Trading in EUR/USD overnight was perfect for the Five Minutes a Day Trading strategy. The buy order was triggered by the barest of margins, 0.3 of a pip!. The market then marched steadily to the take profit level (and beyond).
This gives two wins from four trades, and because of the higher reward to risk ratio, a profit for the month so far of 54 pips. This is a good start, but with 16 trading days to go, no time for overconfidence. Still three more wins required to guarantee a profit for the month.
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A stone cold stop out last night. One from three wins so far – the strategy must average one from four to make a profit. In the February campaign, there were nine losses in a row before a late month run of successes that put the month in the black – but it was a severe test of trader patience and persistence. I’m hoping we won’t face a similar situation this month.
The 5MADT trading strategy just missed last night. The market traded lower from our reference point, but missed triggering the buy order by 1.5 points, then rallied hard, triggering the sell order and then the stop loss in quick succession. No tears – that’s trading. Four more successful trades required for a winning month.
Here’s today’s reference prices:
The Five Minutes a Day Trading strategy is off to a good start – up 39 pips. Last night’s trade delivered, and the strategy is one from one so far! We’ll track the results each day (see below). In the meantime, here’s the details of today’s trade, as at 3 pm Bris/Melb/Syd time (1 pm Perth):
Keeping a record of recent economic statistics on major economies is a simple technique that I have found really useful as a trader and investor.
It has 2 benefits. Firsty, it allows me to look at trends in statistics. Secondly I can consider them all together to get a big picture view on the economy. I find this simple device is a big advance on just looking at each day’s headline number as it comes along.
As we head into today’s RBA decision, I thought readers may be interested in a summary of recent Australian statistics and some comments.
Today’s wrap and technical outlook for indices, commodities and currencies
Posted in Commodity, Forex, Gold, Market, Trading
Tagged CFD, CFDs, commodity technical levels, Fibonacci, FX technical levels, index technical levels, Relative strength index
Today is the first day of the June 2013 Five Minutes a Day Trading (5MADT) program. Throughout the month, we’ll post the trades and record the results – wins and losses. Track the program here on this blog, or subscribe to the blog to receive an email each time a post is added.
Trading and markets can be all consuming – they take as much time as an individual is willing to give. Many experienced traders work to reduce the amount of time spent in front of a screen. However, very few are able to reduce the time spent on trading to five minutes a day – but it is possible.
Customer feedback regularly suggests many market participants are looking for a straightforward trading system that doesn’t require a large investment of time. Five Minutes a Day Trading (5MADT) is an example of a strategy that fits this bill.
Each month we look at the top ten performing accounts on the CMC platform. This helps management at CMC determine where our development and other resources are best deployed. However, there is a spin off benefit for traders – it’s a quick guide to the instruments that have driven trading success.
Here’s a list of the ten most popular instruments among CMC Australia’s ten most profitable traders for the month of May:
Posted in Commodity, Forex, Gold, Market, Shares, Stocks, Trading
Tagged Aussie, cba.ax, Forex, nab.ax, qbe.ax, silver