So here we are on the most important page of the site… the results!
And I’d just like to have a quick word about the way you should track and measure your results…
The OMT strategy uses quite a long term timeframe as far as Forex trading goes. It’s what gives us the ability to operate at arm’s-length and it means we don’t need to get tangled up in the markets during the daytime at all.
So we’re not dipping into the market every five minutes, or ‘scalping’ on an even tighter time frame here, we’re not even looking to trade on a daily basis…
No, even though we monitor the trades day-by-day we’re actually trading the WEEKLY timeframe.
Remember in the manual how I said we’re looking to get our hooks into the first break of the week outside those 25% extension levels in line with the direction of the Monthly bias? That’s our window of opportunity.
Now obviously there are going to be weeks when trades don’t go in our favour. There will certainly be times when we have a negative result and that’s OK. It’s a bit unrealistic to expect everything to go our way. If it happened like that we’d all be billionaires in the blink of an eye!
So when it comes to tracking and measuring your results I’d like to help you get into the right frame of mind…
Try to forget about where you stand as each individual trade comes to a close. If you follow things on a trade-by-trade basis you’re getting too close to the coalface. You’ll be missing the bigger picture. It would be like trying to examine the craters of the moon through a magnifying glass pointed down at the ground!
Even tracking your results on a week-by-week basis is not really giving the long-term positive edge chance to shine through.
So here’s what I’d like you to do instead:
Monitor and measure your results on a Monthly basis
To get the most effective and stress-free mindset in place, I’d like you to monitor your OMT trading campaign on a Monthly basis.
Remember you’re running a genuine small business with your Forex trading here. You’re doing just the same thing as the hedge-funds and investment banks, you’re just operating at a smaller (and more nimble) size.
So you need to look at things from a professional, longer term perspective, and allow everything to fall into place for you. Do that and you’ll allow the laws of probability to work in your favour and give you a much truer reading on your profitability.
Remember you’re looking for a consistent and predictable growth to your trading bank, you’re not chasing a get-rich-quick dream.
New traders who don’t know better tend to live or die by the result of their very last trade. Please don’t fall into that trap. It’s why you see those frightening statistics on trader attrition rates… more than 8 out of 10 new traders don’t make it beyond their first month. They’ve quit before they even had chance to learn the ropes and get their edge working for them!
For all they know they might have found their calling in life – but they never gave it all chance to happen.
So when it comes to measuring results I do write each and every trade up in my trading journal and I’d encourage you to do the same (there’s an example in Appendix 1 of the manual) but I actually measure my progress on a monthly, and then a quarterly basis. You’ll be giving yourself a massive advantage in terms of getting the winning trader’s mindset in place if you follow that routine too!
And just so you can get an idea of how the strategy is currently performing…
Click here to download the Overnight Momentum Trader track record