April continued my run of profitably months trading AUDUSD foreign exchange rate (the "Aussie"). I continued trading the minimum contract size (A$25,000) and using OCO (One-cancels-other) stop/limit pairs when I left a position open unattended (eg. while at work or overnight). Depending on volatility the stop-loss order would be priced 10-20 pips from my entry price, and the limit price (to take a profit) at least 30 pips from the entry price. The limit was set based on recent charting behaviour - resistance/support levels, previous retracements etc. Attended open positions were often much shorter opportunistic trades, where the price had dipped 10-15 pip below the trend line, and had started to retrace. Often a small profit of 5-10 pips (worth $12-$25) could be made in a few minutes. I think I overtraded a bit this month as the number of trades was higher than previous months, and the average profit per trade was very low. This month I'll try to only trade when there seems to be a clear opportunity, and also try to let my winning trades run a bit longer (probably need to cancel and reset my OCO orders when I'm approaching my limit).
I don't have figures on the win-loss ratio of trades as I sometimes open a second trade overlapping the previous position, so I have to manually sort through and pair up my trading history to determine the result of each trade pair. I did that for last financial year (up to 30 June), and I'll get the figures up to date before the end of this FY. Meanwhile I can get the overall profit(loss) and number of completed orders from the CMC Markets monthly account summary.
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Enough Wealth 2008
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