Day #31... and what's next?

Thursday, October 10th, 2019

It’s the last day of my month-long endeavour to track, daily, my progress with learning FX. Truth be told, a month has flown by, fast. However, I am pleased with my commitment and how strong a start I’ve made to this journey.

This whole week has been about executing more PriceTrap twin trades, and especially with marking-up my own charts so that I’m trading on my own markups (and not reliant of those of IML GoldCup / Christopher Derrick).

My plan from here is:

- Continue to mark-up my own charts, and execute trades
- Continue on demo, until I put together a good enough ‘run’ of consistency to make the transition to a live account
- Accept it if I don’t manage to ‘make this work’ (i.e. if I don’t find the strategy I am using to be consistently generating returns) - I move on, simple as that. If I am going to put real money in, I want it to be smart and utilising a strategy that is working for me; otherwise, it’ll become more a case of me throwing my money away.

From here on in, the plan is for me to continue posting on this blog, but once a week. I’m yet to decide what day that will fall on, but I guess w'e’ll find out sometime in the next 7 days :)

If you’ve been following along thus far, and have any questions, email me -> jasraj.s.hothi@gmail.com

If you think someone else would benefit from reading this blog, feel free to share it with them.

As mentioned, I’m taking this journey week-by-week, for now. Come Christmas, I think I will have seen enough evidence - and decided whether or not this is ‘working’ for me, and whether I am going to continue on this journey, or not.

Next week 📈
I’ll be sharing: my results from my trading journal this week (wins, losses, breakevens, mistakes), and the videos I’ve been watching/re-watching to better equip me when it comes to marking-up my own charts, and looking for the best possible trading opportunities & entry points.

Let’s see what happens… 👣

by,

Jas

Thursday, October 10th, 2019
Month 1, Day 31

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PS. To look back over my first 31 days of learning to trade FX, you can find every post I’ve written (in order) over here.

Days #28, #29 & #30 - mistakes & markups

Monday, October 7th - Wednesday, October 9th, 2019

This week, it’s just been a case of:

a) Assessing trade opportunities in the morning (using GoldCup and my own markups)
b) Setting the appropriate alerts on CallLevels
c) Entering/riding trades as appropriate in MetaTrader

Above: my new favourite iPhone apps…

I’m still making a couple of silly errors; whether it’s entering on a failed re-test (on 15m), or entering a successful break/re-test but on 1h instead of 15m. School-boy errors, but ones to make on demo and I’m pleased I’m doing it this way round, rather than let excitement to have gotten the better of me and be making these mistakes on a live account.

I’ve decided I really want to lean into PriceTrap as a strategy, which has some pros and cons:

Pros:
- It’s like, really simple, no rocket-science required
- I understand it

Cons:
- It requires you to be active throughout the day; for example, if a CallLevel hits at 3pm in the afternoon, you have to be there and ready to keep an eye on the zone for the break/re-test
- Sometimes, things happen overnight; for example, on one trade I would have been ‘breaking even’, as it moved 10pips and I would have moved both SLs (twin trades) to the price at which I entered at, so I would have ridden the trade risk-free, but this was late in the evening so I missed the Call Level, and subsequently the trade went 30pips the other way overnight and so I lost out.

For my lifestyle right now, though, I am managing it. I am trying to be more disciplined with how much time I am spending marking-up and spotting opportunities in the morning, so that I can then focus on the rest of the day and then keep an eye on the charts as/when those ‘alerts’ pop up on CallLevels.

It makes sense for me to focus on a strategy I am happy with, and PriceTrap is one I am liking.

However, I am still relying mostly on Chris Derrick’s markups. I want to do more of my own marking up and place trades on those charts.

Someone in the group yesterday said that they had never used Chris Derrick’s mark-ups, only their own; I think that’s quite smart, as it forces one to learn the skill and become reliant on their own mark-ups, rather than be at the mercy (as it were) of IML GoldCup and Chris Derrick’s markups.

Really, it makes sense for me now to do my own marking-up. I suspect spotting opportunities and marking-up is an art, and comes with practise. That said, I still need to watch Joshua Walls’ (IML educator) video on Support & Resistance, which I was supposed to have done a couple of weeks ago. I must do that this week.

by,

Jas

Month 1, Days 28-30

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Day #27: Sunday, day off.

Sunday, October 6th, 2019

Nothing to report here. Markets are closed (till 10pm UK time, when they re-open) and Sundays are, for me, a day for re-energising and nourishing activities.

I went to brunch with my mum and bro, and then later watched the new Joker movie with my dad and bro. (I loved both).

I’m looking forward to next week, where I’ll practising executing some more PriceTrap twin trades (using Chris Derrick’s and my own mark-ups), and also focusing on 3-5 currency pairs max. each day, to focus and not spread myself so thin (last week, I was trying to keep an eye on 9-10 pairs, and it was a little tricky, especially with day-to-day tasks and responsibilities and general life stuff happening).

by,

Jas

Month 1, Day 27

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Days #25 & #26: week 1 trading review

Friday & Saturday, October 4th/5th, 2019

I’m really getting into the swing of placing and following-through (setting alerts/adjusting SL) on these PriceTrap twin trades.

I’ve gotten into a good system in the morning where I mark-up my charts, and then spend some time keeping an eye on those close opportunities - e.g. where there is imminent opportunity of a break/re-test and trade placement, and then I also set zone-break alerts for the relevant trades, for me to be able to jump in and keep an eye on chats for breaks/re-tests throughout the day.

I’ve also been able to see the results of my first full week’s trading on demo.

