Wow! Drawdowns like this are just awful. The unfortunate fact is that the person who wants the largest and fastest gains must put up with the deepest drawdowns. I've hit a -62% so far. Actually, it a little more than that, since the equity high was more than $200.
Why has this been happening? Simply a lack of a trend in most of the pairs I trade. Notice that the EUR/CAD trades have been producing profits... and notice that that pair has been hitting new lows all along the last few weeks. The EUR itself has still been stuck in a range.... first breaking one way, and then turning back around to challenge the opposite side of its range... only to be rejected yet again.
At some point, the markets will pick a direction and go... once most of the breakout traders are completely demoralized. I will not be demoralized... because I've seen this sort of thing too many times.
So far this week, we've been whacked twice already... once in the AUD/USD, and once in the USD/CHF. Four other trades are currently open... all are currently sporting losses.
Short 534 USD/JPY at 90.20 with stoploss at 90.62
Long 139 GBP/USD at 1.5062 with stoploss at 1.4901
Long 150 EUR/CAD at 1.3840 with stoploss at 1.3690
Long 134 GBP/JPY at 136.50 with stoploss at 134.82
Current account equity: $81.40
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