Month 5, Day 82, 83, 84, 85, 86, 87, 88, 89 & 90 - 36-month forex trading challenge - trading platform problems.
Well it's the first day of a new month. Halloween came and went without incident and November is now well and truly here.
I've been slack on the blogging while in Dubai. With the time difference, family commitments and the general distraction of holiday, I blogged only once. With that said, for the most part I maintained my discipline with the morning market analysis, video updates and trade management. It was difficult to check the charts every four hours, so I missed some entries and exits, but I did the best I could given the circumstances.
Now back in the UK, it's very much back to business and over the last 48 hours (this move started while I was on the return flight), the majority of my trades seem to be moving in the right direction. The star performer is my SIG. 1 strategy, which I run on the weekly charts.
Basically I buy or sell a rejected test of 10, 5 or 3-year highs or lows where a candle signal shows up. In my experience when buyers or sellers show up at these levels in the opposite direction to recent price action it can be an important turning point in the given market, and the chance to jump on a new direction of travel early (as early as you can be on a weekly time frame).
I'm currently long in GBPUSD (T17L), AUDUSD (T15L), AUDCAD (T16L) and NZDCAD (T22L), and all are showing a paper profit, with GBPUSD fully protected. I've known for a long time from my reading and observations in the market that the higher time frames are usually the most reliable, so perhaps this is finally the proof in the pudding?
The difficulty in trading on the weekly charts alone is the fact that there's nothing to do during the week. I only make decisions once a candle has closed, which means on a weekly chart there's only a decision to make once every week.
This can get a little boring, although I'm fully aware that boring trading is in fact good trading. With my other strategies that I execute on the 240 charts I win some and lose some, at all times trying to keep my losers to a minimum and hold my winners for as long as possible. This is one of the reasons I have strict rules on cutting my losses quickly. Sometimes I'm right to take the loss, and other times the market comes back and would have given me a winning trade. This can be frustrating, but getting out is the best insurance policy against a bigger loss, and the price paid is sometimes missing out on what would have been a profitable trade.
From the extensive reading I've done and continue to do, the trading greats all pinpoint cutting losses as being critical, if not the number one priority, in making money from the markets. Winning really doesn't matter – what matters is how much you win when you do win, compared to how much you lose when you lose. Human beings like to be right and being prepared to accept you are wrong a high proportion of the time is a lesson that trading dishes out time and time again until the recipient really gets it.
I think I'm finally there on this one. I used to make every excuse under the sun to stay in a trade. I just couldn't take the loss. These bigger losses eroded any profit from my winning trades and damaged the balance in my trading account. I now really do see cutting losses as a cost of doing business.
This morning I've woken up to a problem. Trade Navigator (my trading platform) has switched to a new data feed. I thought I'd done everything I needed to do to make a smooth transition across without interruption, but clearly not. I have no real-time data and have data missing from overnight. This means I'm unable to do my morning market analysis and need to wait until the US wakes up this afternoon to sort the problem out.
Again, this sort of thing is a cost of doing business and given the time period I trade on isn't really a major issue. Patience is a virtue and I'm using this time to catch up with my blogging!
Week 16 of the challenge is now out on the STG FOREX TV YouTube channel. It's quite an exciting episode with trips to London and Dubai, and you can watch it here. Unfortunately part way through there is a lip syncing issue, which has been a persistent problem in some of the editing. I've asked my video editor to resolve this for future episodes.
If you enjoy the video, please be sure to 'Subscribe', so as not to miss any future episodes. I'd also welcome any feedback or comments.
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.]
I've been slack on the blogging while in Dubai. With the time difference, family commitments and the general distraction of holiday, I blogged only once. With that said, for the most part I maintained my discipline with the morning market analysis, video updates and trade management. It was difficult to check the charts every four hours, so I missed some entries and exits, but I did the best I could given the circumstances.
Now back in the UK, it's very much back to business and over the last 48 hours (this move started while I was on the return flight), the majority of my trades seem to be moving in the right direction. The star performer is my SIG. 1 strategy, which I run on the weekly charts.
Basically I buy or sell a rejected test of 10, 5 or 3-year highs or lows where a candle signal shows up. In my experience when buyers or sellers show up at these levels in the opposite direction to recent price action it can be an important turning point in the given market, and the chance to jump on a new direction of travel early (as early as you can be on a weekly time frame).
I'm currently long in GBPUSD (T17L), AUDUSD (T15L), AUDCAD (T16L) and NZDCAD (T22L), and all are showing a paper profit, with GBPUSD fully protected. I've known for a long time from my reading and observations in the market that the higher time frames are usually the most reliable, so perhaps this is finally the proof in the pudding?
The difficulty in trading on the weekly charts alone is the fact that there's nothing to do during the week. I only make decisions once a candle has closed, which means on a weekly chart there's only a decision to make once every week.
This can get a little boring, although I'm fully aware that boring trading is in fact good trading. With my other strategies that I execute on the 240 charts I win some and lose some, at all times trying to keep my losers to a minimum and hold my winners for as long as possible. This is one of the reasons I have strict rules on cutting my losses quickly. Sometimes I'm right to take the loss, and other times the market comes back and would have given me a winning trade. This can be frustrating, but getting out is the best insurance policy against a bigger loss, and the price paid is sometimes missing out on what would have been a profitable trade.
From the extensive reading I've done and continue to do, the trading greats all pinpoint cutting losses as being critical, if not the number one priority, in making money from the markets. Winning really doesn't matter – what matters is how much you win when you do win, compared to how much you lose when you lose. Human beings like to be right and being prepared to accept you are wrong a high proportion of the time is a lesson that trading dishes out time and time again until the recipient really gets it.
I think I'm finally there on this one. I used to make every excuse under the sun to stay in a trade. I just couldn't take the loss. These bigger losses eroded any profit from my winning trades and damaged the balance in my trading account. I now really do see cutting losses as a cost of doing business.
This morning I've woken up to a problem. Trade Navigator (my trading platform) has switched to a new data feed. I thought I'd done everything I needed to do to make a smooth transition across without interruption, but clearly not. I have no real-time data and have data missing from overnight. This means I'm unable to do my morning market analysis and need to wait until the US wakes up this afternoon to sort the problem out.
Again, this sort of thing is a cost of doing business and given the time period I trade on isn't really a major issue. Patience is a virtue and I'm using this time to catch up with my blogging!
Week 16 of the challenge is now out on the STG FOREX TV YouTube channel. It's quite an exciting episode with trips to London and Dubai, and you can watch it here. Unfortunately part way through there is a lip syncing issue, which has been a persistent problem in some of the editing. I've asked my video editor to resolve this for future episodes.
If you enjoy the video, please be sure to 'Subscribe', so as not to miss any future episodes. I'd also welcome any feedback or comments.
*********
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.]
Hello everyone, Are you into trading or just wish to give it a try, please becareful on the platform you choose to invest on and the manager you choose to manage your account because that’s where failure starts from be wise. After reading so much comment i had to give trading tips a try, I have to come to the conclusion that binary options pays massively but the masses has refused to show us the right way to earn That’s why I have to give trading tips the accolades because they have been so helpful to traders . For a free masterclass strategy kindly contact (paytondyian699@gmail.com) for a free masterclass strategy. He'll give you a free tutors on how you can earn and recover your losses in trading for free..
ReplyDeleteRecover your Forex Losses
ReplyDeleteYour effective recovery solutions that help to recover your online stolen funds. Contact us for recovering crypto currency Scams. Best wealth recovery.