.  So again, it comes back to you can see how important the high risk to reward trading is.

On the four hourly charts and the one hourly charts, I’ve had trades this week.  I’ve had 5 winning trades and 7 losing trades.  So, I’ve got more losing trades than my winning trades this week, yet I’m still up +1.8% on those shorter time frame charts.  And again, starting to sound like a broken record.  You can see how important it is to have bigger gains out of your winning trades and control your risk on your losing trades.

Amazing AUD/CHF trade

A trade I also want to mention: Aussie Swiss Franc took a short position on the daily chart.  Recommended it to my clients.  It was an amazing trade.  The trade moved, or the bar moved within the day 133 pips.  The trade we were looking at, because I was looking for a retracement, a short position, so I was looking for the position to move up or retrace first and then drop – which it did exactly.  The trade I was looking for had 108 pips out of the trade, out of a daily move of 133 pips.  So those daily trades, when you get trades like that, you want to take a picture of them.  Take a photograph, and say, “Look this is just a textbook setup, and it worked a treat.”

Good Non-Farm Payroll news ahead?

Because its Friday today, we have the non-farm payrolls later: my time tonight, 8:30am  U.S. time on Friday, which will be Friday, the 3rd of May.  Who knows where it’s going to go.  I would be looking to think the U.S. is going to gain in strength.  By the time you’re watching this video, the non-farm payroll and the weekend’s come.  You know, it’s going to do one or the other.

Looking at the charts today, I’m looking for U.S. strength.  The charts are suggesting that the U.S. looks like it’s going to strengthen.  It will be really interesting to see by the time you’re watching this video, what actually happened on that non-farm payroll announcement.  But right now, my guess is U.S. strength, and so probably good or better than expected job numbers.

So we’ll wait to see.

If you do have any trades open on any non-farm payroll announcement, if it’s a daily chart or a weekly chart, you can let the trade ride through that.  Anything shorter than that, any timeframe shorter with a smaller stop loss, I’d be getting out of the trade before that non-farm payroll news announcement.

So that’s all for now.  Look forward to seeing what that news is, and also catching up with this time next week you for some more Forex news.

Bye for now.