20 Days double up challenge | Forex Factory

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20 Days double up challenge

  • #1
  • First Post: Jun 7, 2018 10:56am Jun 7, 2018 10:56am
hey all,

I trade since a couple of years but unfortunately I did not manage to become a consistant trader till now. Usually I have some really good trades and give the winnings away with stupid trades later on and end up with a negative score to have to work again hard to get even.

Whatever else I am doing (job, sport, etc.) I usually perform best when I set a goal and push hard to achieve it. So I decided to try to overcome my weaknesses by setting up my own challenge and use this as a part of my trading journal and will try to post daily a summary and some trades.

The challenge is to double up the account within 20 days, that would mean a consistant profit of around 4% per day. I will set the daily goal to 5%.

Started today with a Bankroll of approx. 496€

ATM it looks quite good for todays goal.
Achieving your goals is only a matter of mental strength
  • #2
  • Edited 1:33pm Jun 7, 2018 11:37am | Edited 1:33pm
1. Day

11 Trades

4 Negative 36,4%
1 BE 9%
6 Positive 54%

I don't know why but my trading platform shows a higher result than the MT4, so I will take the MT4 result.

+73,35€ 14,8%
new BR: 569,63€

Max Risk. was below 2%, most time around or below 1%

PS: 2 trades where carried over from the last days. One was the BE trade and the other the EURUSD which had a R:R of 1:15

If i do not count those trades the result is approx. +60€

Enclosed a list of the trades taken
Attached Image (click to enlarge)
Click to Enlarge Name: Day 1 Result.png Size: 68 KB
Achieving your goals is only a matter of mental strength
  • #3
  • Edited 1:34pm Jun 7, 2018 1:05pm | Edited 1:34pm
EURZAR

Entry-Signal on M5 and M15 bounce of EMA (Bullish engulfing)

SL below 14,96

Risk: 2,5€ / 0,5%
Reward: 20,73€

R:R 1:8,21
Attached Image (click to enlarge)
Click to Enlarge Name: EURZAR Trade 20180607.png Size: 323 KB
Achieving your goals is only a matter of mental strength
  • #4
  • Edited 1:35pm Jun 7, 2018 1:10pm | Edited 1:35pm
NZDCHF

Signal on 1H, looked like support on EMA150

went the other way and got stopped out

Risk: 0,71€ / 0,15%

2nd Trade in NZDCHF also went against me for another loss of 1,96€ / 0,4%
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCHF Trade 20180607.png Size: 296 KB
Achieving your goals is only a matter of mental strength
  • #5
  • Edited 1:35pm Jun 7, 2018 1:16pm | Edited 1:35pm
GBPNZD

Entry based on support level around RN 1,9

SL @ 1,89888

Exit in Resistance area at 1,9115

Risk: 7,78 € / 1,56%
Reward: 37,25 €

R:R = 4,78
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD Trade 20180607.png Size: 363 KB
Achieving your goals is only a matter of mental strength
  • #6
  • Edited 1:36pm Jun 7, 2018 1:22pm | Edited 1:36pm
EURUSD

This was the trade which I already enterd 2 days ago and closed today

Entry on support Level around 1,165, with hammer on 1h chart

SL @ 1,16522 direct below the signal candle

Exit when it looked like trend was exhausted

Risk: 0,84 € / 0,2 %
Reward: 13,14 €

R:R 1: 15,6
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Trade 20180605.png Size: 418 KB
Achieving your goals is only a matter of mental strength
  • #7
  • Jun 7, 2018 2:23pm Jun 7, 2018 2:23pm
Quoting DowHow1807
hey all, I trade since a couple of years but unfortunately I did not manage to become a consistant trader till now. Usually I have some really good trades and give the winnings away with stupid trades later on and end up with a negative score to have to work again hard to get even. Whatever else I am doing (job, sport, etc.) I usually perform best when I set a goal and push hard to achieve it. So I decided to try to overcome my weaknesses by setting up my own challenge and use this as a part of my trading journal and will try to post daily a summary...

