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$409k Challenge

  • #561
  • Jun 3, 2020 9:40am Jun 3, 2020 9:40am
I did everything you're not supposed to do trading wise this morning

Decided I was gonna wake up early and trade the London Session (4am EST). Figured I'd snag a few pips and be done for the day before it was time to start work (7am). Quickly setup 3 half ass analyzed trades. Boom. Down -76 pips .... damn.

All I could do was laugh. Woke up early and didn't follow my trading plan. The market wasn't having any of it lol.

However, that woke me up. I had to make a choice though. Do I take this "L" and pay for the lesson. Or, do I try to right the ship and get back on my game. You know what I did

I managed to recover 54 pips. 40 of which were 0.1 lots and 14 that were 0.05 lots. So although I'm still down as far as pip count. I recovered my losses and actually made a profit.

Done for the day. Lesson learned (I knew better).

Hope you guys have a better trading day.

Cheers,

Hollis
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Do more of what works and less of what doesn't.
  • #562
  • Jun 3, 2020 11:41am Jun 3, 2020 11:41am
Quoting ahollis
I did everything you're not supposed to do trading wise this morning Decided I was gonna wake up early and trade the London Session (4am EST). Figured I'd snag a few pips and be done for the day before it was time to start work (7am). Quickly setup 3 half ass analyzed trades. Boom. Down -76 pips .... damn. All I could do was laugh. Woke up early and didn't follow my trading plan. The market wasn't having any of it lol. However, that woke me up. I had to make a choice though. Do I take this "L" and pay for the lesson. Or, do I try...
Don't worry these days will come, just look at me yesterday.

I wouldn't put so much focus on the amount pips, whats important is % gained or lost. The challenge is 10 pips a day, but my focus is more on % gained or $ made.
Truth is like poetry. And most people f*cking hate poetry.
  • #563
  • Jun 3, 2020 12:07pm Jun 3, 2020 12:07pm
Quoting mrdfx
{quote} Don't worry these days will come, just look at me yesterday. I wouldn't put so much focus on the amount pips, whats important is % gained or lost. The challenge is 10 pips a day, but my focus is more on % gained or $ made.

You're right.

Although, I want to make sure that I'm sticking to the plan. 10 pips at least and the allotted lot for the time frame. I only up'd the lot amount in attempt to recover. But I'll be sticking to the 0.05 until next month.
Do more of what works and less of what doesn't.
  • #564
  • Jun 3, 2020 1:51pm Jun 3, 2020 1:51pm
Hi guys you must be wondering what's going on with me. I'm afraid I've been having a tough time to say the least! I have had to completely adjust my system. What seemed to work so well a couple of weeks ago is now blowing me away Strange isn't it?? Can't blame my broker or can I?

Anyway as I said I have completely adjusted my system. Now I will only be trading a certain setup if it occurs. If it's not there is always tomorrow. No more trying to find trades when they are not there!
  • #565
  • Jun 3, 2020 1:54pm Jun 3, 2020 1:54pm
Not giving up though!
  • #566
  • Jun 4, 2020 7:26am Jun 4, 2020 7:26am
After taking a loss and ending my 21 day win streak earlier this week, today I successfully completed February 2.0!

I have definitely seen a reduction in pressure and stress by adopting a different approach to this challenge, and its paying off.

With less pressure on myself to achieve 5% every singe day I have actually managed to complete February in 22 days. As long as I keep doing what I'm doing I'm confident that I will be able to complete this challenge.
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Truth is like poetry. And most people f*cking hate poetry.
  • #567
  • Jun 4, 2020 5:44pm Jun 4, 2020 5:44pm
Hello guys.

Been reading through the thread and would like to join the journey. I have been struggling with discipline this year and hope walking the path with others will help my progress. kudos to you all for the achievement so far.

I am starting with a $20 account and trying to catch up.

Cheers and good luck.
Get in the Zone and stay there..
  • #568
  • Jun 4, 2020 8:30pm Jun 4, 2020 8:30pm
Quoting haroros
Hello guys. Been reading through the thread and would like to join the journey. I have been struggling with discipline this year and hope walking the path with others will help my progress. kudos to you all for the achievement so far. I am starting with a $20 account and trying to catch up. Cheers and good luck.
Welcome haroros!

Don't worry about catching up and causing any unnecessary stress on your trading, just get started and go at our own pace, the goal is to finish the race.
Truth is like poetry. And most people f*cking hate poetry.
  • #569
  • Jun 5, 2020 2:10am Jun 5, 2020 2:10am
Quoting mrdfx
{quote} Welcome haroros! Don't worry about catching up and causing any unnecessary stress on your trading, just get started and go at our own pace, the goal is to finish the race.

Thank you mrdfx. Here's to stress free pipping.
Get in the Zone and stay there..
  • #570
  • Jun 5, 2020 7:35am Jun 5, 2020 7:35am
No live trading today.

There's a lot of economic data out today and with these unpredictable and volatile times its safer to just stay out the market and preserve capital.

So I'm closing the week off with +11.3% profit which is not bad at all, I'll take it!

