The not so mid-January report...Not a good way to start 2008. January has been a rough ride and I spent a lot of emotional brain cells on this months trading. I can tell you this month I'm not going to end up with more money than I started with. Right now I'm sitting on a loss for January of around 9%. This puts my account around negative 5% overall since the beginning. I'm not worried about a losing month because those will happen occasionally. The part that I'm disappointed with is I have almost 5% of losses due to not sticking to my plan. I have specific trading strategies and in order to make a trade it must match up to one of my strategies. If it doesn't match up then I should not take the trade. Well, I went against this plan and of course it came back to bite me. I will be very happy to get this month behind me and onto the next.
With all that doom and gloom all is not lost. I have come up with a strategy at the beginning of the month with very surprising results. And best of all there is no discretion involved at all. No emotion, no fuss no muss. I have been trading it since the very beginning of the month, so I now have what is beginning to be enough results to put some statistical significance behind the results. And the result are very good. Bottom line this strategy is hitting at 59% success rate with the wins greater than the losses. In addition, it is a medium frequency trading strategy with very little management needed. I'm looking forward to see how it continues for the next month. That strategy alone has upped my account by 3.3%. Considering the trading size I'm currently using there is no reason this strategy couldn't make 5-6% per month with low risk. Time will only tell.
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