Five Minutes a Day Trading – June 2013 – Day 1

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.

It’s 7 am in Berlin, and 6 am in London – time to place my orders and test the hypothesis – that European traders regularly get it wrong at the open of their trading day. The reference price is the open of the 1 minute candle at precisely 3 pm Syd/Melb/Bris time:

20130603 prices

You can read more about 5MADT here:

About michaelmccarthycmc

Chief Market Strategist - CMC Markets and Stockbroking Regular on ABC, BBC, Bloomberg, Channel TEN, CNBC, SBS and SKY
This entry was posted in Forex, Market, Trading and tagged , , , . Bookmark the permalink.

6 Responses to Five Minutes a Day Trading – June 2013 – Day 1

  1. Rick says:

    Michael, How have you treated the spread. In your figures or do we work them and add/subtract them first. Rick

    • Hi Rick – you’re right to consider the cost of trading, but with spreads in EURUSD usually one pip or less its not a high impact, and the methodology is based on the last trade rather than the bid or offer. This means the spread is ignored in formulating the orders

  2. Andrew says:

    Hi Michael,

    Interesting system. How do you manage your stops once you’re in a trade? Cheers, Andrew

    • Hi Andrew – the stop and target are entered with the original orders – once an original order is triggered, the trader cancels the other original order, and lets the stop and target orders do their work

      • Andrew says:

        So you set and forget once you’re in a trade. You dont move them closer to break even once you have made profits, maybe after you’re up 10+ to help further minimise your risk if the trade was to go against you?

      • Hi Andrew – i’m sticking purely to the strategy as outlined – that’s what my analysis supports. However, feedback from previous 5MADT months suggests some traders alter the parameters to suit their own trading plan

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