Have a great weekend guys!
Truth is like poetry. And most people f*cking hate poetry.
  • #571
  • Jun 5, 2020 10:42am Jun 5, 2020 10:42am
Quoting mrdfx
No live trading today. There's a lot of economic data out today and with these unpredictable and volatile times its safer to just stay out the market and preserve capital. So I'm closing the week off with +11.3% profit which is not bad at all, I'll take it! Have a great weekend guys!
Yeah. Should have been a day of sitting on hands and watching, ended with -5% on the day +11.9% for the week. Still alive for next week.
Get in the Zone and stay there..
  • #572
  • Jun 5, 2020 6:07pm Jun 5, 2020 6:07pm
Definitely did not end the 1st week of the challenge the way I envisioned. I'm in the hole. I also know why.

I'm going to spend some time reviewing my trades this weekend, taking a few notes, and re calibrating for next week.

It's gonna take some work to dig out of this hole but it's doable.

As far as the day. I traded the NFP report this morning. I literally had a 110 pips but got greedy. Missed my window to cash out and the sell off started. Figured, it would go back up and never did. It's Friday and volatility died down after lunch. Stupid play for sure.

Anyway, I'm still sitting on this trade. Best scenario, sometime Sunday it will retest that resistance level and I'll cash out to collect the 100+ pips.

Aside from that I just need to exercise more discipline, take what the market offers. And keep driving home the point that it's a marathon and not sprint. Maybe I should write that shit on a card and post it on my monitor
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Do more of what works and less of what doesn't.
  • #573
  • Jun 7, 2020 8:06pm Jun 7, 2020 8:06pm
Spent the entire weekend going over my trades from the first week, reviewing and updating my trading plan.

Looking forward to the week ahead. And although my trade explorer says 82 pips for the day it's actually 46. I carried over a trade from Friday that was sitting on 37 pips.

Anyway, feels good to start the week off in the green. Let's keep that momentum going.

Good luck to everyone else this week
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Do more of what works and less of what doesn't.
  • #574
  • Jun 8, 2020 1:08am Jun 8, 2020 1:08am
Hello all.

Here's to a week full of disciplined and pipful trading.

Good luck everyone.
Get in the Zone and stay there..
  • #575
  • Jun 8, 2020 7:23am Jun 8, 2020 7:23am
Happy Monday guys!

+4.6% added today, a good start to the week.
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Truth is like poetry. And most people f*cking hate poetry.
  • #576
  • Edited 5:44am Jun 9, 2020 5:33am | Edited 5:44am
Hello guys.

Decent moves in Audusd and gbpusd today. managed to catch some gbp and euro shorts, should have done a lot better.

Trading always looks easy after the move, lol. ending the day with 20%.
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Get in the Zone and stay there..
  • #577
  • Jun 9, 2020 5:58am Jun 9, 2020 5:58am
Quoting haroros
Hello guys. Decent moves in Audusd and gbpusd today. managed to catch some gbp and euro shorts, should have done a lot better. Trading always looks easy after the move, lol. ending the day with 20%. {image}

Very nice

I like the way you started with only $20 - I had exactly the same idea but have been struggling to get an account opened with a broker that accepts $20 - usually they want $50 - $200!

Anyway I think I have succeeded so maybe will be joining you later today.

$20 to infinity is the goal. I have turned $50 into $700 and can do it again but this time without the kamikaze trading style
  • #578
  • Jun 9, 2020 6:56am Jun 9, 2020 6:56am
Quoting Mtinifx
{quote} Very nice I like the way you started with only $20 - I had exactly the same idea but have been struggling to get an account opened with a broker that accepts $20 - usually they want $50 - $200! Anyway I think I have succeeded so maybe will be joining you later today. $20 to infinity is the goal. I have turned $50 into $700 and can do it again but this time without the kamikaze trading style
Welcome Mtinifx. Yeah I prefer a different broker but i'm using xm because they allow for smaller accounts. Obviously trading a small account can be tricky but with a solid plan, discipline and focusing on the % rather than the $ we will get there.

Discipline in following a plan is most important. even kamikaze with discipline can succeed .
Get in the Zone and stay there..
  • #579
  • Jun 9, 2020 8:03am Jun 9, 2020 8:03am
Had a really good day selling a few Yen pairs adding +15.6% to the account. Now its SOH for the rest of the day.
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Truth is like poetry. And most people f*cking hate poetry.
  • #580
  • Jun 9, 2020 8:17am Jun 9, 2020 8:17am
Quoting taksistalo
Hey mrdfx, Thanks for sharing this. One question, how do you manage losses. Is it personal thing or there is a rule as well. I mean you have the rule for 10 pips a day, as the same comes for loss?
Apologies taksistalo, I somehow missed your post.

I don't have a set fixed SL per say, more of a mental SL so if I see orders going against me I'll decide whether to close them and take the loss or leave it for a bit longer to breathe and pullback. The 2nd option didn't always work so now I'll rather take a smaller hit than risk the whole account.

I do also use a kind of averaging approach sometimes where in some cases depending on what the pair is doing I'll add more orders to the pair in a kind of dynamic grid, and then try average out for a small profit. This is a risky approach as you can run out of margin quickly if price does not pullback anytime soon, but if done right it really helps to recover when running in a loss.
Truth is like poetry. And most people f*cking hate poetry.
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