THIS WEEK’S ROBOS STRATEGY RESULTS
Trades: 3 / Winners:1 / Losers: 2 / Break Even: 0
Click here to see screenshots of every trade position from last week…
News from the trading desk…
A scarcity of trades, a hard-luck story, and, overall, an unexciting week – that’s the story from the last five trading days. News bolts courtesy of the Trump administration and OECD did little to impact the ROBOS strategy, although it did create uncertainty for the market in general.
If you’re ever going to gain consistency with your trading,
I think it’s important – correction – I KNOW it’s important to learn how to accept losing trades, losing days, and even losing weeks and months. Emotional reactions to both winning or losing streaks can produce excessive risk-taking and prevent recovery of lost capital. As Mark Douglas (author of the book, Trading in the Zone says, “Your primary goal has to be to learn how to think like a consistently successful trader. Remember, the best traders think in a number of unique ways. They have aquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.” He continues… Rarely will the typical (meaning inexperienced) trader stay with his system beyond two or three losses in a row, and taking two or three losses in a row is a very common occurence for most trading systems.”
If you’re new to trading, or have taken a few successive hits and now feeling anxious or depressed, the remedy is NOT to cease trading altogether (or worse, increase your risk in the hope of recouping your losses), but rather to keep entering each signal, but REDUCE your exposure, even if it means going back to demo trading. Only by sticking to your trading plan will you be able to prove to yourself that your strategy has the potential profit over the medium to long-term. If you want to learn how to ski, you have to commit to launching yourself down the mountain, at the same time accepting that in the process, you’re almost certain to fall over on the way down. Learning to trade is no exception.
In closing. I’ll leave you with another quote from Mark Douglas: “What you want to do is become an expert at just one particular type of behaviour pattern that repeats itself with some degree of frequency. To become an expert, choose one simple trading system that identifies a pattern, preferably one that is mechanical, instead of mathematical, so that you will be working with a visual representation of market behaviour.”
Check out my fully verified 1% risk account at myfxbook.com, and screenshots of all trades from last week below.