FX Challenge Week 3 Review
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'
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