Mechanical Consistency Weekly Review 11; -2.3% Return.
3 weeks of consecutive losses…
TL;DR
- Total Profit of approximately $-115 (around -1.15%) for the 4th week of September 2023.
- Total 9 trades, 4 wins & 5 losses.
- 1-hour Timeframe, Oanda, 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.
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Welcome to the harsh reality of the financial market, where losing money often comes easier than making it. For the third consecutive week, my profits have been in the red following the robust performance of the US market, which has driven gold prices to historic lows. As a result, most of my mean reversion trades have suffered losses. Let’s dive into the details.
Monday (25 September 2023)
1x Partial Win Trade
Daily bias: Uptrend
Only my retracement trade was triggered. I initially misjudged the daily bias, but fortunately, I was able to secure partial profits before the price shifted into a downtrend.
Tuesday (26 September 2023)
1x Partial Win Trade
Daily bias: Downtrend
On Tuesday, only my mean reversion trade was triggered. I was only able to secure partial profits before the price continued its downward trend.
Wednesday (27 September 2023)
2x losing trades
Daily bias: Downtrend
I incurred losses on both of my mean reversion trades on Wednesday, primarily due to the impact of the US market data. Mean reversion trades inherently carry higher risk, especially when trading against the prevailing trend, making them more susceptible to losses.
Thursday (28 September 2023)
1x Partial win trade
Daily bias: Downtrend
On Thursday, only one of my mean reversion trades was triggered. However, instead of waiting for it to reach TP1 (take profit level 1), I decided to close the position on Friday. This decision was made to avoid conflicting with my Friday trade setup.
Friday (29 September 2023)
1x win trade & 1 losing trade
Daily bias: Downtrend
The single retracement trade that was triggered proved to be quite precarious, almost resulting in a loss. Fortunately, I adhered to my best practice of adding $0.25 to my stop loss to mitigate any unnecessary losses caused by spreads. This day showcased the effectiveness of this best practice, allowing me to capture the full profit.
Endnote
In conclusion, this week presented its share of challenges and opportunities in the financial market. While some trades incurred losses, strategic decisions and best practices helped us secure profits and manage risks effectively. As we move forward, it’s essential to remain adaptable and continue refining our trading strategies. Trust the system and we will success one day.
Learn My Strategy For Free
As a full-time working individual, I do not have the time to constantly monitor the charts and look for the “perfect” trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making.
If you want to learn my strategy, please visit my blogging site, link down below. Thank you!
Link: https://barrygamestrading.ghost.io/
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