This morning, I posted a winning trade for the Five Minutes a Day trading strategy. That's incorrect. The reason for the error was an incorrect setting on the order ticket. Instead of setting the buy order to trigger on the buy price, I'd set it to the sell price. This meant my buy order was not triggered when EUR/JPY first brushed 128.58. Those who'd set up their order correctly were triggered, and subsequently stopped out. I'll amend the record to show this trade as a loss.
From comments and other feedback it appears I'm not the only one to make this mistake. To be clear, the strategy revolves around setting buy orders to the buy price, and sell orders to the sell price. While this can result in profits turning to losses on some occasions (like last night) the reason they are set this way is to minimise slippage.
Each trader must make their own call on this approach. So far this month, this has twice meant a loss where a looser setting would have resulted in a profit. My view on this is that this month has simply been unlucky, and that sticking to the principle of minimising slippage (reducing trading costs) is more important to profitability in the long run.
To clarify, the choice of triggering price is set on the order ticket:
The arrow next to the order type (circled in orange) should be pointing up to trigger on the buy price.
The arrow next to the order type (circled in bright green) should be pointing down to trigger on the sell price.
Apologies for any confusion.
Here's the amended scorecard: