Month 5, Day 102, 103, 104, 105, 106, 107, 108 & 109 - 36-month forex trading challenge - EURUSD.
I can sum up the last seven days in one word – boring!
The markets have been frustratingly quiet with only the surprise bit of news triggering any sort of action.
It's a difficult time to be a currency trader and this morning I woke up to find out I'd been stopped out of one of my SIG. 1 trades. My GBPAUD (T70S) short off the 3-year high went the other way and hit me with a loss I really didn't want to take.
I'm now well behind on the challenge, but I'm not ready to throw the towel in just yet. I'm reminded of when I started my own recruitment business back in 2008. The financial crisis had just hit and for the first year it was tough going. Five years on though and that same business employed c.15 people and had an annual turnover in the region of £1.5m.
Giving up for me is never an option. I hold the belief that just at the point you're tempted to quit is just before you're about to have the biggest breakthrough.
This morning I've entered a short in EURUSD (T71S) using my FULL HOUSE strategy.
The signal came on the 10pm candle close, but is still valid today (price is above the entry level).
I'm a little worried about the 1.1000 even handle just below my entry, but have still taken this trade for two reasons:
As always, anything could happen. This is why my stop is firmly in place and my signals to exit early are plotted and ready to tell me if I need to cut my losses.
I've been a little slack on the blogging as of late, and as a result there are two videos to share today.
Below you can watch week 19's video.
Week 20's video is also now available to watch on the STG FOREX TV YouTube channel.
Please click 'Subscribe' to get notifications of future videos once published.
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 markets have been frustratingly quiet with only the surprise bit of news triggering any sort of action.
It's a difficult time to be a currency trader and this morning I woke up to find out I'd been stopped out of one of my SIG. 1 trades. My GBPAUD (T70S) short off the 3-year high went the other way and hit me with a loss I really didn't want to take.
I'm now well behind on the challenge, but I'm not ready to throw the towel in just yet. I'm reminded of when I started my own recruitment business back in 2008. The financial crisis had just hit and for the first year it was tough going. Five years on though and that same business employed c.15 people and had an annual turnover in the region of £1.5m.
Giving up for me is never an option. I hold the belief that just at the point you're tempted to quit is just before you're about to have the biggest breakthrough.
This morning I've entered a short in EURUSD (T71S) using my FULL HOUSE strategy.
The signal came on the 10pm candle close, but is still valid today (price is above the entry level).
- It's a valid signal that meets all of my FULL HOUSE entry criteria, and just below the 1.1000 level is likely where the short-term traders' stops will be resting. It won't take much (perhaps a piece of news) to trigger these and send my trade on its way.
- On my weekly market analysis (WMA) spreadhseet, all signals are saying sell. Price is below all SMAs that I watch on the monthly, weekly, daily and 240 charts with c.650 pips of potential profit before price reaches the next SIG. 1 level (the 10, 5 and 3-year low).
As always, anything could happen. This is why my stop is firmly in place and my signals to exit early are plotted and ready to tell me if I need to cut my losses.
I've been a little slack on the blogging as of late, and as a result there are two videos to share today.
Below you can watch week 19's video.
Week 20's video is also now available to watch on the STG FOREX TV YouTube channel.
Please click 'Subscribe' to get notifications of future videos once published.
*********
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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