Month 6, Day 121 to 131 - 36-month forex trading challenge - Christmas.
Well Christmas came and went and we're now in this funny period ahead of the New Year arriving.
Last week I took a break. This meant no early starts and no morning market analysis. With no intraday trades on, I stepped away from my shorter-term strategies and just managed my SIG. 1 trades, which I execute on the weekly chart.
My GBPUSD (T17L) trade was stopped out. Price in this pair is heavily subject to news as the ongoing Brexit negotiations swing back and forth. Gains furthered by a Conservative win at the General Election were eroded by a strong close below the weekly 200 SMA and I exited with a gain on my initial position, but losses on my two adds. Overall this resulted in a profitable trade (position 1 more than paid for the losses on positions 2 and 3) where I followed my rules. As a result I can walk away happy in search of the next opportunity.
My other three SIG. 1 trades are still in play and in profit, and this morning I've taken the opportunity to add a third position to my NZDCAD (T22L) trade. I'm now fully invested here, with no downside risk (locked-in profit covers any loss on this third position should things reverse).
I'm now looking for price to hold above the 50 SMA and trade up to (and beyond) the 200 SMA. At £28.65 per pip, this trade could pay handsomely if things continue as they have done in previous weeks. In many ways this trade looks very like my GBPUSD (T17L) trade, but without the backdrop of Brexit.
With two bank holidays from today's close I'm going to need to be patient, but with 2020 in full swing, I'm hoping I can ride this pair for all I can take.
I'm reminded of what trading is really all about. You win some, you lose some and end up standing still. Then the big winner or winners come along that pay for your year. You rinse these for all that they're worth. The alternate winning and losing leading up to the winner(s) was just an exercise in making sure you were in the game when things really started to move.
This morning I've also set a buy limit in USDCAD (T28L). This pair is trading at the bottom of a range, and I'm looking for a RANGE opportunity to the buy side if my order is triggered. This level also sits just above the weekly 200 SMA, which for the moment continues to hold.
It would be tempting to rush in and just buy at market, but yesterday (while the market was closed) I decided on my entry free from emotion and this is what I'm sticking to. This gives at least a 1:1 reward-to-risk ratio to the 50 SMA.
I've been thinking about my trading a lot over the Christmas period and if I'm honest with myself I probably still don't believe that it's actually possible to make a full-time living as a retail trader. As beliefs impact thoughts and ultimately actions this is somewhat of a worry and I'll need to keep an eye on this moving forward.
Beliefs are a funny old thing. As human beings, to believe we like to have things proved to us, but often we have to believe first to receive the evidence we crave. Seeing is not actually believing. In order to see, you have to first believe!
At the moment I'm in a no man's land. I have to believe and have done so for the last six months. Once this belief pays off and I see the results of my labour, I imagine that it will be a very nice feeling indeed and an experience I can draw on as my trading journey continues.
Finally for today, an opportunity to catch up on the weekly videos. While I've not been active blogging my video activity has continued. All are available on the STG FOREX TV YouTube channel.
Below you'll find week 23.
And here's week 24.
Both weeks included some really enjoyable trips to London. I continued to trade, but it was also an opportunity to soak up the Christmas atmosphere.
If you like the videos I'd be very grateful for a like and a share. Also, so as not to miss future episodes, please be sure to hit the 'Subscribe' button.
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.]
Last week I took a break. This meant no early starts and no morning market analysis. With no intraday trades on, I stepped away from my shorter-term strategies and just managed my SIG. 1 trades, which I execute on the weekly chart.
My GBPUSD (T17L) trade was stopped out. Price in this pair is heavily subject to news as the ongoing Brexit negotiations swing back and forth. Gains furthered by a Conservative win at the General Election were eroded by a strong close below the weekly 200 SMA and I exited with a gain on my initial position, but losses on my two adds. Overall this resulted in a profitable trade (position 1 more than paid for the losses on positions 2 and 3) where I followed my rules. As a result I can walk away happy in search of the next opportunity.
I'm now looking for price to hold above the 50 SMA and trade up to (and beyond) the 200 SMA. At £28.65 per pip, this trade could pay handsomely if things continue as they have done in previous weeks. In many ways this trade looks very like my GBPUSD (T17L) trade, but without the backdrop of Brexit.
I'm reminded of what trading is really all about. You win some, you lose some and end up standing still. Then the big winner or winners come along that pay for your year. You rinse these for all that they're worth. The alternate winning and losing leading up to the winner(s) was just an exercise in making sure you were in the game when things really started to move.
This morning I've also set a buy limit in USDCAD (T28L). This pair is trading at the bottom of a range, and I'm looking for a RANGE opportunity to the buy side if my order is triggered. This level also sits just above the weekly 200 SMA, which for the moment continues to hold.
It would be tempting to rush in and just buy at market, but yesterday (while the market was closed) I decided on my entry free from emotion and this is what I'm sticking to. This gives at least a 1:1 reward-to-risk ratio to the 50 SMA.
Beliefs are a funny old thing. As human beings, to believe we like to have things proved to us, but often we have to believe first to receive the evidence we crave. Seeing is not actually believing. In order to see, you have to first believe!
At the moment I'm in a no man's land. I have to believe and have done so for the last six months. Once this belief pays off and I see the results of my labour, I imagine that it will be a very nice feeling indeed and an experience I can draw on as my trading journey continues.
Finally for today, an opportunity to catch up on the weekly videos. While I've not been active blogging my video activity has continued. All are available on the STG FOREX TV YouTube channel.
Below you'll find week 23.
And here's week 24.
Both weeks included some really enjoyable trips to London. I continued to trade, but it was also an opportunity to soak up the Christmas atmosphere.
If you like the videos I'd be very grateful for a like and a share. Also, so as not to miss future episodes, please be sure to hit the 'Subscribe' button.
*********
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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