Finding the time to trade is one of the most common reasons traders miss out on market opportunities.
Join Chief Market Strategist Michael McCarthy for a 21-day trading campaign, as he demonstrates that taking advantage of market opportunities can be practised with just five minutes a day. Posting daily from 1 March, Michael will take on the most popular instrument in the world – the EUR vs USD, as he applies a technical strategy, going head-to-head with the markets.
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Five Minutes a Day Trading – the March 2019 Wrap
The Five Minutes a Day Trading campaign for the month of March delivered a 54 point profit. We calculated at the outset that the strategy required just seven winning trades to profit, and there were a number of near misses along the way. However there are no excuses in trading, and the result stands.
A fitting end….Results day 21
In another extraordinarily lower range session we are yet again left with an open position! This is the fourth time this month – yet there’s never been an unclosed trade in the previous six Five Minutes a Day Trading campaigns. For the record, we closed the trade at 9 am local time at a 12 point profit, leaving us up 54 points for the month. Look out for a full summary of the month’s trading later today.
Final trade. March 29 - prices
Tonight brings the final trade in the Five Minutes a Day Trading campaign for the month of March. Although we were looking for better trading results in these last few trades, previous wins mean we are assured of a profit for the month. The question is: “How much will we make?” On Monday we’ll answer this question and look at the campaign as whole, with a number of firsts recorded in this our seventh 5MADT month.
Good shape but no joy. Results day 20
Despite an initial sell-off and subsequent rally, there was another loss in last night’s Five Minutes a Day Trading strategy. Once again the shape of trading in the European session was in line with the 5MADT approach, but the rally was not strong enough to reach our take profit level. We are heading into the final trade of the campaign tonight with a profit already assured for the month. Join us at 5 pm (Melb/Syd) for the completion of the 5 MADT trading month of March.
Twentieth trade. 28 March - prices
Two trades to go and we’re looking to line our pockets with more pips and finish off this March campaign in style. Released once every 3 months, the US Gross Domestic Product (GDP) Report is the broadest overall measure of economic activity, health and growth in the USA. Experts forecast a slowdown in US economic growth and this could send the EURUSD into a frenzy depending on the actual results this evening.
Classic Market. Results day 19
Last night recited the notorious tale of the market flirting with the stop loss - just enough to get stopped-out before turning and falling in our favour. Trades like these really test a trader’s discipline as it becomes incredibly tempting to move that stop loss price level a bit higher as the market gets closer. It’s often in those situations where traders tend to turn small losses, which should be part of the plan, into huge liabilities that decimate their trading account. Sticking to the trading plan and trusting your back testing figures are key during these sessions. Join us again at 5pm Sydney/Melbourne time as we enter our penultimate trade in the EUR/USD 5 minutes a day trading campaign.
Nineteenth trade. 27 March - prices
Staying disciplined and sticking to our trading plan has led to a zero stress scenario as we undertake our 19th trading session with pips to spare. With this particular trading plan, we only need to win 1 out of every 3 trades to make a profit - showcasing the importance of proper risk management. Going into tonight’s trade, there may be increased volatility in the USD as the US Trade Balance report is released at 11:30pm Sydney/Melbourne time and it has the potential to move the market.
Profit assured. Results day 18
A win last night puts the Five Minutes a Day Trading campaign in a strong position. A profit for the month is now assured. The question now is not whether the Five Minutes a Day Trading strategy will deliver a profit, but how big will the profit be. With just three trades to go the profit for the month of March will come in between up 27 points and up 165 points, demonstrating the value of sticking to a trading plan.
Eighteenth trade. 26 March – prices
The Five Minutes a Day Trading campaign for the month of March is in the home stretch. We’re looking for a win from our fourth last trade to assure a profit for the month. Although we had a loss last night, the shape of trading over the last few sessions is what we are looking for: an initial move that fails and a push back in the opposite direction.
Near loss. Results day 17
EUR/USD pushed just high enough to trigger our stop loss order, before dropping in the desired direction. A near win on Friday night, a near loss last night. The Five Minutes a Day Trading campaign is in profit 41 points for the month so far, with four trades to go. Just one more win will assure a profit. Watch as we bring the month home, starting at 5 pm today.
Seventeenth trade. 25 March – prices
In this last week of the March Five Minutes a Day Trading campaign we need just one win out of five to assure a profit for the month. Although the European and US sessions are a little data light, reads on German and US business conditions and confidence, and US housing data, may be enough to get us over the line. Recent volatility in EUR/USD may also help.
Sixteenth trade. 22 March – prices
Going into our sixteenth trade of the 5 minutes a day trading campaign and we’re still in the green with six trades to go. Leading into the fourth and final week of our trading campaign, we’ll be looking to score at least two more wins to finish on a high note.
