Month 7, Day 132 to 134 - 36-month forex trading challenge - New Year.
Happy New Year!
I can't quite believe it's 2020, but one thing you can't stop is the passage of time. I can clearly remember being out on New Year's Eve at the end of 1999. Back then everyone was in fear of the world stopping due to the millennium bug, but thankfully that didn't happen.
My USDCAD (T28L) trade was unfortunately stopped out. This happens and not every trade I make will be a winner. This is just one trade in a long list of trades I made in 2019 and will continue to make in 2020. The key is not to risk too much on any individual trade. This means you stay in the game long enough and give yourself the opportunity to catch the big winners when they come along. You only need a few of these each year to make the year!
Above you can see USDCAD (T28L) on the daily chart.
Above you can see USDCAD (T28L) on the 240 chart.
It's always important to have a firm stop loss in place. This is an unemotional line in the sand decided on and set before you enter any trade. Nobody likes to have their stop loss triggered (after all none of us like to be wrong), but a stop loss triggered in line with strict money management rules is there to protect you from a bigger and potentially damaging loss that could blow up your account.
My time in the challenge so far has taught me that my success has nothing to do with the market, instead it has everything to do with me. Trading is an education in self-awareness, self-control and discipline to create and follow a plan, no matter what.
What your trading strategy is doesn't really matter. There are a multitude of different ways to trade the markets. All will make money some of the time, and all will lose money some of the time. Remember, winning or losing really doesn't matter. What does matter is winning more when you win, and losing less when you lose.
To achieve this you have to have, and stick to a plan, which is there to protect you from yourself. If you don't trade with a plan, or have a plan that you don't stick to, then you're trading on emotions, which is a very dangerous place to be!
I'm now very comfortable with my trading approach. I've traded this over the past six months and fine-tuned it accordingly. I'm excited for 2020 and what it could bring. As always I must maintain my discipline and stick to the rules. If I can do this I have a chance!
Finally today, week 25 is now available to watch on the STG FOREX TV YouTube channel. It's a festive one with a visit to Chatsworth House.
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 can't quite believe it's 2020, but one thing you can't stop is the passage of time. I can clearly remember being out on New Year's Eve at the end of 1999. Back then everyone was in fear of the world stopping due to the millennium bug, but thankfully that didn't happen.
My USDCAD (T28L) trade was unfortunately stopped out. This happens and not every trade I make will be a winner. This is just one trade in a long list of trades I made in 2019 and will continue to make in 2020. The key is not to risk too much on any individual trade. This means you stay in the game long enough and give yourself the opportunity to catch the big winners when they come along. You only need a few of these each year to make the year!
It's always important to have a firm stop loss in place. This is an unemotional line in the sand decided on and set before you enter any trade. Nobody likes to have their stop loss triggered (after all none of us like to be wrong), but a stop loss triggered in line with strict money management rules is there to protect you from a bigger and potentially damaging loss that could blow up your account.
My time in the challenge so far has taught me that my success has nothing to do with the market, instead it has everything to do with me. Trading is an education in self-awareness, self-control and discipline to create and follow a plan, no matter what.
What your trading strategy is doesn't really matter. There are a multitude of different ways to trade the markets. All will make money some of the time, and all will lose money some of the time. Remember, winning or losing really doesn't matter. What does matter is winning more when you win, and losing less when you lose.
To achieve this you have to have, and stick to a plan, which is there to protect you from yourself. If you don't trade with a plan, or have a plan that you don't stick to, then you're trading on emotions, which is a very dangerous place to be!
I'm now very comfortable with my trading approach. I've traded this over the past six months and fine-tuned it accordingly. I'm excited for 2020 and what it could bring. As always I must maintain my discipline and stick to the rules. If I can do this I have a chance!
Finally today, week 25 is now available to watch on the STG FOREX TV YouTube channel. It's a festive one with a visit to Chatsworth House.
*********
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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