Another example of my improvements

As I said this is more discretional so I advice everybody does what they think is best, but this is what I did yesterday... GU might be turning down for a bit. There is some resistance at 1.5680ish level if you look at weekly charts. So there are 3 losses in last few days (I cannot avoid losses:)) and 1 trade is still open (I closed it with small profit though because I see the price has problems with the resistance).

This is UJ from yesterday... Awesome trade. There is no strong resistance in sight so I moved my TP several pips down (15 pips). Because the channel was narrow, every single pip makes a difference! It made + another 5% difference in my case:) This doesn't work every time of course and also it demands more time in front of the charts, but if you have it, it can make a difference. CUT YOUR LOSSES SHORT AND LET YOUR WINNERS RUN!

I might do a video some day because it is easier to explain but you guys have to promise not to laugh my accent:)

My adjustments to 1 minute daily

Long time awaited is here:) But I might disappoint you, it is nothing that will cause you not lose another trade. Every system has losses and it is just fine! The only thing you can do about it is accept it, then try to avoid them if possible and of course lower those losses. One of the basic rules in trading is cut your losses short and let your profits run. But how can you do it in system where risk = reward (TP=SL)? Actually in 1 min daily the losses are a little bit bigger because of the spread. So what shall we do? I repeat that this is not a holy grail and also I have to say this depends more on discretion, which means you must have some experience with trading basics (trend lines, support, resistance). If you just started, then STICK TO BASIC RULES AND DO NOT TRY TO IMPROVE SOMETHING THAT WORKS. This is only enhancement and if you overtrade, you will lose.
Every trade I move my SL right at the beginning a few pips closer to entry. A few means 2, 3, max 4. It depends how wide is the channel. UJ has narrow channels, so when the channel is less than 30, I would move it just 1 pip. If it is 30-50, I will move it 2-3 pips, if it is more than 50 pips wide, I will go 5 pips. Why? I have experienced that if the price goes as close as 3-5 pips to SL, it will most probably hit the SL sometime. On GU, normal channel is around 70 pips wide. So adjust accordingly. I know, what is 3-5 pips??:) But if you manage to lower your losses at least a little bit, in the long run you will make more! Then when price moves my direction (but I watch for moves to at least 50% of the distance to TP), I will move my SL a little further - not to break even yet! Sometimes it happens that it turns back, goes under your entry and then turns again and hits the TP. This is not exact thing, but experience will make you a pro. Here is an example...

So this is the basic thing I do every time. Then I watch for important supports and resistances (of course if I can and if I am not away from my PC) when trying to lower risk or make higher profit (or at least some profit). Here is an example from today on UJ...

Also when there is no resistance in sight I usually move my TP a few pips further (again 2-4 pips is OK). But this usally works best if there are some news and they are in direction of the trade...
So that is it! If I find something else that works, I will share it...:)

Results after 6 months of trading 1 minute daily

Finally I am able to write a few words about this wonderful and easy system with longer time perspective. On Monday it was exactly 6 months since I started and the results are IMPRESIVE! I started with 170 USD (those who have looked at my myfxbook have noticed, that I didn't open this account that day, but I seriously started trading 1 minute daily on January 26th) and right now my account is up at  1890 USD. Regarding to myfxbook it is over +600%, but myfxbook counts performance regarding to my overall deposit to this account, but that is not relevant. If we take my starting money as 170 and final state of 1890 USD, we get over 1000% performance in 6 months! I am not sure what your interest rate on your bank account is, but I find this number amazing!
The problem with my trading is that I risk 10% of my account on every single trade I open with 1 minute daily. So before every trade I look at my Balance and put it into my calculator and count number of micro lots to trade with. I started with 1-3 micro lots, now I am trading 15-40 micro lots (1,5-4 mini lots), but I always count it before every trade. Why I see a problem in this is obvious. It is way too much for trading bigger account. Nobody would like to see his/her account go down 30-40% like nothing if the account was for example 10.000 USD. So I will lower my risk to 5% as soon as I get to 3.000 USD. The volatility should lower after that. When I get to 10.000 USD I will probably lower the risk to 2%...
Some statistics...
here is a picture of my account summary. It does not contain the time before starting with 1 minute daily, but I does contain other trades I took in last 6 months. 1 min daily system should be more than 80% of my trading though. Since last month or so I have been trading only 1 minute daily on this account.