Dovish stop out. Results day 15
Unfortunately a general dovish tone to European trading saw EUR/USD trend downward, falling through our buy order to hit the stop loss. We’re heading into the final week of the month long Five Minutes a Day Trading strategy campaign. With six trades to go we need just two wins to ensure a profitable month – although three or more wins would make a better result. Monitor the action as we trade the final week, starting at 5 pm this afternoon.
Fifteenth trade. 21 March – prices
After last night’s clear intraday trend we’re looking for a little more reversion to the mean tonight. In this last third of the campaign we need just two more wins to assure a profit for the month. UK retail sales data and US jobless claims are released tonight, and may prove the catalyst for the sort of move that suits the Five Minutes a Day Trading strategy.
Fed cruels the trade. Results – day 14
The Five Minutes a Day Trading strategy took a loss overnight, and we’re blaming the US Federal Reserve. After a quiet European session the release of the Fed’s interest rate decision sent EUR/USD ripping higher, triggering our sell order then blowing through our stop loss level almost immediately afterward. However we remain undeterred and will be back at 5 pm today to continue with our trading plan.
Fourteenth trade. 20 March – prices
At the two-thirds mark the Five Minutes a Day Trading campaign is ahead of the required hit rate. With 8 trades to go, the strategy needs just 2 wins to deliver a profit for the month. This required 25% strike rate is below the 33% required at the beginning of the month, and is aided by the three “draws” so far. If the strategy delivers tonight we’ll be in a strong position.
Seeking closure. Results – day 13
In an extraordinary development we have our third unclosed trade this month. Once again, we realise a small profit, keeping us above water with a 55 pip gain so far this month. The 3 “draws” have changed the overall win/loss dynamic. We now only need 6 outright wins to make a profit for the month, down from 7. Join us again at 5 pm today as we take on the largest single market in the world – EUR/USD.
Thirteenth trade. 19 March – prices
Lucky thirteen. This trade could appeal to the contrarian, or at least a superstitious contrarian. The lack of movement overnight is unusual, and although a draw is acceptable the Five Minutes a Day Trading strategy would benefit from another win. Just nine trades to go. Two more wins will deliver a profitable month, but we’re looking for more.
Another curve ball – still ahead. Results day 12
For the second time this month, and only the second time in the seven month-long Five Minutes a Day Trading campaigns, we have an unclosed trade at the New York 5 pm close. (9am Melbourne/ Sydney). In accordance with the rules the trade is closed at the price at that time – in this case our sell trade at 1.1347 is closed out at 1.1336. Another small profit, but it changes the profit conversation. With 4 wins and 2 draws, we now only need 2 more wins for a profitable month.
Twelfth trade. 18 March – prices
We’re now past the half way point of this Five Minutes a Day Trading campaign for the month of March. With four clear wins, one draw and six losses we are 38 pips ahead, and looking for another win tonight. Only three more wins from the remaining ten trades are required to assure a profitable month, illustrating the power of a higher reward to risk ratio.
A winning cluster – results day 11
The second win in a row and the fourth clear win for the campaign puts the Five Minutes a Day Trading strategy further into profit for the month of March. In past campaigns we’ve observed winning trades coming in a cluster. While past performance is not a guide to the future the idea that favourable market conditions may prevail for a number of days is intuitively appealing. We’ll find out more tonight! Join us at 5 pm Melb/Syd time for our next trade.
Eleventh trade. 15 March – prices
Another day, another trade. Today also marks the halfway point of our EURUSD March rally and we’re looking to further increase our win count. The Eurozone’s Consumer Price Index rate will be released this evening and we could see some volatility during the session depending on that inflationary figure. Join us tonight at 5pm as we wrap-up the second week of our 5 minutes a day trading campaign.
Back in profit – results day 10
Trade number ten delivered our third clear win of this Five Minutes a Day Trading campaign. After four losses in a row, and a dip into loss territory, its pleasing to be back in profit for the month. Last night’s trade was a perfect illustration of the market pattern the strategy seeks: a false move to begin with turns to a trend in the other direction. It also shows the importance of persistence in trading. Previous campaigns have indicated that wins tend to cluster, so we have heightened expectations for tonight’s trade, kicking off at 5 pm Melbourne/Sydney time.
Tenth trade. 14 March – prices
One of the toughest parts of trading is sticking to the plan when it’s not paying off. The beauty of a carefully crafted, well researched trading plan is that it’s much easier to keep at it when the going gets tough. Looking back on previous campaigns some profitable months had runs of twelve or thirteen outs before returning to healthier territory. Of course the preference is a win tonight.
