Month 4, Day 77, 78, 79, 80 & 81 - 36-month forex trading challenge - lessons from history.
Well no blogging for the last few days and with good reason. We're here in Dubai and what with the journey to get here and the distraction of a family holiday, getting time in front of the laptop can prove difficult.
Yesterday we visited the water park, which is just next to our hotel. The ups and downs of the rides, along with the alternating emotions of fear and excitement reminded me very much of the markets!
I'm reading a new book; something I spotted and picked up at the airport. Written In History: Letters That Changed The World is a collection of historic letters, which all have importance in their own right and take the reader back to a time before text and email. On page 8 there is one such letter from Thomas Jefferson to Maria Cosway, written in 1786. In my opinion it contains important advice from the future US President; advice very relevant for traders.
'Do not bite at the bait of pleasure till you know there is no hook beneath it. The art of life is the art of avoiding pain: and he is the best pilot who steers clearest of the rocks and shoals with which he is beset. Pleasure is always before us; but misfortune is at our side: while running after that, this arrests us.'
I love the vivid imagery these words conjure up in the mind.
I've often jumped into a trade fixed on the idea of profit, only to be burned with a loss. Fixated on the bait I missed the hook underneath.
Now of course, not every trade can be a winner, but stepping back to look at a potential opportunity in line with your trading rules is an essential part of good trading. The fear of missing out sometimes encourages the eager trader to jump in too soon, while the smart trader steers clear of the rocks and shoals. Becoming a winning trader is just as much about finding winning trades, as it is avoiding losing ones.
Wise words indeed and I'll be sure to share any other relevant trading advice as I work through the book.
Today is day 81 and while my performance for this month may not look great in eToro, in my private broker account things are looking much better. Due to margin limitations in eToro I was unable to take a long position in GBPUSD (T17L), which is progressing well, and it's been a similar story on other trades.
I have thought about dropping off this platform and focusing solely on my accounts with ETX Capital. The performance of my private broker accounts is what the 36-month forex trading challenge is linked to and is where I am better capitalised. For the moment though I'll stick with things as they are and see where I get to by the end of the month.
This morning I entered a new long position using my SIG. 1 strategy in NZDCAD (T22L). Again due to margin limitations I was only able to place this trade in ETX Capital.
This is a very simple set up with a buy off the Z candle that tested and rejected the three and five-year lows. When I woke up this morning to take the trade price had moved up, which meant I got in late at a slightly worse price. However in the great scheme of things, with this being a trade on the weekly chart, sometimes you just have to get in if the market is moving in your favour. As always only time will tell if this was a wise decision!
I seem to be heavily long at the moment with the majority of signals showing up to the long side. This is interesting, as in the first month of the challenge only short signals showed up and no long trades were taken. I'm wondering if there might be a pattern to this?
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.]
Yesterday we visited the water park, which is just next to our hotel. The ups and downs of the rides, along with the alternating emotions of fear and excitement reminded me very much of the markets!
I'm reading a new book; something I spotted and picked up at the airport. Written In History: Letters That Changed The World is a collection of historic letters, which all have importance in their own right and take the reader back to a time before text and email. On page 8 there is one such letter from Thomas Jefferson to Maria Cosway, written in 1786. In my opinion it contains important advice from the future US President; advice very relevant for traders.
'Do not bite at the bait of pleasure till you know there is no hook beneath it. The art of life is the art of avoiding pain: and he is the best pilot who steers clearest of the rocks and shoals with which he is beset. Pleasure is always before us; but misfortune is at our side: while running after that, this arrests us.'
I love the vivid imagery these words conjure up in the mind.
I've often jumped into a trade fixed on the idea of profit, only to be burned with a loss. Fixated on the bait I missed the hook underneath.
Now of course, not every trade can be a winner, but stepping back to look at a potential opportunity in line with your trading rules is an essential part of good trading. The fear of missing out sometimes encourages the eager trader to jump in too soon, while the smart trader steers clear of the rocks and shoals. Becoming a winning trader is just as much about finding winning trades, as it is avoiding losing ones.
Wise words indeed and I'll be sure to share any other relevant trading advice as I work through the book.
Today is day 81 and while my performance for this month may not look great in eToro, in my private broker account things are looking much better. Due to margin limitations in eToro I was unable to take a long position in GBPUSD (T17L), which is progressing well, and it's been a similar story on other trades.
I have thought about dropping off this platform and focusing solely on my accounts with ETX Capital. The performance of my private broker accounts is what the 36-month forex trading challenge is linked to and is where I am better capitalised. For the moment though I'll stick with things as they are and see where I get to by the end of the month.
This morning I entered a new long position using my SIG. 1 strategy in NZDCAD (T22L). Again due to margin limitations I was only able to place this trade in ETX Capital.
I seem to be heavily long at the moment with the majority of signals showing up to the long side. This is interesting, as in the first month of the challenge only short signals showed up and no long trades were taken. I'm wondering if there might be a pattern to this?
*********
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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