FX Challenge Week 3 Review
April 20, 2007 – 3:24 am
It was an exciting and challenging week for me. I started the week in red and fought my way up to close the trading week in positive, with +6.35 R. Some new rules were introduced this week. Though I am deploying SAR (Stop and Reverse) strategy, I decided to put a cap at maximum 2 trades a day for each currency pair. If I am stopped out at both direction, I am out. My strategy just doesn’t fit at that particular day. Secondly, I adjust my position size according to my equity growth. Thirdly, I would cancel all open orders before major news released. I use Forex Factory Calendar to identify important events.
When my bucket shop broker widens the spread to 20 pips during news released period, it will normally fill my order, and stops it out in the next minute. Man, I hate this.
Not so bad, though no huge profit, it is always nice to close a trading week in positive note.
May the pips be with you.
Gav says, ‘The real man trades Futures, his son trades Forex, I am trading both, for my wife’
From the desk of Tradergav.com
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Tags: FX weekly review
I had a great week too. Clawed my back to profitability and positive expectancy
Hi Tom: Yeah, I read about your change of trading plan. That’s cool (though I don’t have the gut to go without stoploss).
Have a great weekend!
Yeah it sure is counter intuitive but seems to work as long as you’re on the correct side of a trend.
:)
gav: nice job!
John,
Thanks! I hope you are doing well in futures trading also.
gav: i’m the best paper trader i know…actually, i was experiencing a drawdown, and am taking the month of april to get refreshed
John,
I always think that drawdown is to make a trader trades better later. April is coming to the end. Get ready to kiss some ass in May!
A matter of fact, I found it difficult to trade NQ futures in April, especially for dummy trading. That’s the reason I am doing some Forex tradings during this period.
gav: gl with the forex…did u mean “kick” or “kiss” some ass as u said…maybe it was a freudian slip
John: LOL…my poor command of English. I mean “Kick ” some ass…