Monthly is the new weekly

So, as you may have noticed I have stopped doing the weekly reports since I don’t feel there’s any point in doing them. Since it goes up and down all the time, reporting only one week doesn’t give you anything. So im gonna try monthly instead.

I don’t have any exact figures for the last month, but i can be described in one word, terrible. Right now im ~35% down, and that’s with the last couple of days getting a lot of profit. At worst, I was about 50% down.

According to my stats on eToro, i’m 21% down for April. Which is almost my whole profit for 2015.

I think one of the major factors in the big loss is that the Euro went up a lot, and it seems like everyone still thinks it will go down again. Sometimes i feel that my trades don’t take a loss since it will affect their stats. The logical thing to do is to take the loss and move on. Not holding on to a hopeless position just to maybe get a few more copiers before going bust. That’s why I like to keep my trades only for a couple of hours with a set stop loss and take profit. Sure, every now and then I change my take profit, but never my stop loss. This way i will never risk more than 1-2% of my capital. But right now, looking on my traders there are trades risking 10-15%, which seems kind of nuts. But still, never close another traders trades. They probably have ha strategy, that’s why I’m copying them and not the other way around.

I have’t been trading by myself for the last couple of weeks, i’ve been busy developing some software to help me in my trading. Hopefully I can reveal the details soon.

2 Comments

  1. Jule

    Hello, I’m fairly new to trading (since October 2014). Until now it’s been an up and down ride. I’ve had some time to test different strategies and brokers. I was copying the star traders of etoro but I recently stopped as I can’t understand their decisions (eg why on earth someone would open on NFP day sell positions several hours before the actual data release in these uncertain times. To me this is gambling.). I’ve tested several strategies myself and I’m finally on one that has been profitable for several weeks. I hope it continues. Good luck with your trading.

  2. daniel

    Hi Jule and sorry for the late response.

    I agree with you. I had a great couple of months with etoro by following some of the most popular traders, but by the start of this summer I also started seeing some strange behaviour from my traders so after a while I stopped following them.

    I think the problem actually lies with the people following traders and how eToro ranking the traders and not the traders themselves. I t seems like if a trader has a 200% profit one month, everyone will follow that trader even with a huge drawdown. So, if the trader want followers he/she has to take huge risks.

    It is probably pretty hard changing the mind of followers, but maybe a better system for ranking might be a solution.

    Happy trading!

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