Mechanical Consistency February 2024 Review; +3.35%
I’ve experienced losses for almost the entire month.
TL;DR
- Total Profit of approximately $335 (+3.35%) for February 2024.
- Total 18 trades, 7 losses and 11 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!
As you can see, more than half of my trades were losers. However, I decided to enhance my trading strategy by incorporating additional trades to capitalize on short-term pullbacks. Thanks to this adjustment, I achieved an overall profit of 3.35%! It’s crucial to trust your trading strategy, as it can lead to long-term profitability.
Key Achievements
- Improve the strategy by implementing additional trades to capitalize on short-term pullbacks! — Improve overall profitability!
- I achieved a net profit of +3.35% / $335 for the month using only my mechanical trading strategy.
- 100% trading on Prop firm money! Essentially zero risk!
Progress on Goals/Objectives
Hyper Growth Account
I previously passed the hyper-growth challenge and trading with Real Money.
Currently taking on Stage 2 ($10k account)
Progress: +3.3% / 10% Target.
High Stake Account
I took on another high-stake trading challenge from The5ers! I started this challenge to earn an extra income and achieve a monthly salary at the later stage of the challenge.
Progress: Stage 1 $100k Demo Challenge +0.14% / 10% Target.
Metrics and Data
Total number of trades executed: 18, 11 wins & 7 losses.
Average win rate: 61% win rate
2 trades: Retracement to Fibonacci levels at 61.80% and 38.20%
Trading Pair: Gold (XAUUSD)
Trading capital $10,000, 1% per trade.
Challenges and Obstacles
I experienced a negative P&L for weeks before realizing I was missing out on solid, profitable trades. If I had implemented the improved version of my strategy earlier in the month, I could have potentially earned around 4%. Nevertheless, I’m glad I made the adjustment and managed to recover my previous losses. Let’s keep learning and improving as we go along!
Other Project: Options Trading + Signal Group
Options Trading
My profits from options trading are increasing gradually. I highly recommend beginners start with options trading instead of forex trading. Options trading offers lower risk and the potential to earn from day one! I will be writing a blog soon sharing my opinions on options trading. I have generated close to $2000 from options premium!
Signal Group
I would like to give a heartfelt thanks to all my paid members for supporting this paid signal group! I hope that you can profit with me through these months!
For those who are curious, my paid signal group offers a way for me to share live trades with you all, allowing us to trade and profit together. Skip the steep learning curve and join me in trading every day! Sign up now to start trading smarter!
Endnote
Once again, thank you so much 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!
Affiliate Links / Connect With Me
- Connect with me on Linkedin
- Read my blog post on Medium or Blog
- Best Charting Tool: TradingView SuperChart
- Thank you for Buying Me A Coffee:)
- Useless fun fact Youtube Channel
- The prop firm I am using: the5ers Prop Firm
- Collect Free Stock from Webull
- Join my trade Signal Group HERE
