You must do the things you think you cannot do.

- Eleanor Roosevelt

Monday, July 5, 2010

New Goal

I posted a week back that I had reopened a micro forex account with FXCM. It has a little over $25 in it at the moment ($27.95 to be exact). Because of my rigorous Summer class schedule and the amount of work I've spent on programming a poker bot, I haven't played much poker in the last two months. I'm going to shy away from poker until the bot is fully functional.

At the moment, I'm very interested in financial markets. I posted in a comment to Black Bottle that while poker can help a person develop many useful skills to trade in the market, poker will rarely provide as much of a reward. I'll leave the poker game mostly to the bot until I get a large enough bankroll that playing a couple tables pays better than $5/hr.

Right now, I'd like to develop my forex skills. As they are still underdeveloped and rusty (although I would say somewhat profitable), starting to get back into the game with a $25 account will obviously not be for the money. It will be for the experience and eventual profits.

Now, for my goal: I aim to trade at least once a day for the next six months (excluding some days that will be mentioned beforehand and, of course, any days the markets are closed). That's six days a week, with approximately four weeks to a month: or, 144 trades minimum. I will begin with a limit of five trades a day with no more than three losing trades to prevent steaming.

All of the trades will be kept track of right here. Hopefully, I can keep my head on straight and make it through the great times, the terrible times, and everything in between.

EDIT: (first trade)

This was a quick trade. Definitely nothing I would want to stay in long term (looking at the 2 hr charts). But I played this one because it seemed that the pair had a quick dip and an equally quick recovery on the 15. It had pulled away from the MVA and may make a return. I wish I got in just a few pips higher in order to reduce risk. But it turned out okay. Account now at $28.44 with this 4.9 pip trade.

Further: unsure whether it would continue its push higher or a push lower. Just playing momentum and getting my feet wet.

2 comments:

  1. Looking forward to your trading posts Anon! All the best :)

    ReplyDelete