This is how the EURUSD day trading strategies from the EURUSD Day Trading Course performed during the month of October. I trade for approximately 1 to 2 hours each day, so these results are for the period between roughly 8 and 10 AM EST, during the London and New York overlap period. I use a 1-minute chart.
The results are broken down based on the potential for each strategy. Executing every trade perfectly is not an easy task, so actual trading results will typically be lower (but could be higher, if using bigger targets, for example). The goal is to continually progress and trade the strategies as well as possible. Once we’re trading a strategy well, then more strategies can be added to the trading plan to further boost returns.
A 2.5:1 reward to risk is used on every trade. Early exits are allowed for high-impact news announcements or if another valid signal develops in the opposite direction while in a trade. I also may exit early if it is pre-planned before the trade because of certain market conditions.
The potential profits for the month and all these statistics (discussed below) are based on the strategies and processes discussed in my EURUSD Day Trading Course. The course covers all this and a lot more.
Volatility stayed relatively low in EURUSD this month, compared to earlier in the year. That contributed to a couple of days with no trades. Volatility did increase over the month, so if that continues that should lead to more daily opportunities going forward.
EURUSD Day Trading Strategy Profit Potential For Month of October
The following chart breaks down profit potential by week. These numbers come from actual trades, plus missed trades that should have been taken, and deducting trades that were taken that shouldn’t have been (didn’t align with the strategies).
|Oct 4 – 8||11.03R|
|Oct 18 – 22||9.49R|
|Oct 25 – 29||15.95R|
|October Total Profit Potential||46.85R|
|Average Profit Per Day||21 days||2.23R / day|
|Average # of Trades Per Day||52 trades||2.48 trades / day|
|Average Trading Time||1.5 hours|
“R” is a standardized risk amount. It could be 1% of the account, 0.5% of the account, or any amount you choose based on your position sizing method. For example, risking 1% of the account per trade, the profit potential for the strategies was 38% for August, less commissions.
To see the charts and trades for each week, see the links in the table above. Chart examples are also provided for each strategy discussed below.
Remember, these figures are based on trading a strategy perfectly, based on the strategy parameters. The goal, which can take years, is to develop enough discipline and focus to approach the ideal/strategy profit potential number in our actual trading.
Also, to realize these returns, an ECN forex broker is pretty much required, ideally with a small spread. ECN brokers charge a commission. Commissions costs vary greatly are deducted from the results discussed above.
Typical leverage is about 30:1. Ranging from 20:1 to 50:1, depending on the stop loss distance in pips. This is what creates the high percentage returns. Understand the pros and cons of leverage before using it.
EURUSD Day Trading Strategy Totals
These numbers are how each strategy performed. They are my own trades, plus missed trades, less trades I took that I shouldn’t have.
I have included a chart with examples for each strategy.
Rounded Bottoms (RB) and Tops (RT): 46.57R
(By week: -0.9, 8.5, 14.18, 8.84, 15.95)
Double Pump (DP): +0.27R
(By week: 0, 2.53, -2.9, 0.64, 0)
Double Pump Variations (DP variation): 0R
(By week: )
Snap Backs (SB): 0R
(By week: )
Broken Break (BB) – 0R (Still being researched, but wasn’t really focused on it this month):
(By week: 0, 0, 0, 0, 0)
Triple Pump (TP): 0R
(By week: 0, 0, 0, 0, 0 )
Squeeze Play (SP): +0R
(By week: 0, 0, 0, 0, 0 )
I recorded my trading session on Oct. 22. You can watch me talk through all my trades here: EURUSD Recorded Day Trading Sessions.
My Own Personal Trading Observations/Areas to Work On
I noticed this week that my main distraction while trading is the part of myself that likes to educate/write/share.
Therefore, I am working on getting these two parts of myself to work better together—a parts negotiation—so I am focused on trading while I am trading and can focus on sharing my ideas at a different, more well-suited, time.
I missed a number of trades this month, and on a few days I felt I traded very poorly. This is mainly due to distraction.
My sleep schedule has also not been ideal, leaving me more tired in the morning than usual. Trading and life need to be balanced. It is hard to do one well without the other being handled. I’ve been up later for a reason, so I need to figure out how I can make that work a little a better.
Eating habits have also not been great this month. That is also likely contributing to the tired feeling. I have mentioned in several recent Weekly Reviews the small daily meditations. I am continuing with those to bring in some better habits.
The EURUSD Day Trading Course covers this entire method of trading, including getting in the right mental state and staying there.
Here are the prior totals (monthly). Actual charts are in the weekly articles listed within the monthly-total articles:
- January: +63R
- February: +78R
- March: +76R
- April: +76
- May: +94R
- June: +91R
- July: +67R
- August: +38R
- September: +51R
By Cory Mitchell, CMT
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.