Good luck man, this is my goal too but not in 20 days
Double the account
  • #8
  • Jun 7, 2018 9:14pm Jun 7, 2018 9:14pm
Quoting zghnno
{quote} Good luck man, this is my goal too but not in 20 days
thx, wish you as well the best for your goal
Achieving your goals is only a matter of mental strength
  • #9
  • Jun 7, 2018 9:16pm Jun 7, 2018 9:16pm
most likely I will not have time for trading today

good luck to all of you trading
Achieving your goals is only a matter of mental strength
  • #10
  • Jun 8, 2018 10:19pm Jun 8, 2018 10:19pm
Day 2:

Did not have much time to trade and watch the markets, unfortunately I tried to squeeze my share out of the market and ended with a loss.

In the future I will need to avoid this behavier.

11 Trades all Long

8 Negative / 72 %
3 Positive / 28 %

-6,2€ / -1,1%
END BR: 563,43 €

During the day I was already ahead with +3% but failed to collect the winnings hopeing the market would push higher. Actually this was short before close of German market. In the future I will try to avoid trading late on fridays.

Will upload some trades from yesterday later on.
Achieving your goals is only a matter of mental strength
  • #11
  • Jun 9, 2018 12:29am Jun 9, 2018 12:29am
EURUSD Trades:

1st Long at 8:47 at a support area. Unfortunately too early and I got stopped out with -0,6%

2nd Long was more or less a perfect entry right at a support area. Closed the trade as it seemed to me that market could turn south again. Unfortunately it was just a fakeout.

Risk: 1,47€ / 0,25 %
Reward: 6,40€ / 1,15 %

R:R = 1:4,4

There were 2 more entries where one was stopped out right at my SL level and continued in my direction. I closed the last trade when I did not expect any more movement to the north.
Attached Image (click to enlarge)
Click to Enlarge Name: 20180608 Trades EURUSD.png Size: 337 KB
Achieving your goals is only a matter of mental strength
  • #12
  • Jun 11, 2018 1:23pm Jun 11, 2018 1:23pm
Day 3:

Today started not so good, had 5 consec. losses in a row. Was lucky in the end to catch a good entry in the EURUSD and the DAX.

Over All I am not satisfied with the entries and exits today.

13 Trades
7 Losses / 54%
6 Wins / 46%

27,54€ / 4,9%
END BR: 590,97 €
Achieving your goals is only a matter of mental strength
  • #13
  • Jun 11, 2018 1:40pm Jun 11, 2018 1:40pm
DAX Trades:

1st Entry on possible support area, got stopped out with initial SL, In the end the Entry was to Early

2nd Entry shortly after it. Stopped out after I moved it to a new HL. Small Plus, in the End Entry was again to early

3rd Entry worked out, Closed the Trade @ 12800. Unfortunately the DAX ran up to 12895, so I missed the biggest part of the move :-(
Attached Image (click to enlarge)
Click to Enlarge Name: 20180611 Trades DAX.png Size: 107 KB
Achieving your goals is only a matter of mental strength
  • #14
  • Jun 11, 2018 2:48pm Jun 11, 2018 2:48pm
Quoting DowHow1807
Day 3: Today started not so good, had 5 consec. losses in a row. Was lucky in the end to catch a good entry in the EURUSD and the DAX. Over All I am not satisfied with the entries and exits today. 13 Trades 7 Losses / 54% 6 Wins / 46% 27,54€ / 4,9% END BR: 590,97 €
Are you not happy because of bad luck or because you think you did not follow your system for entries and exits ?

Best regards
  • #15
  • Jun 12, 2018 12:31pm Jun 12, 2018 12:31pm
Quoting jgadefelth
{quote} Are you not happy because of bad luck or because you think you did not follow your system for entries and exits ? Best regards
hey jgadefelth

It was not bad luck, mostly it was missing patience and because of that entries not according the system
Achieving your goals is only a matter of mental strength
  • #16
  • Edited 2:19pm Jun 12, 2018 12:54pm | Edited 2:19pm
Day 4:

Over all it was very very bad trading today. Tried to enter the DAX long while it was falling when I sensed that it will turn around at some support areas. It did not work out in the beginning and instead to wait for better setups I overtraded. Gave away all winnings from the first days. In the end I was lucky enough to find an Entry in DAX and NASDAQ which made up for the losses and make some profit in the end.

