Month 5, Day 97, 98, 99, 100 & 101 - 36-month forex trading challenge - why I'm leaving eToro.

Friday marked an important milestone on the 36-month forex trading challenge. Although I may not be where I want to be in terms of performance, I've stuck to something for 100 days, and discipline and consistency is what really counts in the markets.

Yes there have been a few blips in discipline (after all I'm only human), but for the most part I've stuck to my routine and trading plan.

At this important junction, it's important to sit back and take stock, and having done that there are a couple of important changes I'm going to make.

I'm leaving eToro >>

I've mirrored my entries and exits from my private broker accounts (ETX Capital) in eToro since the start of the challenge. The challenge is linked to my ETX Capital long and short accounts, and the rationale for being on eToro was to have a social element to what can be a very lonely pursuit.

There are three principal for my decision:

1. The wider spreads mean that I've been stopped out of positions while remaining in, in my private broker account. This means that the mirroring of my private broker account performance is now completely adrift and meaningless. 
2. The fees in eToro are less transparent than in ETX Capital and I've struggled to fully understand how these are charged and allocated to each of my positions. 
3. I've found quite a bit of negativity on the platform, and this combined with the pressure of having copiers I feel is not helpful to my ability to make unemotional decisions. 

I'm opening a new account(s) in ETX Capital >>

Following the introduction of my SIG. 1 strategy, without considered thought I've been trading this strategy through my existing ETX long and short accounts.

With hindsight this has caused two problems:

1. As SIG. 1 trades on a weekly time frame, it means I'm likely to hold positions for months, not weeks. With four SIG. 1 trades currently in play I've yet to finalise results for October, and may not be able to do this for for quite a while yet. I rely on timely results to review my performance and spot opportunities for improvement. 
2. My long and short accounts were set up for my intraday / 240-chart strategies, and confusing the two makes little sense. If I am long with a SIG. 1 strategy on a given pair and also long in the same pair on an intraday strategy, if the latter strategy signals me to lighten up, when I do this, the broker platform sometimes executes this incorrectly against my SIG. 1 position. 

I've been on the phone to ETX Capital this morning and they're in the process of checking if two additional accounts are possible. From a conversation I had a while back with them I think the number of accounts is limited to three. If this is the case, it won't be an issue, and I can just combine my SIG.1 long and short positions in the same broker account.

This account (or accounts) will require additional capital, and to keep things all square and in line with the £50k starting capital, I'll need to transfer some capital from my existing long and short accounts.

More on this when I hear back from ETX Capital.

In the meantime, week 18 is now out and available to watch on the STG FOREX TV YouTube channel.

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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
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[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.]