Review

Mechanical Consistency December 2023 Review; +6%

LIM WEI XIANG

Mar 4, 2024 — 2 min read

End the year with a good profit!

TL;DR

Total Profit of approximately $600 (+6%) for December 2023.
Total 13 trades, 9 losses and 4 wins.
1-hour Timeframe, XAUUSD(Gold), $10,000 Capital, $100/ 1% per trade.
Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis.

Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions.

Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers!

December has been an exceptional month for my trading journey. Not only have I been profitable despite the challenging market conditions, but I’ve also successfully passed the5ers Prop firm challenge! This achievement is a testament to the effectiveness of my consistently applied mechanical trading strategy.

Key Achievements

I achieved a net profit of +6% / $600 for the month by using only my mechanical trading strategy.

I passed the the5ers prop firm challenge on 12 December 2023.

Read my story here: LINK

Progress on Goals/Objectives

The5ers prop firm challenge: Passed. Currently taking on Stage 2 ($10k account)

Progress: 0.9% / 10% target.

Metrics and Data

Total number of trades executed: 13, 9 wins & 4 losses.

Average win rate: 69% win rate

Average risk-reward ratio: 1:1.6 (TP 1 at 1:1, TP2 at 1: 2.3)

Trading Pair: Gold (XAUUSD)

Trading capital $10,000

Challenges and Obstacles

The most significant challenge I faced was managing my trades effectively. I deliberated on whether to execute both take-profit levels or allow the trade to run until take-profit 2. Ultimately, I chose to execute take profit 1 and 2 to secure a substantial amount of profit and minimize risk exposure. However, this decision might limit my potential for higher gains.

Other Project: Options Trading

I’ve recently begun my options trading journey using Webull as a platform to create an additional income stream. I’ve been employing the Wheel Strategy specifically on Palantir Technologies Inc (PLTR), utilizing both selling put and selling call options to earn premiums (Cash). Up to this point, I’ve successfully generated $300 USD using this strategy while also holding Palantir stocks in my portfolio.

Endnote

Thank you immensely for your ongoing support. I’m committed to documenting my financial journey, and I hope we can learn and profit along the way. Your participation means a lot in this evolving adventure!