I am actually impressed by your knowledge Matty. The way you are doing your trading is really amazing. Also, I believe you have worked a lot on studying about it. Can you also suggest some good study platforms for trading so I could know more about it?
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@laboredhoat thank you the kind words.
However, it probably looks more impressive than it really is, Some of it works out but some of it also end up out in left field. Most people won’t post their analysis for fear of being wrong, but right or wrong, I find it very enjoyable.
I cannot be of much help suggesting where to look for education. There is a lot of free sources out there, some are helpful but some are just trying to rope you in to a subscription, which is not a bad thing if you’re learning from a reputable teacher or course. Everything I know is from experience, the advice of some great BP members, and from many, many free sources around the internet.
Here’s a chart I made up detailing what 3 different size accounts would look like when compounded an average of 6% per month for 5 years. At 6% the account essentially doubles each year.
With patience and a good strategy, these numbers are not beyond reach.
I use this same chart (different starting amount) to track my progress. However, I don’t pay too much attention to the daily goals, I just put them there for curiosity purposes.
$1,000 Account:
$5,000 Account:
$10,000 Account:
Exact, and that was my expectation 8 years ago.
The problem is that I don’t know any trader able to do that.
You can do 6% a couple of months per year but not on average.
Today if I am able to do 1% per month I am happy.
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Britain and the European Union (EU) have agreed an historic post-Brexit trade deal
Should see a strong EUR & GBP on open Monday.
EURCAD 1D: Price has been ranging and is at a resistance area. Paired with the bearish engulfing candle makes for a decent entry signal in my book. If it continues within this range then we should see some downside.
EURJPY Daily: Price is sitting at a strong level. Perhaps we’ll see a weakening EUR to ring in the new year, which would validate both of these setups (see previous post EURCAD).
Weekly: You can see this level goes back a long way. Even further if you zoom out more.
This trade worked out well, EUR has weakened today. Closed this trade and set another sell order just below that candle.
AUDUSD Daily - This pair is still on top of the strong/weak rankings. I hope you all held on, or bought the dip:
USDJPY Daily: Lots of action today, but price is still respecting that wedge. I’m short on this pair:
EURCAD 1D
Picked up a bit of steam Thursday & Friday. Might get a couple more good days out of this pair:
EURCHF 1D - Nice bearish candle formed today with price bouncing off a strong resistance area. I expect it to continue down next week:
Here’s a weekly view of that strong resistance level:
I wish I held on to this one longer. I was taken out because I moved my SL to BE too soon. I might get back in today though.
You don’t have to find the pair each time, just focus on one or two pairs and keep a track of them. I think I am taking your question in the correct way?
Not the best strategy, trading the 2 weakest currencies. Oh well, it’s slowly moving in my direction:
Oil is projected to rebound this year:
“ After suffering a pandemic-induced demand shock, the oil industry is expected to recover on the back of stronger demand, lower supply and greater clarity around energy policies, according to Goldman Sachs Research “
