So my capital account is now up to £1500 with my profit/loss sitting at -£140 roughly. If you check out my trading history page you’ll notice that i’ve gone from sitting at breakeven to the -£140 loss in the space of a week.
This isn’t an indication of the system not working or anything like that, it’s simply because i’ve opened at least 6 new trades in the last week, some of which held risks of approx £100 per trade.
As with most trend trading there is always an element of daily trade movement where the price will move in the wrong direction immediately after you open a position. As i’m following long term trends it can take a while before the price makes any significant movements into profitable positions for me. It’s all about patience. That’s why this system is perhaps not for everyone. It’s easy to bottle it when you see losses of £140 in your account. However, as of now I have 13 open positions. My hope is that 3-4 of these will go on to make massive profits and the others small losses. My system relies on the fact the profits will be left to run as high as they can go, and the losses will be cut short to manageable levels. This way I can lose lots of small trades for a while before I find the right trade and cover all my losses and make profit. Following trends allows me to be more accurate in picking trades which are already moving in a certain direction, and have been for some time.
It’s still very early days and all i’m hoping for in Year 1 is to make some sort of a profit. No matter how high or low.