Month 3, Day 53 - 36-month forex trading challenge - trading feedback.
The reaction to yesterday's blog post on eToro was a little negative. I'd posted a series of charts to explain how I determine whether (according to how I see the market), we're in BULLISH, BEARISH or RANGE mode.
Admittedly one of the charts (USDCAD) was a little complex, but some people have nothing better to do than post negative comments. Haters are always going to hate, and it really doesn't bother me. In fact it usually acts as further fuel for my fire.
Comments included:
'...looks like a flight path...'.
'...I think it's a map of the M25...'.
For completeness I've included the chart below.
What's interesting is that some of the comments came in too fast for anyone to have had chance to read the blog post to understand the important message on market structure I was trying to communicate. What's more, the first comment came from a 'Private Profile' on the platform (someone choosing to hide their trading performance), and the second from a trader sporting a -61.33% loss for the year to date.
The most insightful comment was:
'...I'd say 75% of the people on here (eToro) have no idea what's going on with that chart...'.
Of that I have no doubt, and the main reason for this is that people want quick and easy results and often don't want to invest the time to educate themselves or consider another point of view.
eToro has good and bad points. I use it primarily for accountability, as I find it helps with the motivation to stick to my plan and rules. I don't copy other traders, and instead trade only my own plan and system. I'm now a copied trader, but I don't copy anyone else.
On the plus the platform raises the profile of trading and the approaches adopted by a diverse group of traders, but on the negative it enables lazy traders to click a button to copy other traders without really understanding the trading approach, or whether it's in line with their own time frame and risk tolerance.
There are no shortcuts in trading. It's hard work and as I've said before, a daily grind. You have to invest the time to understand market structure, develop your own unique edge and then execute your approach diligently and consistently.
Rant over, but it goes to show in the modern world you have to be thick-skinned and be very careful who you listen to and let in. This rule applies not only in trading, but also to business and in relation to all social interaction. In my book, becoming a better trader means becoming a better person.
On a lighter note, the video of week 10 of the 36-month forex trading challenge is now available on the STG FOREX TV YouTube channel. In addition to the trading, this week also finds me at Buckingham Palace in London.
Please have a watch and if you'd like to be notified of future videos, please hit the 'Subscribe' button.
Overnight bids were seen in AUD and NZD off the back of more positive news on China / US trade talks. This is the next play in the risk-on / risk-off back and forth we've seen in recent weeks. I don't trade the news, but the news can often run stops or generate a signal in line with my rules that I need to take.
This morning on my AUDJPY (T7L) long, I added a second position on the XY signal. The majority of my strategies go with momentum (buy strength / sell weakness) and the 6am close gave me an entry.
This candle was probably printed on a stop run with the news triggering stops from sellers above the overnight consolidation. After such a run it's normal to see a small pullback unless new buyers immediately join the party. This is fine providing we don't see a close below the XY candle.
Time will tell on this trade, but whatever happens, due to my trailing stop I'll close this trade out in profit.
On the daily chart (see below), there's considerable distance between the current price and the next potential resistance zone above, with the daily 200 SMA way beyond this. In addition, price recently closed above the daily 50 SMA further adding to the bullish argument.
That's it for today. In recent weeks I've been documenting each and every trade in my blog posts, but this is really what the weekly videos are for (giving all the more reason to check them out).
Moving forward I'll be highlighting the more interesting trades and the ones that teach me the best lessons!
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.]
Admittedly one of the charts (USDCAD) was a little complex, but some people have nothing better to do than post negative comments. Haters are always going to hate, and it really doesn't bother me. In fact it usually acts as further fuel for my fire.
Comments included:
'...looks like a flight path...'.
'...I think it's a map of the M25...'.
For completeness I've included the chart below.
The most insightful comment was:
'...I'd say 75% of the people on here (eToro) have no idea what's going on with that chart...'.
Of that I have no doubt, and the main reason for this is that people want quick and easy results and often don't want to invest the time to educate themselves or consider another point of view.
eToro has good and bad points. I use it primarily for accountability, as I find it helps with the motivation to stick to my plan and rules. I don't copy other traders, and instead trade only my own plan and system. I'm now a copied trader, but I don't copy anyone else.
On the plus the platform raises the profile of trading and the approaches adopted by a diverse group of traders, but on the negative it enables lazy traders to click a button to copy other traders without really understanding the trading approach, or whether it's in line with their own time frame and risk tolerance.
There are no shortcuts in trading. It's hard work and as I've said before, a daily grind. You have to invest the time to understand market structure, develop your own unique edge and then execute your approach diligently and consistently.
Rant over, but it goes to show in the modern world you have to be thick-skinned and be very careful who you listen to and let in. This rule applies not only in trading, but also to business and in relation to all social interaction. In my book, becoming a better trader means becoming a better person.
On a lighter note, the video of week 10 of the 36-month forex trading challenge is now available on the STG FOREX TV YouTube channel. In addition to the trading, this week also finds me at Buckingham Palace in London.
Please have a watch and if you'd like to be notified of future videos, please hit the 'Subscribe' button.
Overnight bids were seen in AUD and NZD off the back of more positive news on China / US trade talks. This is the next play in the risk-on / risk-off back and forth we've seen in recent weeks. I don't trade the news, but the news can often run stops or generate a signal in line with my rules that I need to take.
This morning on my AUDJPY (T7L) long, I added a second position on the XY signal. The majority of my strategies go with momentum (buy strength / sell weakness) and the 6am close gave me an entry.
Time will tell on this trade, but whatever happens, due to my trailing stop I'll close this trade out in profit.
On the daily chart (see below), there's considerable distance between the current price and the next potential resistance zone above, with the daily 200 SMA way beyond this. In addition, price recently closed above the daily 50 SMA further adding to the bullish argument.
Moving forward I'll be highlighting the more interesting trades and the ones that teach me the best lessons!
*********
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.]
Comments
Post a Comment