Month 3, Day 64 & 65 - 36-month forex trading challenge - it's not over yet.
It's almost the end of the month and frustratingly the trades I'm in are crawling. I prefer a gentle jog to my initial target, but the market is not playing ball and carrying a loss for this month, I was hoping for a sprint finish.
Alas this is not to be and this month will be chalked up to the inevitable drawdown, which at some point or other is the dreaded curse of every trader.
Notwithstanding what I've just said, I'm feeling calmer and much more positive today. Yesterday the Brazilian Jiu Jitsu (BJJ) class I attended reset my mind and recalibrated my view of the markets. The markets are something you live and breathe, and escaping them for any length of time can be difficult. The only way I've found to do it is physical exercise, and ideally physical exercise with a mental component.
There's a big difference between slipping on your running shoes and pounding the streets, and a cerebral pursuit such as BJJ. From experience, running while it served the physical would rarely serve me mentally, as my mind would focus on the very things I didn't want it to during the freedom of the open road. In BJJ your mind has to constantly focus on what you and your opponent are doing. Any slip-up and you could be tapping!
The video is now out on the STG FOREX TV YouTube channel for week 12, which you can watch here.
Overnight I was in four trades, and this morning on the 6am close I entered a long position in EURGBP (T13L).
The 10 EMA (and now the 30 EMA) has crossed over the 50 SMA. To get long in line with my rules I needed to wait for the 50 SMA to turn in the direction of my trade, or at the very least flatten out.
My rules state that to enter price must be below the centre of the daily trend line or above it. Drawing a trend line is somewhat of a subjective exercise, but price has traded above the line I've drawn. This alone would not be sufficient to enter, but the fact that price has closed above the daily 200 SMA for the third day running (see below), reinforces my decision to get long.
What's more, there is more than enough room for this trade to achieve a 1:1 reward-to-risk ratio inside the daily 50 SMA, the 240 200 SMA and the 0.9000 even handle. On the balance of probabilities it was a trade worth taking.
The four other trades I'm also in, I will be sure to talk about in week 13's video on the STG FOREX TV YouTube channel.
With the end of the month in sight, it's always interesting to watch the moves in the market, which are often the result of the big traders closing book before the month ends. We may see some of that today, but Tuesday of next week is the official end date.
As the saying goes, it's not over until the fat lady sings!
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.]
Alas this is not to be and this month will be chalked up to the inevitable drawdown, which at some point or other is the dreaded curse of every trader.
Notwithstanding what I've just said, I'm feeling calmer and much more positive today. Yesterday the Brazilian Jiu Jitsu (BJJ) class I attended reset my mind and recalibrated my view of the markets. The markets are something you live and breathe, and escaping them for any length of time can be difficult. The only way I've found to do it is physical exercise, and ideally physical exercise with a mental component.
There's a big difference between slipping on your running shoes and pounding the streets, and a cerebral pursuit such as BJJ. From experience, running while it served the physical would rarely serve me mentally, as my mind would focus on the very things I didn't want it to during the freedom of the open road. In BJJ your mind has to constantly focus on what you and your opponent are doing. Any slip-up and you could be tapping!
The video is now out on the STG FOREX TV YouTube channel for week 12, which you can watch here.
Overnight I was in four trades, and this morning on the 6am close I entered a long position in EURGBP (T13L).
My rules state that to enter price must be below the centre of the daily trend line or above it. Drawing a trend line is somewhat of a subjective exercise, but price has traded above the line I've drawn. This alone would not be sufficient to enter, but the fact that price has closed above the daily 200 SMA for the third day running (see below), reinforces my decision to get long.
The four other trades I'm also in, I will be sure to talk about in week 13's video on the STG FOREX TV YouTube channel.
With the end of the month in sight, it's always interesting to watch the moves in the market, which are often the result of the big traders closing book before the month ends. We may see some of that today, but Tuesday of next week is the official end date.
As the saying goes, it's not over until the fat lady sings!
*********
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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