Some comments on trading from different places….
Well and once again I am back in Bayreuth (not Beirut) in southern Germany with relatives. Bayreuth is mostly known for the composer Richard Wagner. I will be hanging out down here for two weeks. That’s the great thing with trading – in theory – you can trade from anywhere – thus if your family needs you – you can go and help them – without putting the FX trading on halt. Though I would say it’s important to have a decent working environment no matter where you are – I am not a big fan in the “trading from a hammock on small island” school of thought.
The key thing is to get yourself in the right mindset and handle things professionally when trading from various locations. The internet connection is reliable. I borrowed a big monitor from my nephew, I still have my squawk and have copied across all the MT4 information from my office PC to my laptop. Thus even though I am now in a different location, I still go through the same steps and processes. I have asked my relatives to keep interruptions to a minimum whilst working. An advantage of working in Germany is that I get a 1-hour up over the London-based traders. Thus if I start working 7am local time, it’s like starting work at 6am in London. Rather handy that is.
One aspect I got to watch is the food and drink. This tends turn south a little anytime I venture into this woods. Bad nutrition will negatively impact ability to work, think and concentrate. Thus I need to beware.
Today’s trading wrap….
Lots of central bank speakers today – market was tight for the morning. Managed to squeeze out a winner on EURUSD after hitting a small loss on Cable. I will happily have a 50% win rate all year long if my winners are +1R and my losers are -0.3R! This was followed up with a pre-USD news Cable trade and a post-US news DAX trade. Both of the latter were reversal trades from preset levels following reversal patterns. Looking at the charts, I feel made some good technical interpretation of them. Ultimately, my net gain for the day was 1.6R.
Summary of Post-US results (one fortnight)
Thus the past fortnight, since returning from the US, has been good in terms of results. Though I ended up missing three sessions last week and one and half sessions this week because of sickness and travel, I ended up executing 26 trades in the five and a half sessions that i traded.
- 13 Wins, 11 Losses and 2 Scratches – Avg Win 1.04R, Avg Loss -0.39R – RR ratio 2.67:1
- Cable (8), DAX (9), EURUSD (4), JPY crosses (5)
- Net Gain +9.26R
Bear in mind, this follows a loss of 14.5R from all the trades taken from the US trading location between 23rd April to 7th May (59 trades). Nevertheless, I will increase the unit value of R from £140 to £170 from next week.