Mechanical Consistency January 2024 Review; +2.6%
With 4 losing trades in a row, I still managed to profit 2.6%
TL;DR
- Total Profit of approximately $260 (+2.6%) for January 2023.
- Total 12 trades, 6 losses and 6 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!
Despite encountering my first losing streak in the initial trading month of 2024, I managed to achieve an overall profit of 2.6%. It underscores the importance of adhering to the established strategy and maintaining consistency. By staying committed to the system and resisting deviations, long-term profitability is not only achievable but likely. Trust in the methodology and remain steadfast in following the established approach.
Key Achievements
I achieved a net profit of +2.6% / $260 for the month using only my mechanical trading strategy.
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: +1.7% / 10% Target.
High Stake Account
I took on another high-stake trading challenge from The5ers! I started this challenge to potentially earn an extra income and achieve a monthly salary at the later stage of the challenge.
Progress: Stage 1 $100k Demo Challenge +0.5% / 10% Target.
Metrics and Data
Total number of trades executed: 12, 6 wins & 6 losses.
Average win rate: 50% win rate
Average risk-reward ratio: 1:1.6 (TP 1 at 1R, TP2 at 2.3R)
Trading Pair: Gold (XAUUSD)
Trading capital $10,000
Challenges and Obstacles
Experiencing a losing streak can be one of the most demoralizing aspects of trading, leading to doubts and questioning the effectiveness of the trading strategy. In these moments, it’s crucial to step back and assess the bigger picture. Conducting a thorough backtest can provide valuable insights, helping to regain confidence in the strategy’s historical performance. By taking this analytical approach, it becomes possible to reaffirm one’s commitment to the strategy and move forward with renewed confidence in the long-term success of the trading approach.
Other Project: Options Trading + Youtube Channel
Options Trading
I’ve successfully generated approximately $1000 by collecting weekly and monthly options premiums. My approach involves exclusively implementing the Wheel Strategy, focusing on stocks such as Palantir Technologies Inc (PLTR) and Sofi Technologies (SOFI). Excitingly, I plan to share a detailed blog post in the coming months, delving into my option trading experience and providing a comprehensive review of my strategies. Stay tuned for valuable insights and lessons learned!
Youtube Channel
I’ve recently launched a unique YouTube channel dedicated to “Useless Fun Facts That You Don’t Need To Know.” The inspiration behind this venture stems from my inclination to explore random, intriguing facts for casual conversations and icebreaker moments with friends. Leveraging both my acquired knowledge and AI technology, I’m creating engaging videos to share these entertaining facts with a broader audience. My goal is not only to provide enjoyable content but also to potentially earn additional income through the platform. Join me on this fun and informative journey!
Youtube Channel: https://www.youtube.com/channel/UCFl86OmOGvbujYO5a_uY6PA/
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