Here are my progress- and reflection-points for my 1st week of (demo) trading:

Execution is getting ‘easier’
Executing trades is becoming almost second-nature, now that I’m doing it a few times (keeping a close eye on a successful break and re-test, and not getting carried away and making any silly little mistakes in my excited state).

Week 1 results
After Week 1, my PriceTrap results are: 5 (successful/wins), 5 (unsuccessful/losses) and 1 breakeven. Of the 5 losses, 2 of those twin-trades were for the same currency pair, placed close together; this was because there was a second successful break/re-test around the same zone and I wanted to experiment to see what would happen. Had these twin-trades both gone the other way, that would have left me with 5 wins and 1 loss in Week 1; however, they didn’t and placing the same trade twice is taking a risk, and probably not spreading my risk effectively. For now, I think I’m going to stick to having only 1 twin-trade live for a specific currency pair.

Note: I ‘did’ place other trades (e.g. TEA trades), but I’m focusing on PriceTrap as this is the strategy I’ve decided to run with moving forward.

Too many currency pairs can spoil the broth…
I have realised that focusing on multiple currency pairs (by the end of the week, there were 9 or 10 currency pairs ‘marked-up’ in the PriceTrap app; it can get tricky keeping an eye on so many pairs - even with CallLevels alerts - and feel it might be more effective to focus on fewer currency pairs each day, perhaps 3-5.

Action vs learning mode
I’ve been in action mode this week rather than learning mode (and there wasn’t an in-person class at Canary Wharf either this week); this is fine but, in the next week, I want to do a little more learning - whether it’s watching one of Chris Derrick’s videos from his sessions, or watching Joshua Walls’ ‘Support & Resistance’ training on IML, which I was supposed to have watched a couple of weeks’ back…

Next week: more markups & trades
I’m looking forward to marking up charts (with Chris Derrick’s GoldCup help / my own markups) over the weekend and into next week, and placing more trades; weekend mark-ups are a great opportunity, as Friday night -> Sunday night (10PM UK-time) is the only time when the markets aren’t moving, so one can take advantage of marking up zones either side of the price for a specific currency pair, and be ready-and-waiting come Monday morning (when I wake up and look for opportunities).

Above: Week 1 results (5W, 5L, 1B-E)

by,

Jas

Month 1, Days 25 & 26

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Day #24: rhythm & accountability

Thursday, October 3rd, 2019

I’ve been nicely finding rhythm this week with looking at IML GoldCup in the morning, marking up using Chris' Derrick’s recommendations and - where necessary - doing my own markups.

Above: what a Chris Derrick markup on IML GoldCup looks like.

For example, sometimes a currency pair on GoldCup will have been marked up, but the price has since moved up or down, and so the markups are no longer ‘valid’ as it were. I’ve enjoyed using my own eyes to spot the ‘points of price reversal’ and draw my own lines on. For Chris Derrick’s lines, I draw in yellow, for my own lines I use white.

Above: one of my charts in TradingView; yellow lines are from Chris Derrick’s (GoldCup) markups, the white lines are my own markups.

Then, I keep an eye on any imminent opportunities and keep those charts open on TradingView; or, if price is nowhere near a potential ‘zone’, I’ll set the appropriate alerts on ‘CallLevels’ so I can keep track of it that way.

And, I update my Trading Journal as I go. I’ve really got into the swing of things this week, and I’ve executed a number of PriceTrap twin trades. It’s great to be actually ‘doing’ this stuff and applying what I’ve learnt/watched from IML and AFA thus far, even if it is on a demo account. Like I’ve mentioned previously, I won’t go ‘live’ until/unless I am consistently able to generate profits on ‘demo’. So, it may well be that I give this a go for a few weeks and then decide that it’s not working. At that point, I may go back to the drawing board, attempting to refine the PriceTrap strategy, or perhaps giving another strategy a go. Or, I might decide that FX trading just isn’t for me. Either way, I’m keeping an open mind and just seeing where this leads.

In other news, off the back of the FIRE meetup I attended yesterday, I was pleased to hear from a couple of the folks I met yesterday. I feel really fortunate to have bunched in a couple of people with similar personalities/mentalities to mine, it seems.

In fact, one of the people who stood up and spoke about their FIRE journeys - and are currently ‘financially independent’ - was Sak, and he extended an invitation that I culdn’t say ‘no’ to. Especially as Shai and Ursula were both ladies I spent some time talking to 1-on-1, and whose vibe I really liked. In fact, it turns out that Shai is also an INFP personality type (Myers-Briggs -> 16personalities.com), and Sak and Ursula seem similar, too (Sak could relate to being an introvert and also sensitive), and myself and Ursula had a deep conversation about all sorts). Basically, they felt like my crowd and I was really pleased for Sak to have extended this invite:

Above: Sak’s message, and my voice response; it didn’t take me long to say “yes” :)

I’ve experienced the power of such close-knit ‘accountability groups’ in the past; in fact, I have a support group I started through another community called Fizzle, and the 4 of us are spread across the globe (Atlanta, Florida, London & Germany), and meet each week via video call; though I’ve not met them, these people have become a few of the ‘5 people I spend the most time with’). Close-knit community + accountability can be really powerful and, with it having been on ‘my radar’ for a while, I’m excited to be part of a group of folks who also want to move forward and consciously create ‘financial freedom’.

My FX learning is just a part of it, as is my ‘Super Simple Investing’ course, and so is my writing (I run a blog for sensitive introverts, and I’m currently writing my 1st fiction novel); these are all different income streams and passive ones (though, the specific FX one I am - PriceTrap - using does require some ‘effort’/monitoring throughout the day, though I still would consider this passive).

Im excited with everything going on at the moment, and to be finally taking action towards my financial freedom.

by,

Jas

Month 1, Day 24

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