This time of year is a notoriously tricky time of year for traders. August is holiday time and a lot of the big guys are taking a break. Liquidity around this time of year is generally a lot thinner and the market can become a bit unpredictable. Good trades are thin on the ground at this time so you sometimes have to look at the more volatile pairs to get your pips.
Now the strategies I teach work on all pairs, at any time of the day or night. So based on that logic, I decided to trade the most volatile pair I could find to get some pips in the bank. Now if you have been trading the last 2 to 3 weeks you are fully aware of the most volatile pair, and you know what I am going to say next. Turkish Lira. Now I’m not a religious man, but oh my god.
Turkish Lira is not a pair I normally trade, but it was moving around nice so I thought I would trade it. First few days of last week were good. I was making some good trades and getting pips in the bank. And then the shit hit the fan. I got stuck in a short trade and the pair took off.
Now I don’t generally panic where trading is concerned as I am very good at what I do and my strategies are very reliable, but the way this pair was moving was complete madness and I had to pull the plug on the trade.
I’m not going to go into detail about why it was doing what it was doing, but it was not playing by my rules so I had to get out of the trade with a devastating 362 pip loss. 🙁
In hindsight, it was a good move to take the hit, as the Turkish Lira depreciated another couple of 1000 pips from where I got out of it. It was not the best decision I have ever made to trade that pair with the political situation in Turkey, so I deserved what I got really.
I Can’t Remember The Last Time I Had A Losing Week.
Now I really can’t remember that last time I had a losing week in the markets but last week was one of those weeks, and it was a very sobering experience for me. I managed to get back about 150 pips on other pairs, but I was still down over 200 pips on the week overall.
Now the reason I don’t generally talk about losing trades and losing weeks is not that I don’t want to share losing trades with you, for fear of putting you off taking my course. It’s just the fact that I rarely have them. I was looking at my stats today and that Turkish Lira trade broke a run of 262 winning trades in a row. In the last 6 months, I have had 8 losing trades from 433.
You may think that’s bullshit but it’s not. If you are a retail trader you would probably be happy with half a dozen winning trades in a row. I know that because that’s what I would have been happy with when I was a retail trader. But as I say on my site all the time, professional traders trade in a completely different way to retail traders. Now I would be hard pressed to find another professional trader with those stats but they are 100% true.
Coming Back From A Losing Week.
Now after taking that loss on TL and having my first losing week in a very long time I was obviously very depressed come Monday morning. But like all professional traders, you have to put your emotions aside and get on with the job in hand. And the job in hand was to knock it out of the park this week, and I did just that.
This week I took 29 trades with 29 winners and banked a total of 539 pips. As you can imagine I am very happy with that performance. To come back so strong after a big kick in the nuts last week was very satisfying, to say the least. I could have had a lot more but I closed a few trades early yesterday and missed a bit of the Yen weakness late on. I probably gave up over a 100 pips by closing those trades early, but even so a cracking week of pips.
Do You Want To Take Advantage Of The Best 3 Months Of The Year?
The 3 best trading months of the year for professional traders are September October and November. So if you are a retail trader and you want to take advantage of all the pips we will be making in the next 3 months by copying my trades, then please consider enroling on one of my training courses. You can find more information here.
Thanks for visiting my blog have a great day. 🙂
