Hey traders thought I'd joke around with you a little bit before writing this post, but as Rick said in the live room today. "Hey it's the last trading day of the month, let's all have a laugh." As I mentioned, we were able to end in the green once again making us 3 for 3 since the room started in January (+26%). With that being said this month wasn't all good. About half way through March we hit a tremendous period of drawdown losing 11 out of 12 trades at one point. Talk about being frustrated. But we kept doing what good traders do and that's continuing to pull the trigger. Being in a drawdown is no different than a baseball of basketball player being in a slump. The best way to get out of it is to keep swinging or keep shooting. After all, I'm sure Michael Jordan had a bad shooting day once in a while right? I also bet that missing a few shots (which keep in mind is very different from taking bad shots) didn't stop him from pulling the trigger on a wide open three pointer. I'm no Michael Jordan by far, but just like him we kept pulling the trigger in the room and as a result of staying consistent we pulled ourselves out of the draw down and ended up winning 9 of the final 15 trades taken for the month.
Although our winning percentage in the Live room was only 41% this month we were still able to produce a positive change in equity. Yup winning less than half the trades we took and still making money. Silly right? Currently we're standing at +2% with a single trade still in progress and waiting for either second targets or trail stops to be hit. If we're stopped out we'll end the month +3% and if target 2 is hit we'll be at +4%.
Overall I'm pretty satisfied for the month. Not only did we survive a drawdown (which you can't avoid), but we fought back and were able to make it a positive month. A 3% change in equity with a 41% win percentage may not seem like much, but that's right around the zone that I'm use to seeing on a consistent basis. Remember, trading is about slowly growing your account not getting rich overnight. Sure we had a major month in February and those are fun to catch every now and then, but what's more important is staying away from those big negative numbers. Aside from that, what I really use to measure whether I had a successful month or not is the feedback I get from my clients. Between the live room and the Syndicate program, I've received many positive emails and messages and no pip amount can make me feel better than knowing that I'm helping to chance lives. I can't even start to explain how proud it makes me feel when a trader tells me that they made 13% this month not because I told him what trades to take, rather because I helped them stick to their rules. Win lose or draw, that's how I profit from the room! See you guys next month.
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