You can see that the drawdown is huge, but it will get lower with decreasing my risk per trade. The most important for you guys starting with this system is that it has MORE WINNERS THAN LOSERS! Almost 60% of trades are winners and that is why the system works even with fact, that SL is a little bit bigger than TP. This is important for our psychology because we see we can trust this system and easily overcome losing periods...
What about results with traded pairs? GBPUSD had 193 trades (overall in my account, but most are 1 min daily), it made me 1.801 USD with 2368 pips (the GU has wider band all the time). USDJPY had 166 trades, it made 220 USD with 622 pips.  This tells me that I might consider trading only GU, but I will wait till the end of the year for one year statistics. All of this you can read at myfxbook, if you click on advanced summary and then click on charts by particulars pair...
I think this is enough for this post. I will write something about my improvements to the system in next post...

July 25th Statement

I was quite busy last few days so I could not post... I am sorry for that.
To save some time, I won't post pictures of this week's trades, only my account statement.
On GU, there were 3 wins and 2 losses. Something strange happened on Wednesday early morning which caused one more loss, that would not normally happen. I heard some "fat finger" (bank or something like that) made a mistake that caused move more than 100 pips in 1 minute that took my Tuesday's buy and immediatelly went down for SL. So on Wednesday I decided not to trade because the market was quite choppy after that...
On UJ I couldn't trade on Friday and this trade would have been still open. Other than that, I had 2 losses and 1 win. If you want, I can make a picture...
This week, hopefully soon, I would like to make a summary of what I learned during the first 6 months of trading this system and what improvements I make... I will also post some statistics here from myFXbook...

New feature

I have found a great site that can make very nice statistics of your trading. It is called myfxbook and I immediately connected it to my account... The statistics is on the right side of my blog and if you click on it, you can see all the info about my trading.
I opened my account earlier so it goes further than to when I started trading 1 minute daily. Also the overall amount I put into my account is bigger than 170 USD, but that is the amount with which I started trading 1 minute daily. The drawdown is so big because I risk 10% of my account every trade, which is a lot, also because I traded 3 pairs at a time and that is too much. I will stay only with GU and UJ now...

July 16th statement

I hope you guys got to trade this week:) We are getting closer to our maximum again, even I didn't get to take all the trades again... This week we had 5 wins and only 1 loss on GU and 4 wins to 1 loss on UJ. What A great week! I hope it continues the next week:)

and my account statement since January 26th...

July 10th statement

This week happened to be a little unfortunate for me. I was away on Monday and missed two winners (both GU and UJ) and then on friday I put by mistake trade twice and it was a loss. So the overall result would look much differently... The results for this week if everything went as it should are GU 4 wins, 3 losses, UJ 2 wins, 1 loss so far. I hope you guys had better luck and caught all the trades!

and my account statement as of today...

AUDUSD and NZDUSD position trades

as well as the EURUSD, these two ended up to be a loss. This happens, sometimes. I will avoid trading other systems than 1 minute daily on this account so it is more clear how it does..

July 2nd Statement

This week was fine with 1 minute daily. Actually if you look at the pictures it worked great:) Another two or three weeks like that and we are back to the best level ever... This week I tried to play a bit with the PT more. On Thursday I managed to squeeze a little more pips from both pairs thanks to trailing stop. What I do is that if I see a clear direction (on longer time frame) and see that the pair is moving quite strongly my direction (the same way as on the longer time frame) then if I am sitting by my computer I cancel my regular TP. When the price goes and hits the original TP, I close half of my position. Then I leave the rest on trailing stop and watch for sudden move against me. We will see how this works. It is more discretionary and demands time in front of the computer but it might help get bigger winners, which is the key to every successful trading. If you are starting with this system just stick to the rules and you will be fine:)

And of course my account statement  

There is a public holiday over here on Monday and Tuesday so I might not be able to trade because I will be away. I am holding my fingers crossed for you guys to get some winners:)

Position trades

Last night I opened 3 position trades. All of them are short, risk is always less than 5% of my account.
AUDUSD @8408, SL 8715 (in these trades the SL is quite far so we have to adjust our number of lots accordingly)
EURUSD @1.2230, SL 1.2475 (this SL got hit a minute ago. I didnt follow the rules here and got kicked out by 5 pips...we have a saying here, you have to pay for your stupidity:))
NZDUSD @6854, SL 7015