Hi Guys,
I am going to let you in on a little secret of mine…….
Towards the end of the year I always do performance analysis on my trading and I sort out a plan that will take me through to January.
I usually keep this plan to myself but as I was writing it yesterday I thought ‘why not share it?’. So here it is guys. This simple plan pretty much breaks down my trades since October 1st, sees which pair makes me the most pips and which type of trade (scalps, reversals or range breaks).
From all of that I reach a conclusion and make a simple plan on what I should do to take me through to January. This helps me set out some clear goals on how I will trade and it helps me MAKE PIPS!
Grab it here (for free of course)
I only ask one favor guys. If you find this useful (or useless) please comment below. I would love some discussion on this.
{ 41 comments… read them below or add one }
Wow Nick, this is awesome. Just goes to show what planning can do for trading so as not go shooting at every target.
Thank you for sharing! :-)
Nice report Nick!
Wow Nick you are amazing……….
Nick bless you, I introduced a friend to Forex a few months ago passing on all that I have learned, a key tip this was to have and stick to a trading plan. Guess what no plan, his arguement “Nick doen’t have a plan”. Of course he does I argued so thanks on 2 counts, First for sharing your reslults and next 2-months plan, Second for finally proving that a trading plan is a must. Of course you can figure out how his trading has gone. Well done your plan also shines a light. Best Neil
Nick,
I think it’s really a great idea to show such document. It shows how professional you are!
Keep up the great work..
Regards,
Thanks for this.
This is truly amazing. Do a simple analysis and react to it. Straight forward thinking. Thanks Nick.
Very interesting to see how you look at things Nick. Thank you very much for this and all the other infromation you give out.
You may be gruff at times but you are very, very generous and helpful.
fb
Very good and very much to the point. I like it a lot.
Cheers Nick
Nick,
I think the reason GJ trades didn’t work for you as they used to because you were not strict as you were in the past. Some of your scalp levels in the last few months were not strictly as you used to draw them. As for January, Jan-09, from day one, was a great month for GJ tradind your scalp levels so why do you think it will not happened this year?
Ah yes, the NickB reversals. Gotta love them.
After the spectacular meltdown of my own account several months ago (June maybe?) I followed your advice and got back into the game with a tiny account and started to only focus on the pips.
In the past month I made the decision to ONLY trade reversals on the 4hr G/J, based on your ebook. And it has been the most consistent, and stress free trading month since I started a year ago. I target 70 pips a week, so that’s about 1-2 trades.
So, not huge pips and definitely not huge $ per pip but I’m getting more and more consistent which is the key.
Thanks again for the ebook and all the hard work you put into this site. The 4hr reversals have turned my trading around :)
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(sheesh Nick I must be going soft in my old age. A whole post and not one smart comment about aussies, sheep, flip flops, underarm bowling, dooners etc… )
Twitter: forex4noobs
November 25, 2009 at 2:35 am
@Ran:
Hey Ran, as I say in the plan come the start of Jan I will reevaluate the plan. So by Jan 7th I may using the lines again. This plan is a general plan that will take me through to about the 14th of Jan but of course I may reevaluate as we near that date. To be honest I do not think I am less strict at the moment. Who knows though, we will see how the year ends. Thanks for your input man!
Twitter: forex4noobs
November 25, 2009 at 2:39 am
@twinky:
It happens……. you know once yo hit that 60 y/o mark you start to lose your sharpness and wit. It’s a shame, I am sure you were quite the head turner in your day.
Glad your trading is going well!
Wonderful. Thanks
This is fantastic. Thanks for sharing. It doesn’t make sense for others to just adopt your plan, we should all make one personal to us, however, this is a blimmin good start and I for one will aspire to the clarity that you have here. (and will also stop trading S&R lines – if you can’t make it work I doubt I can)
Nick,
One more comment, I didn’t see in your performance analysis MC trades. I trade this method also and really happy with the results. I didn’t mention Keef method 15′ chart trend line because you didn’t officialy addopt it in your e-books. I also trade 15′ method on all of my pairs and it’s working very well. Where is Keef? I miss him.
