$100k Challenge - EURNZD Short - Season 1 Finale! - E46 T1
Hey everyone!
There is some big news for the funded account challenge!
First things first, let's talk about the trade review of the last open trade from Season One!
We've had the EURNZD short trade running for a while. After protecting some of the profits from the second half of the trade, I decided to keep it running as I suspected we could see a break from the support area, which implied a large potential.
Several weeks went by, and the market stuck to the support area, after which strong bullish pressure caused an impulse from the support, reaching the stop loss of this trade a few days ago, concluding the life-cycle of the position.
Great! Now, into the challenge update!
As we have seen, the challenge started several months ago, and the total PL is around -3%. After performing a deep self-review, I came to an interesting conclusion. The initial dip in the challenge experience, the product of trading mistakes, mainly over-trading, was around -8%.
After this unfortunate start for the challenge, there has been a recovery. Since the initial mistake was related to over-trading, the trading frequency has decreased, greatly improving the trades' quality.
The downside to this is the feedback loop is considerably slower, which I've found to have a negative impact on constantly monitoring my performance as a trader so I can identify the areas of improvement I need to focus on since, all things considered, this is still the first approach to the charts after a few years focused in automated trading.
This raises the question... now what? Well, let me introduce you to the plan for 2024!
My day-to-day life prevents me from considering intraday trading, as my schedule allows for, at most, 1 hour of chart time per day. So, the new approach still needs to fit within my day-to-day life.
My approach to trading is to analyze the daily time frame and refine the entry in H4. So, the natural adjustment to make is to analyze the H4 time frame and refine the entries in H1, which will increase the trading frequency, allowing for a faster feedback loop while adjusting the trading plan to maintain the trade quality.
So, that is it! We have great and exciting news for the challenge so we can accelerate its progress!
Until the next trade!
There is some big news for the funded account challenge!
First things first, let's talk about the trade review of the last open trade from Season One!
We've had the EURNZD short trade running for a while. After protecting some of the profits from the second half of the trade, I decided to keep it running as I suspected we could see a break from the support area, which implied a large potential.
Several weeks went by, and the market stuck to the support area, after which strong bullish pressure caused an impulse from the support, reaching the stop loss of this trade a few days ago, concluding the life-cycle of the position.
Great! Now, into the challenge update!
As we have seen, the challenge started several months ago, and the total PL is around -3%. After performing a deep self-review, I came to an interesting conclusion. The initial dip in the challenge experience, the product of trading mistakes, mainly over-trading, was around -8%.
After this unfortunate start for the challenge, there has been a recovery. Since the initial mistake was related to over-trading, the trading frequency has decreased, greatly improving the trades' quality.
The downside to this is the feedback loop is considerably slower, which I've found to have a negative impact on constantly monitoring my performance as a trader so I can identify the areas of improvement I need to focus on since, all things considered, this is still the first approach to the charts after a few years focused in automated trading.
This raises the question... now what? Well, let me introduce you to the plan for 2024!
My day-to-day life prevents me from considering intraday trading, as my schedule allows for, at most, 1 hour of chart time per day. So, the new approach still needs to fit within my day-to-day life.
My approach to trading is to analyze the daily time frame and refine the entry in H4. So, the natural adjustment to make is to analyze the H4 time frame and refine the entries in H1, which will increase the trading frequency, allowing for a faster feedback loop while adjusting the trading plan to maintain the trade quality.
So, that is it! We have great and exciting news for the challenge so we can accelerate its progress!
Until the next trade!
