Well, my fancy ass Access database broke and it was just not worth the time to fix it, so I’m going to have to do this report manually.
Zen Trading in December was not as good as in November. I made $106.92 on a beginning balance of $3,064.23, for a +3.4% gain on the account.
There were a couple of big lessons that I learned this past month. First of all, it is not good to put limit orders on trades that are closest to the current price. This leads to cutting profits short and letting losers run. Initially, I did not want to lose out on small moves so I put in limit orders on all my orders. You know how that goes.
Secondly, I would prefer to close all positions out every night, or at least have a target where all positions are closed out. This prevents carrying losses for an extended period of time. I am looking for techniques to exit initial losers with a profit using the hedging technique at Oanda.
In addition, sitting in front of the screens every night has really been wearing on me. It can be fun at times, but when I get stuck, it is frustrating. Again, I think I would prefer to have a hard stop and profit targets out there.
January Zen Trading to come!
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Hello there!
As ZEN videos for some reason disappeared from Rob’s page, I was googling “Zen Trading” and found your blog.
I’ve been trading ZEN style myself, and for the last three weeks I’ve made almost 21% on my 800$ account atOanda. However, when I started trading my live account (which is very small, around 100$), things haven’t been going so well. Thus, I am thinking too how to avoid losses with hedging at Oanda.
Would love to hear more from you on that and perhaps share my ideas too!
Great blog!
Hi Ilma,
I would love to hear your ideas. I’ll shoot you an email and we can chat. Thanks for the kind words!
Hugh