By the way I made my own interpretation to your MC trades on the 1 hour chart and trade MC on the 4 hour chart. In this case I need only 3 bars within the 4 hour MC. Your thoughts on this one?
thanks for sharing! this is truly in the spirit of the season, best wishes
@ nick, yeah aging sucks. Why, just yesterday I broke my zimmerframe while reaching for my knitting. I am knitting some lovely toys for Christmas gifts. Doing this one for you … http://www.etsy.com/view_listing.php?listing_id=34434728
Hey Nick:
Thanks for sharing. I am thinking that type of planning should be done at the end of each month. I have learned to now include the type of trade (reversal/range/s+r line break) in my trading journal.
Good stuff
Thanks Nick, glad you shared this with us
Thank you, Nick for showing how you do the analysis looks like. It is simple and efficient as always :)
Just joining the choir – THANKS!
Still totally noob I have enough to look at orientating myself in this new game field, so these comments, advises etc. are really helpful – and my blond girlfriend still lives in DK and not in some Sheiks Palace so far, but then again, can´t really trade forex with camels, eh?
Thanks again Nick -and you other guys/girls for sharing.
PatrickDK
(disclaimer: the above is a joke and intended as such. We have a sort of a saying; Sell your blonds to the Sheiks in exchange for bling bling).
Thanks Nick.
A real trader, making real pips, showing real stats.
Awesome.
After yesterdays failed trade for me on the GBP/JPY scalp line, I decided to stop doing the scalp lines and last week, I took a look at my trading journal as I only started trading 6 1/2 weeks ago to see what was good and bad and found the same as you, candlestick patterns seemed to be my best, getting me over 200 pips on one trade so have decided to be more careful about my trades and only take more certain trades! Im currently +536 pips which I’m still thrilled with as not only have I not blown my first account, but actually made money!
Quite surprising to see how few trades you take too, Im taking 10-15 trades per week so will definitely slow down and be more careful about how often I trade
Thanks, Nick, for taking the time to produce such an informative post. Best wishes to you.
Robin
Thank you for taking time to display your trading plan and the results of your recent trading.
The message is obvious….
Harald
Flawless.
Hi Nick
I am being got at !
I am being told to trade on set hours on set days and don’t deviate on this plan and don’t trade out with those hours irrespective of what’s happening in the market baah humbug I say ! . This person (who will remain nameless) now seems quite chirpy in the knowledge that you have a trading plan but I bet it’s not as rigid as described above
Appreciate you sharing your knowledge and one last thing, is it ??????
Duncs
“…I will no longer trade any sort of line breaks until year’s end. This is not surprising as line breaks work much better in trending markets. When strong trends die out (as they do in the last 2-3 months of the year) S+R lines tend to lose their effectiveness.”
It’s little gems like this that are eye-opening for new traders like myself. Thanks, Nick!
Nick,
Thanks for sharing your secretes, there is always JOY in sharing. This will definitely all your fans.
Best regards. Judenuel99
Nick, thank you.
I have learned so much from you for the past few months and now this plan……
thanks a lot for sharing
Thank for the valuable info. Could you answer a quick question concerning when you perfer to trade each pair? Do you still avoid New york session with GBP/JPY? When do you perfer to trade the other 2 pairs?
Again, thanks for all your help and dedication.
Thanks for the excellent review and trading plan.
I am not sure I agree with all your analysis, but I like the style and format. First the G/J is by far your biggest money maker. You could diversify but I don’t see you making the same type of money even after 5 straight wins. It may be that your profit goals are smaller for these trades. Look at this 64 percent wins with G/J beats 100 percent of everything else combined. Second S/R trades maybe 64 percent or whatever but you don’t break down what you earned off these trades. Win percentage alone isn’t enough you need to know what your pips are for your winners. I am guessing you just left it out of your chart but you know the figure. I think all traders need to keep this type of analysis. Well done.
Thanks Nick……Again,very very helpful
nick your still adding more ommo to my anallysis gun.this week i made 300pips on my demo thanks to you.
no one has ever become poor in sharing.
kip up
Nick, Thanks for sharing, very informative, and I like how you get across your “way” with no BS to make it look clever.
Shows what the “Pros” do. Thanks.
Nick,
Greatly appreciate for sharing your trading plan and results.
Great insight…Thanks for sharing, Nick!