This is an extract from a live room session talking about why I personally removed gold from my trading portfolio and how you can improve your performance by identifying what is making you losses. It’s a bit of a “joke” session and video but the message is real and something that helped improve my trading career. Remove the losses, your profits soar!

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Video Transcript

Why don’t you trade gold and silver? Because I lose money on them. Basically. I’ve already done gold. Go watch the replay. I’ve done gold. Everybody asks me to do gold. Literally, I come into this room, 10 times a day I say I don’t trade gold and all I get asked for is gold. I don’t trade it, but short it at the minute because it’s been going up for ages. I don’t know. I lose money trading this so I don’t trade it. So yeah, can’t help you with that one, sorry.

Go and watch the bootcamp. You’ll learn why I don’t trade gold. Actually, I don’t even have a cover in there, but yeah. If you have an instrument, yeah, so if you, this is, I’m going to go through this again because this is an important lesson, right? From your MT4. And when you analyze your P&L, you find there are things that do not make you money. Stop trading them. As much as you want to, and as much as you love trading something, if it makes you a financial loss, stop it.

And if you remove it, you will make more money. Yeah. So this is the P&L for the account that you’re just looking at. Right. Apparently. Yeah. So. That’s Swiss. I don’t know if you can see, but that’s a negative two thousand seven hundred ninety three. Aussie dollar Swiss is a negative two thousand four hundred and fifty nine Everything else in this P&L has a positive return every other FX pair. I apart from those two and It’s made Eight and a half thousand dollars, right?

If I was to have stopped trading the Swiss franc because those two losses were on the Swiss franc and there’s what? Five thousand three hundred dollars of loss there. Yeah my P&L would be sitting at 13 grand wouldn’t it? Yeah so if you do this exercise every month and every quarter and analyze your P&L and every month and every quarter when you analyze your P&L there is something in there that comes up over and over and over again, stop trading it. And immediately you will become more profitable that next month. Yeah, I love, I loved trading gold because it was a fast moving thing, you’d get in long and it would suddenly spike up and you’d be like, wow, that’s amazing.

But what I realized was it literally all I’m doing is trading another cross with the US dollar. I already trade euro US dollar, pound US dollar, New Zealand US dollar, Aussie US dollar, US dollar CAD and US dollar Yen. I’m trading enough bloody US dollar as it is. What’s the advantage of me taking on gold as well? I’m just adding another US dollar cross to my portfolio. Pointless. Get rid of it. Don’t need it. And it showed me, in my analysis, that it was a loss. Yeah? So if you’re a break-even trader, if you had three months at break-even and you’re like, wow, I’m so close to cracking this, how can I get myself over the line? And you look at your P&L and the US 30, the NAS and the DAX are negatives.

And every FX pair you trade is positive. What do you think you need to do to become a professional profitable trader? Remove those instruments. Yeah, everybody, when they do this analysis, they will find there are a handful of instruments over and over and over again that lose the money. Remove them from your portfolio, you will become profitable, just like that. Sounds really simple and it is.

You look at your equity chart and you see one line that goes always down here somewhere. Take those lines out, this one gets bigger. It’s really simple. But it’s such a, you know, we don’t want to do it. Trade analysis as well. Look at your trade analysis. When you’re trading, your P&L by the hour, all the trades I hold for 17 hours plus, let’s say these are green, but ignore, there you go, let’s look at this one. All the trades I hold for eight days plus are negative. So what does it tell me? I’m not a very good swing trader, I’m good intraday. So what do I need to do? Remove long holds, stop holding stuff.

And that will disappear, that will become profitable, and you make money. Yeah? Every time I do an analysis on a month, my Fridays are negative days. Stop bloody trading on a Friday, you’re not good at it. Remove it. What’s your P&L gonna do? Go up. That’s why I don’t trade gold.

I’m gonna flip this video out, 1 hour 30, 18, and I’m gonna put it up on YouTube and next time someone asks me to analyse gold, I’m going to send them to that video. One hour 38. Let me, let me, I couldn’t write that down. One hour 38. There we go. That’s going on YouTube later.