As I have said before it is my target to get from around 1588 USD to 2000 USD by Christmas. When I decided to undertake this challenge a few days ago I had 412 USD to go, 12 trading days in which to do it and a daily target of 34.29 USD - doesn't sound like too much but it is difficult as some days (like yesterday) can pass due to unexpected fluctuations in the market with little or no profit and occassionally even a loss.
I suffered a loss of all of 2 USD last night due to a negative rollover (a fee to maintain an open position; it can be positive, so you get paid, or negative, you get charged) on every one of my positions.
Anyway on Monday the 10th when I began, I was able to hit the target and infact over shot it by a few dollars. Check target one of twelve.
On Tuesday I missed the target by a couple of dollars, but the previous day's overshoot made up for that so no problems. Check target two of three.
Wednesday... Today I was AGAIN expecting the GBPUSD to go down (i.e. from 1.61 down to 1.604/1.60) as it had been rising gradually the two days before and some US economic figures were due out. Alas it was not so and it continued rising through 1.61 up towards 1.615 (1.617 at it's peak). My positions collected together were over 1,000 pips out, with each pip being worth between ten cents and a dollar... EACH PIP! I was almost in despair as I saw my "profit/loss" section go down past -100 USD, -300 USD.... At it's worst it reached -600 USD. I was very worried as it occured to me that I had simply repeated the exact same thing that had happened to me before/during the US election and I was kicking myself, wanting to close my positions that were costing me money every second as soon as I possibly could. This was how Wednesday ended for me unfortunately, waking up this morning to an account with massive negative numbers plastered across it... Suffice to say, I made 4 USD Wednesday and it was shit but a profit nontheless.
Please note, that I am never ever eager to close a position at a loss because many times, a position will go into a larger loss before coming into profit. You start off at a 2.2 ish pip disadvantage in trading through my particular broker and you have to make that margin up before you can profit. Quite often you move further away from that before moving into profit - I think this is just to do with poor position timing (not placement).
So Thursday, was still rubbish until it came to approximately 1700 GMT (1200 EST) when the market had been fluctuating all day between 1.615 and 1.613 (little fluctuation) and had calmed down. Just to suddenly crash thirty pips in less than a minute... I am still unsure what caused it but it dropped and brought me into profit on a few of my positions - unfortunately I was out at the time and unable to fully compute the situation but I closed for a profit at just the right time and was glad to close over half of my units for a profit. I still have to make up for yesterday's target miss but I will try to do that next week, I want to close all my remaining positions before the weekend (ideally). SO in the first week of my challenge, I have made around 90 USD of headway into the target and am determined to make it all the way!
Wish me luck and let me know what you think of my challenge by tweeting at me @fxamateurtrader or messaging me on here or leaving a comment, I don't mind which but will endeavour to reply to everything I can. I know I have written a lot but I appreciate all the support and thanks for reading!
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