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.
Month 1, Day 24