My February Drawdown! (The reality of trading)

"and so far we've made it down about a third of the way to profits and at first my stop loss was above this previous structure level here and since breaking below and closing below a support level here I've decided to move stops down to just above this previous Little Resistance area here a little bit of trade management to get some of the risk off the table and hopefully within the week we'll see this Market continue to roll over over and come down and hit our profit targets"

"we did have a good win on the euro dollar in the month of February that came right over here on February the 4th if you can take a look at this structure level here you see that we broke and closed above it and what I do when I see a break and close above a couple of different structure levels as you can see we also broke and close Above This previous resistance I go from my swing low here up to the newly created swing high and we look for what a 786 retracement which we got right here and we take our stops down here below previous structure targets up at the bodies of the previous candles that's where I take targets and as you can see we actually had a nice win on this trade"

"and on the dollar Yen we are currently short on the batpack pattern I actually don't know if we've been filled yet maybe not quite yet but so far in the month of February the dollar Yen only has produced one trade that we could take according to the rules of our trading plan and that was on February the 5th as you can see here we had a breaking close above a couple of different resistance levels for that reason I took a Fibonacci retracement from swing low up to swing High expecting Trend continuation after reaching this 786 retracement"

"but let's skip down to the pound dollar where we had a winning Cipher pattern and I will let you see if you can spot this Cipher pattern before I draw it in if you're interested in learning about the cipher pattern then check out my video tutorial on how to identify a cipher pattern I'll post a link to that video in the bottom left hand side of your screen have you spotted it yet if this is what you saw then you are correct big Cipher pattern win there for us only pound dollar which helped try to get us out of the draw down"

"we also had a winning Cipher pattern on this pair on February the first if you're not familiar with the cipher pattern again I will post a link in the bottom left hand side of your screen screen and this Cipher pattern comes in starting our X point from here x to A A to B B to C CD completion right around there Market rolled over easily hitting our first targets"

"Our most previous loss here on the pound Swiss which was a bat pattern XX to A A to B B to C CD completion right up here at the 886 we rolled over a bit but did not quite hit targets and we came up and ended up being stopped out earlier this morning on this trade"

"the Euro Aussie also recently lost a bat pattern for us earlier this morning X to A A to B B to C CD completion at the 886 and we have continued to drop even after hitting the completion point of our bat pattern so that trade stopped us out"

"and we won a pretty nice 786 trade I'll let you see if you can spot it this trade came in on February the 10th do you see it yet we had a break and close above previous structure levels so I took a Fibonacci retracement from this swing low up to swing High we bought the 786 retracement and we had targets up at previous structure which were hit on February the 11th"

"we have a trade open right now on the Euro pound this was a 786 trade that we had and we have come down very close to hitting our stop and also we've closed below our previous structure level so if we get back up to our entry we'll be closing this trade at break even if we can get back up here to the 786 retracement"

"where on February 11th we had a successful 786 trade as you can see here broke below previous support level then we take our Fibonacci retracement to swing High to swing low we looked for targets back at previous structure the bodies of the candles and we had our stops placed just above previous structure resistance as you can see there and this Market came up to test previous structure but eventually did roll over come down and hit our targets"

"I thought I was pretty close to having a draw down because I normally have one that is pretty significant somewhere around every 3 months and this draw down normally lasts between two weeks and two months"

"if you'll remember back to that video I did say that I thought I would have a draw down bringing me down to closer to 1,000 Pips here before continuing to Rally up and if I paste in these numbers of the total Pips we've made in the account you will see that that's almost exactly what we've done so far we were up here at 142 Pips and through the month of February through all the losses we have come down closer to 1100 Pips and began to consolidate hopefully we won't go much lower than this this is already about a 6% draw down for me and normally these draw Downs don't go down much lower than 8 to 10%"

"professional and successful Traders lose normally somewhere around 40% of their trades sometimes a little more sometimes a little less depending on the way their risk reward profile is set up but you do not have to necessarily be 70 or 80% ACC in order to be successful trading as you can see up here if we take a look at the number section of my spreadsheet I'm actually only about 58% accurate in my trading decisions and I only have a one around a 1.2 risk to reward I would not call this risk to reward great and I would also not call 60% accurate great but it's good enough to produce 1,6 Pips in 4 months"

"four months is a third of the year so if you were pretty consistent in your trading for the rest of the year then you should be able to profit somewhere between 60 to 80% by the end of the year and guys if you can produce 60 to 80% in a year you are a successful Trader"

"you just have to have a slight advantage that's how professional Traders make money is by having a slight advantage over the market we wake up every day with a plan that is proven to give us a slight advantage over the market and we trade that plan to the best of our ability in order to produce us as much profit as possible"