Month 3, Day 51 - 36-month forex trading challenge - I'm feeling bored.
Well the half century of trading days came and went.
The latter end of last week was difficult with my trip to London and on the train journey back home I was feeling somewhat overwhelmed with all I needed to do to catch up. I did catch up at the weekend and finally finished last week's blog post, albeit late.
I felt incredibly tired yesterday and despite an early night I'm feeling much the same today. More worryingly though I'm feeling a bit down and to be completely honest, a bit bored with the challenge.
51 days of repetition is becoming a bit monotonous and without large gains to make this effort worthwhile, it was much harder getting up this morning.
At the ICAEW Business Committee dinner last week I was discussing trading and faced the inevitable questions about my performance, how much money I was making, and more specifically given the hours I'm investing in the challenge, my hourly rate.
This got me thinking, because to date my hourly rate is one big fat zero. Despite my passion, energy and effort getting up early every morning, and adhering to the daily routine and discipline, I'm not yet making consistent returns.
Perhaps this is the catalyst to my feelings this morning, or perhaps it's just the Monday morning blues? Whatever the reason, how I choose to look at my situation and how I choose to react are firmly within my control.
As I said in a much earlier blog post where I described forex trading as a grind – good trading should be boring!
Trading for entertainment is a route to the poor house – good trading is about consistency, discipline and patience. The market pays you when it's ready and not before, and the job in the meantime is to show up, play the game and survive.
If you can survive long enough in the currency markets, then it's possible to thrive.
Despite the results for month 1 and month 2 falling short of target I've learnt an incredible amount about my trading approach and how I interact with the market. This education has helped me to fine-tune my approach and will hopefully see me get better and better.
No market moves up or down in a straight line, and instead moves in a series of peaks and troughs. My feelings and emotions are likely to follow a similar pattern, and my job is to keep them in check and to challenge them on a daily basis. How I'm feeling has a direct impact on how I'm likely to act in the currency markets – controlling my emotions is the key to my success.
Today I have four open trades, all brought forward from last week:
USDCAD (T37S) >
I'm halfway to target and with evolving reward to risk I've moved my stop to entry.
Friday saw price close below the daily 50 SMA (see below) and my stop sits above this level. This is now a risk-free trade, which frees up capital (through reduced risk exposure) for other opportunities that could present themselves.
EURAUD (T36S) >
Again with this trade, price is approaching target, but is not quite there. With evolving reward to risk I've moved my stop just beyond entry.
On the daily chart (below), we're at the bottom of the weekly and daily trend line, so running a tight stop makes sense in case of a bounce.
This is now a risk-free trade with profit locked in – a nice position to be in.
AUDJPY (T7L) >
In this trade I've hit the initial target (T) and have rolled my stop 20 pips behind the recent consolidation.
I'm now looking to add to this position, but to be safe need to see a close above the daily 50 SMA (below) before doing so.
NZDJPY (T8L) >
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.]
The latter end of last week was difficult with my trip to London and on the train journey back home I was feeling somewhat overwhelmed with all I needed to do to catch up. I did catch up at the weekend and finally finished last week's blog post, albeit late.
I felt incredibly tired yesterday and despite an early night I'm feeling much the same today. More worryingly though I'm feeling a bit down and to be completely honest, a bit bored with the challenge.
51 days of repetition is becoming a bit monotonous and without large gains to make this effort worthwhile, it was much harder getting up this morning.
At the ICAEW Business Committee dinner last week I was discussing trading and faced the inevitable questions about my performance, how much money I was making, and more specifically given the hours I'm investing in the challenge, my hourly rate.
This got me thinking, because to date my hourly rate is one big fat zero. Despite my passion, energy and effort getting up early every morning, and adhering to the daily routine and discipline, I'm not yet making consistent returns.
Perhaps this is the catalyst to my feelings this morning, or perhaps it's just the Monday morning blues? Whatever the reason, how I choose to look at my situation and how I choose to react are firmly within my control.
As I said in a much earlier blog post where I described forex trading as a grind – good trading should be boring!
Trading for entertainment is a route to the poor house – good trading is about consistency, discipline and patience. The market pays you when it's ready and not before, and the job in the meantime is to show up, play the game and survive.
If you can survive long enough in the currency markets, then it's possible to thrive.
Despite the results for month 1 and month 2 falling short of target I've learnt an incredible amount about my trading approach and how I interact with the market. This education has helped me to fine-tune my approach and will hopefully see me get better and better.
No market moves up or down in a straight line, and instead moves in a series of peaks and troughs. My feelings and emotions are likely to follow a similar pattern, and my job is to keep them in check and to challenge them on a daily basis. How I'm feeling has a direct impact on how I'm likely to act in the currency markets – controlling my emotions is the key to my success.
Today I have four open trades, all brought forward from last week:
USDCAD (T37S) >
I'm halfway to target and with evolving reward to risk I've moved my stop to entry.
EURAUD (T36S) >
Again with this trade, price is approaching target, but is not quite there. With evolving reward to risk I've moved my stop just beyond entry.
AUDJPY (T7L) >
In this trade I've hit the initial target (T) and have rolled my stop 20 pips behind the recent consolidation.
I'm now looking to add to this position, but to be safe need to see a close above the daily 50 SMA (below) before doing so.
NZDJPY (T8L) >
And finally, I'm long in NZDJPY and have rolled my stop to underneath the overnight consolidation. Approaching the 200 SMA from below there is a risk of a reversal and I'm looking for price to close above the 200 SMA before I consider adding.
So I'm in four risk-free trades. Patience is now the order of the day to wait, watch and add should the opportunity present itself.
Remember good trading should be boring. The the act of doing nothing in trading is perhaps the act of doing something after all?
*********
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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