How Did February 2019 End Up for my Forex Account? Positive or Negative?

Evan Carthey·March 10, 2019·0 comments

March is already upon us. In fact, as I am writing this it is already March 10th. So as you can see I am a bit tardy in updated my February results.

It was another strong month. I was up 6.22% which is now two months in a row over 6%. It is also 4 out of the last 5 months above 6%.

I just discovered a new setup I am using, my 38-127% trade. That plus the Lightning Trade setup are the two I am using for almost all of my trades. I still have one trade open using my Bread-and-Butter trade but that one has been open for a long time. https://evancarthey.com/my-fibonacci-extension-bread-and-butter-trade-part-5-entry-filter/

The year mark of when I opened this account is coming up in May. If I continue my current 6% growth it should put my account around $3,700 which would be a $1,700 gain from my original starting amount of $2,000. My goal is to try and hit $4,000 to make it an even double account gain for the year. But whatever I will do is I won’t push it to make it happen.

I will keep following my trading style and plan that has worked so far.

What is Next for March and My Trading?

As I mentioned above I am now utilizing a new trade, the 38-127% trade. It was discovered as a continuation trade to play off of momentum. That is what I was originally looking for when I discovered the Lightning Trade setup. The Lightning Trade setup can work as a continuation trade but I’ve found it is better used when the price has failed to reach the 127% Fibonacci extension level. This means there is usually some form of trend change taking place on some level. So it is better to wait for the retracement to happen if the Fibonacci retracement levels have not been hit.

I am also focusing more on the 1 hour charts. They provide enough time for decent moves to happen. When I am not using the Daily and 4-hour time frame charts my profits seem to be better because those charts can take a long time to complete.

The 1-hour charts seem to be the sweet spot for my trading. It provides enough time for the price to make decent moves. It also completes the moves much faster than the 4-hour and Daily time frame charts.

The 15-minute charts are a little too fast paced for what I am looking to do and how often I can get in front of the charts.

So my plan has been crafted a little bit better. Focusing on the 38-127 trade, the Lightning Trade setup, and using the 1-hour time frame for my charts.

That is my gameplan moving forward in March and beyond. I’m still working on busting the 10% per month gain. But first I need to break 7% as I have been stuck on 6% which is okay. I think with the changes I am making that I am getting closer and closer for much better gains.