Hey, we are back again with an update on the situation of our FOREX account.
Unfortunately I expected a bit more than what we manage to obtain. As you can see there is not a big progress since the being of the month. We have a 2% gain, which isn’t that bad but the open transactions (all on EURUSD) are at -746.45USD. And that is around -62% in open balance.
But not all news are negative!
If we look at the positive side, we gained profit from 70% of our trades, which is good news. But the biggest trade was under 1%. As the market was so volatile and unpredictable I had very short stop-losses and closed various positions on the red, in hopes that the market will move in the desired direction (and as normal it went the other way around as soon as I closed the position).
As all my positions were hedged, I needed a little margin to be able to have 1 open transaction. Thus a small deposit of 60USD was needed.
In the last post I did a short term plan to fix the situation and relieve the mental pressure (pain) that affects my trading (so many emotions). Let’s cross some of them from the list now:
First I will stop posting the monthly statements and I will abandon following the investment plan, till the problem of the current open positions is solved.(This post is just an update on the situation, so we got this one covered) I will give it 1 more month probably before throwing some money in the trading account, just to clear and calm my mind.(Just some play money, but I have thought of adding 400USD -> origin crypto fund) I will trade, based on my strategy, entry and exit positions to minimize the draw-down ( I am not in full lock-down on the account, so I am able to take I trade)(After the post, I managed to lock the account…But the last trade was in regards with my strategy with clear TP and SL) I will clean that chart and make a fresh analysis and will trade the EURUSD until I bring more money to the account( done with brio) I will not use anyone system anymore( done with brio) I will come back here with updates on the situation (maybe each week, or bi-monthly)( here we are) I will trust more my analysis on the chart and rely solely on them( I browsed other analysis and read FXstreet, but just to get a feel of the trend)
- When everything is settled, I will draw the line, see where we stand on the investment plan, put some money in to be as close as possible to the expected growth curve, and carry on.
WOW! Better than expected 6 out of 7 points from the short term plan were done. Guess it is time to come up with a new plan for the next months (and just in time as today is the 01.05).
I will give some toughs to the plan and sketch something in the next days, including a funding plan for the account.
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Thank you for reading this!
Disclaimer: I am not a financial consultant, all the information you find here are my decisions, I taken in that moment, on my own analysis. I am open to any type of discussion about money. If you want to replicate my portfolio take into consideration that it is your money.