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FX Challenge Week 3 Review

by Gav Leave a Comment

356.gifIt 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.

[photopress:Week3result.gif,full,alignleft]

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’

Filed Under: Rant Tagged With: FX weekly review

Reader Interactions

Comments

  1. Tom says

    at 12:42 am

    I had a great week too. Clawed my back to profitability and positive expectancy ๐Ÿ™‚

    Reply
  2. Tom says

    at 7:42 pm

    I had a great week too. Clawed my back to profitability and positive expectancy ๐Ÿ™‚

    Reply
  3. Gav says

    at 12:50 am

    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!

    Reply
  4. Gav says

    at 7:50 pm

    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!

    Reply
  5. Tom says

    at 11:46 am

    Yeah it sure is counter intuitive but seems to work as long as you’re on the correct side of a trend.

    ๐Ÿ™‚

    Reply
  6. Tom says

    at 6:46 am

    Yeah it sure is counter intuitive but seems to work as long as you’re on the correct side of a trend.

    ๐Ÿ™‚

    Reply
  7. john says

    at 11:21 am

    gav: nice job!

    Reply
  8. john says

    at 6:21 am

    gav: nice job!

    Reply
  9. Gav says

    at 11:31 am

    John,
    Thanks! I hope you are doing well in futures trading also.

    Reply
  10. Gav says

    at 6:31 am

    John,
    Thanks! I hope you are doing well in futures trading also.

    Reply
  11. john says

    at 8:17 pm

    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

    Reply
  12. john says

    at 3:17 pm

    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

    Reply
  13. Gav says

    at 2:06 am

    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.

    Reply
  14. Gav says

    at 9:06 pm

    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.

    Reply
  15. john says

    at 3:23 pm

    gav: gl with the forex…did u mean “kick” or “kiss” some ass as u said…maybe it was a freudian slip

    Reply
  16. john says

    at 10:23 am

    gav: gl with the forex…did u mean “kick” or “kiss” some ass as u said…maybe it was a freudian slip

    Reply
  17. Gav says

    at 10:57 pm

    John: LOL…my poor command of English. I mean “Kick ” some ass…

    Reply
  18. Gav says

    at 5:57 pm

    John: LOL…my poor command of English. I mean “Kick ” some ass…

    Reply
  19. tradingfan says

    at 8:16 am

    Awesome post. I liked the way you have presented the Forex Facts in this post. I really agree with your view on this Forex. Thanks again, keep posting more interesting posts.

    Reply
  20. tradingfan says

    at 7:16 pm

    Awesome post. I liked the way you have presented the Forex Facts in this post. I really agree with your view on this Forex. Thanks again, keep posting more interesting posts.

    Reply

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My Name is Gav.
I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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