Month 8, Day 154 to 162 - 36-month forex trading challenge - when the going gets tough.

As the song by Billy Ocean goes, When the Going Gets Tough, the Tough Get Going.

I guess though there are two ways to interpret this song title. Indeed there are usually two (and conflicting) ways to interpret the future direction of any currency pair.

1. When things get tough, flee the scene. If things get too difficult it's a clue to stop what you're doing and go and do something else.
2. When things get tough, don't give up. Before every breakthrough in any pursuit there are times of difficulty. The time you think of quitting is often the time just before you achieve massive success. 

It's fair to say that there are strong arguments for both interpretations and which one you choose comes down to belief. Belief about your current situation and what it means to you.

It's no secret that I've been going through a very difficult time on the challenge. I've been no King Midas. Everything I've touched sadly has not turned to gold. In fact I find myself in a testing period of drawdown, which makes keeping going all the more difficult.

Luckily my mindset is strong and my belief in discipline and consistency trumps the power of any story I could be tempted to tell myself that it's time to throw in the towel. Despite the challenges I remain firmly behind interpretation 2.

I've been learning a lot, and each day of doing the same analysis and working to perfect my action in the market I feel I'm getting better, even if this hasn't shown up in my results just yet.

This week I introduced a new RANGE BREAK strategy, which I execute on the daily charts. When price breaks out of an established RANGE into BULLISH or BEARISH mode I take advantage.

Below GBPUSD (T81S) broke and closed below the daily trading range and I got short. My stop is 20 pips above the previous structure high. There was some push back yesterday, but offers seem to be in play today. 

I'm still recording the weekly videos, which give a more in-depth look at my trading activity. Below you'll find weeks 30 and 31 by clicking on the images. Both are available to watch on the STG FOREX TV YouTube channel.

Week 31 marked my 48th birthday and I had a great present – an original Financial Times from the day of my birth. 

So month 8 is well underway. There's no thoughts of quitting and only the resilience to keep going, growing and learning. 

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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
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.]