Day 19 (Friday) was another day for practising execution of trades, specifically Price Trap from the marked-up charts by Chris Derrick on GoldCup.
I’m finally recognising when to place each trade, and how to execute it properly. I’ve been making mistakes, from forgetting to change the ‘lot size’, through to getting in late and placing the trade anyway, through to incorrectly reading the ‘break and re-test’ that confirms a valid execution.
That’s what the practise (demo) account is for.
I’m also realising just how much of a waiting game Price Trap is, and it might be difficult to utilise for someone with a certain lifestyle.
There might be some days where I am busy during the day and, therefore, just not able to be there to keep an eye on the charts and execute the trades; one has to keep an eye on the charts, and still have to set alerts and make trade changes using the ‘Call Alerts’ and ‘MT4’ apps. That said, this is definitely a strategy I want to continue to learn and get consistent at.
This weekend, I want to spend some time honing my Price Trap skills, and even mark-up my own charts before the markets upon again on Sunday evening.
This week I have also decided that:
- When I ‘go live’ I am going to start small, and just trade with the appropriate lot size, and aim to consistently grow my account each week (compounding). (If you take £20 and grow it by 22.2% each week, after a year (52 weeks), you will have £1million).
- I want to focus on just a couple of strategies, and stick to them. I’ve not yet decided what the 2nd one will be. Perhaps Gold-trading, or ECC11… we’ll see. I want to get a feel for the strategy and the educator, and take into consideration of my lifestyle; it would be great if I could find a strategy that’s less time-intensive than PriceTrap, but we’ll see. My main priority is finding and sticking to strategies that work, and I am confident in utilising to slowly generating a return, week-by-week.
Here’s an example twin trade from Friday/Day 19 (top), that I executed after a successful re-test (bottom):
I’m getting there slowly, but this week has seen lots of trades executed incorrectly; either too early, or too late, or haphazardly, or otherwise too eagerly. My discipline needs to improve.
Here’s a snapshot of this week’s trades to illustrate just how mixed my results have been (demo):
Above: too random & sporadic, not good/ nor consistent enough, definitely not ready for live-trading yet. I won’t be until I’m consistently having ‘positive weeks’ on demo.
Today is Saturday/Day 20, and my intention is to spend some time watching a CD video on IML TV; I really want to master Price Trap and be able to spot my own opportunities.
On Saturday, I also enjoyed exploring the new IM Academy, watching the videos & completing the tests. I intend to work my way through them all, to ensure I have the foundational knowledge in place - and then, in the later videos, get into some more tools/technical analysis which can inform my trading.
Below: learning about ‘pips’… and then testing my knowledge in the IM Academy portal:
Month 1, Days 19 & 20