Month 1, Day 21 & 22 - 36-month forex trading challenge - all at sea.
Well since Saturday I've quite literally been all at sea, on the start of a two-week cruise around the Mediterranean.
One of major concerns ahead of any holiday is whether I'll be able to get a good Internet connection. Factoring in the additional complication of being out at sea, I'm pleased to report that P&O do indeed have a very robust satellite signal that's not let me down yet. You pay for the privilege though – £280 for two weeks, but in the trading life just the cost of doing business.
I may be on holiday, but the 36-month forex trading challenge continues. Last week was a tough week, where I experienced a period of drawdown. This week however I feel I've turned a corner, and am feeling more and more comfortable with my trading edge along with my ability to trade it, and stick to the rules.
Analysing last week's price action I noticed something quite interesting, which is yet another reason I never trade the news. Despite the Federal Reserve (USA) and the European Central Bank (ECB) taking a consistently dovish tone, USD and EUR were the strongest currencies relative to their counterparts.
I believe that fundamentals play an important role over the long-term, and are used by many a successful investor, but for the trader, and therefore for me, it's all about the price action.
The big winner has been GBPUSD (T13S), which has now hit its initial target (T) and continues to sell off (at least for the moment). Whether it's the new Prime Minister, Brexit issues or something else doesn't concern me. I'm following my signals and trading the purest form of information in trading – the price action itself. This trade was supported by last week's relative strength, with USD the strongest pair and GBP ranking just below the middle.
I've set a limit order just above the 1.2000 even handle (grey line) and 10-year low (black line). This could turn out to be my best trade yet, if we reach this level. In the meantime, patience is a virtue and I will be rolling a trailing stop behind what could be an intermediate consolidation level forming. It's always the delicate balance of giving a trade room to breathe, but not giving back profits.
AUDJPY (T16S) has also hit T and is now progressing to the bottom of the range. My sentiment indicator suggests that we could see a break below the bottom and further downside momentum.
Other trades are progressing well too. I'll be talking about these in week 5's video, which you can find on the STG FOREX TV YouTube channel once published.
While on holiday I'll be keeping these blog posts short. Grabbing time away from the family is not always easy and the weekly video is a much quicker form of communication.
While relaxing in the sun my mind is never far from the markets, and I'm currently reading Trading Mentors by Philip Teo. So far it's a really good read and a useful reminder of some of the key principles of developing a winning trading approach.
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
One of major concerns ahead of any holiday is whether I'll be able to get a good Internet connection. Factoring in the additional complication of being out at sea, I'm pleased to report that P&O do indeed have a very robust satellite signal that's not let me down yet. You pay for the privilege though – £280 for two weeks, but in the trading life just the cost of doing business.
I may be on holiday, but the 36-month forex trading challenge continues. Last week was a tough week, where I experienced a period of drawdown. This week however I feel I've turned a corner, and am feeling more and more comfortable with my trading edge along with my ability to trade it, and stick to the rules.
Analysing last week's price action I noticed something quite interesting, which is yet another reason I never trade the news. Despite the Federal Reserve (USA) and the European Central Bank (ECB) taking a consistently dovish tone, USD and EUR were the strongest currencies relative to their counterparts.
The big winner has been GBPUSD (T13S), which has now hit its initial target (T) and continues to sell off (at least for the moment). Whether it's the new Prime Minister, Brexit issues or something else doesn't concern me. I'm following my signals and trading the purest form of information in trading – the price action itself. This trade was supported by last week's relative strength, with USD the strongest pair and GBP ranking just below the middle.
While on holiday I'll be keeping these blog posts short. Grabbing time away from the family is not always easy and the weekly video is a much quicker form of communication.
While relaxing in the sun my mind is never far from the markets, and I'm currently reading Trading Mentors by Philip Teo. So far it's a really good read and a useful reminder of some of the key principles of developing a winning trading approach.
*********
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
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