Month 6, Day 114, 115 & 116 - 36-month forex trading challenge - lessons from Joshua.
At the end of last week I was in London. On Thursday for a meeting and then on Friday and Saturday for a short weekend with the family.
London was absolutely packed and we did some things to get in the Christmas spirit, including watching a performance of A Christmas Carol at The Old Vic, ice skating at the Tower of London and a trip to Hamleys. I recorded lots of video, which will be available to watch as part of week 23 on the STG FOREX TV YouTube channel.
Being in London meant I was away from my charts, and on both visits I didn't even take my laptop. I'm increasingly finding that all of my work is done first thing in the morning and it's rare for me to have to do anything during the day. This is great from a lifestyle perspective, as my day is primarily clear to do other things. Indeed, keeping busy with other things is helpful, as it removes the temptation to meddle in the market and instead to let my trades work. I always have a stop loss in place with a predetermined and acceptable level of risk, so all is good.
This morning (day 116) I've added to my GBPUSD SIG. 1 long (T17L). The signal to do this was a weekly close above the 200 SMA. On Thursday in the UK we have a general election and the market looks to be signalling a Conservative victory. If the big players are indeed getting positioned to take advantage of any resulting move it's hard for them to hide their footsteps. I doubt very much if the recent move up has been the result of the retail crowd (it's just too big) and suspect that it's the big players showing their hand.
Only time will tell and I await the end of the week with eager anticipation. For now though there's nothing to do on this trade, but to watch and wait. I only manage my SIG.1 positions on the weekend, and don't touch them during the week.
I'm a big boxing fan and on Saturday night watched Ruiz vs. Joshua 2. In their first bout Johsua was hotly tipped to win, but didn't prepare properly and got embroiled in a brawl, which saw him hit hit the canvas and lose his belts.
On Saturday it was a different story. Joshua played his own game, keeping away from Ruiz and using his reach and athleticism to dominate the fight. It was fairly boring to watch, but the display of technical brilliance and discipline was very impressive.
Ruiz tried to draw Joshua into a brawl, and on occasion I thought Joshua's emotions and ego would get the better of him. However he stuck to his strategy and stayed disciplined, to win a unanimous decision on points.
There are lessons here for trading if for a moment you imagine Ruiz as the forex market. You can't fight and hope to beat the market at its own game. If you let it suck you in you're very likely to be crushed. Playing your own game, including good defence is the only option, which means staying disciplined at all times. It may not be pretty to watch and lack in entertainment value, but it's the best way to eke out your own unanimous victory on pips!
Finally for today, here's a link to week 22's video on the 36-month forex trading challenge, which you can find on the STG FOREX TV YouTube channel. As you'll see from the image below, I met Father Christmas. Although it looks like it, I'm not actually sat on his knee, but more on that in the video.
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.]
London was absolutely packed and we did some things to get in the Christmas spirit, including watching a performance of A Christmas Carol at The Old Vic, ice skating at the Tower of London and a trip to Hamleys. I recorded lots of video, which will be available to watch as part of week 23 on the STG FOREX TV YouTube channel.
Being in London meant I was away from my charts, and on both visits I didn't even take my laptop. I'm increasingly finding that all of my work is done first thing in the morning and it's rare for me to have to do anything during the day. This is great from a lifestyle perspective, as my day is primarily clear to do other things. Indeed, keeping busy with other things is helpful, as it removes the temptation to meddle in the market and instead to let my trades work. I always have a stop loss in place with a predetermined and acceptable level of risk, so all is good.
This morning (day 116) I've added to my GBPUSD SIG. 1 long (T17L). The signal to do this was a weekly close above the 200 SMA. On Thursday in the UK we have a general election and the market looks to be signalling a Conservative victory. If the big players are indeed getting positioned to take advantage of any resulting move it's hard for them to hide their footsteps. I doubt very much if the recent move up has been the result of the retail crowd (it's just too big) and suspect that it's the big players showing their hand.
Only time will tell and I await the end of the week with eager anticipation. For now though there's nothing to do on this trade, but to watch and wait. I only manage my SIG.1 positions on the weekend, and don't touch them during the week.
On Saturday it was a different story. Joshua played his own game, keeping away from Ruiz and using his reach and athleticism to dominate the fight. It was fairly boring to watch, but the display of technical brilliance and discipline was very impressive.
Ruiz tried to draw Joshua into a brawl, and on occasion I thought Joshua's emotions and ego would get the better of him. However he stuck to his strategy and stayed disciplined, to win a unanimous decision on points.
There are lessons here for trading if for a moment you imagine Ruiz as the forex market. You can't fight and hope to beat the market at its own game. If you let it suck you in you're very likely to be crushed. Playing your own game, including good defence is the only option, which means staying disciplined at all times. It may not be pretty to watch and lack in entertainment value, but it's the best way to eke out your own unanimous victory on pips!
Finally for today, here's a link to week 22's video on the 36-month forex trading challenge, which you can find on the STG FOREX TV YouTube channel. As you'll see from the image below, I met Father Christmas. Although it looks like it, I'm not actually sat on his knee, but more on that in the video.
*********
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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