Maybe I will take a break tomorrow and stop trading for one day to settle down again. Will sleep over it.

Negative:
Did not wait for proper signals
Overtraded
Not properly selected SL levels

Positive:
When market moved against me SL was not widened and Risk was not increased

28 Trades:
20 Losses / 71%
8 Wins / 29 %

54,16€ / 9,2%
END BR: 645,13 €
Achieving your goals is only a matter of mental strength
  • #17
  • Jun 12, 2018 1:04pm Jun 12, 2018 1:04pm
USDTRY Trade:

At least on trade that worked out like planed.

Entry: Bounce of EMA 50 on M15 entered on M5

Exit: At Resistance Area and before US-Market close

R:R 1:4,14
Attached Image (click to enlarge)
Click to Enlarge Name: 20180612 USDTRY Trade.png Size: 80 KB
Achieving your goals is only a matter of mental strength
  • #18
  • Jun 12, 2018 1:30pm Jun 12, 2018 1:30pm
Quoting DowHow1807
hey all, I trade since a couple of years but unfortunately I did not manage to become a consistant trader till now. Usually I have some really good trades and give the winnings away with stupid trades later on and end up with a negative score to have to work again hard to get even. Whatever else I am doing (job, sport, etc.) I usually perform best when I set a goal and push hard to achieve it. So I decided to try to overcome my weaknesses by setting up my own challenge and use this as a part of my trading journal and will try to post daily a summary...
Hi, it can be done and i wish you well....
BUT, Trade like your life depends on it and stay focused.
NO SHORT CUTS, NO GUESS WORK.

trade well.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #19
  • Jun 12, 2018 1:44pm Jun 12, 2018 1:44pm
I was asked by PM to outline the strategy that I try to follow:

Will try to outline it based on the EURUSD Trade from this post https://www.forexfactory.com/showthr...2#post11146152

I use 3 timeframes:
usually it is 5M/15M/1H or sometimes 15M/1H/4H
In the future I want to add 1H/4H/1D

I am looking for to different types of setups:
Bounce of dynamic support/resistance (EMAs 20/50/150 or 200 still playing around which one suits me more)
Bounce of support levels (high/lows or RN)

I start at 1H chart and identify the trend and if the correction is coming to anarea which might be interesting for me. (Major Trend)
Going down to 15M chart to have a more detailed view (Trend)
My entries are done at the 5M chart. I watch if price is struggeling at the support or resistance levels. If a PA pattern like for example a hammer is forming it would
be an even better opporunity. And I am also looking for divergence on the CCI.

SL: I try to have a short SL so usually below the support or above the resistance area. It is more likely that i get stopped out but on the other hand if the trade works as planed I will get a better R:R ratio.

Exits: At the moment I do not have a predefined exit strategy. Mostly I am watching price actionat the SR levels and decide if it is likely to turn again. OVerall I try to stay in the trade as long as possible.

I attached some screenshots where I marked some areas what I am looking for.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Trading System 1H - Major Trend.png Size: 133 KB
Click to Enlarge Name: Trading System 15M - Trend.png Size: 146 KB
Click to Enlarge Name: Trading System 5M - Entry.png Size: 104 KB
Achieving your goals is only a matter of mental strength
  • #20
  • Jun 12, 2018 1:47pm Jun 12, 2018 1:47pm
Quoting billytt
{quote} Hi, it can be done and i wish you well.... BUT, Trade like your life depends on it and stay focused. NO SHORT CUTS, NO GUESS WORK. trade well.
thanks mate. your damn right. I will try to keep my mindset right as you said.

same to you
BR
Achieving your goals is only a matter of mental strength
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