My trading goal for 2024

Helloooo! :blush: I guess I’ve found my motivation to trade more consistently next year. And it’s this Sectional Sofa. :sweat_smile:

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It costs around Php 35,000 and my goal is to be able to buy it before 2024 ends with the money I’d get from trading. I’m challenging myself to not use money from my salary, and just really save up all my profits from trading. I’m not sure I can make this happen but at least I have a concrete motivation! :sweat_smile: :pray: Maybe I’ll use this thread as my trading journal for next year so I’m always reminded of my goal. HAHA. Wish me luck guys! :blush:

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Yeah!! Now we’re talking!! I’m looking forward to this!

Omg I love and support this! A tangible goal. BUT how much capital will you start with? :open_mouth:

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You’ve got this Ria! Best of luck on reaching that goal.

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My trading goal for 2024 is to learn, practice, and enjoy. That’s all!

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This reminds me of Modern Family!

Way to go ria-rose. I have an alternative suggestion that may make your goal a whole lot easier. I live in the UK for the past 23 years but I was an expatriate in a few countries during my earlier life, including a beautiful assignment in Metro Manila from where I was lucky enough to work in northern Luzon, Negros, Cebu, Palawan on offshore oil and gas exploration rigs.
I noticed as an expatriate that when most expats were reassigned they had garage sales and sold most of their large furnishings at a song. I have also furnished some let properties in the UK some years ago, and would never buy new furniture from a store, or when I did, it was from a discount warehouse where a cooker may have a scratch or dent down one side you will never see, and they are less than 50% of new price.
So set yourself a target of the maximum amount you are willing to pay for the second hand, expat fire sale sofa, take out a bank loan to pay for it, and use the trading profits to pay off the loan. My target would be a maximum price of 25% of new. For example, if the new sofa were 35,000 Php, I would only buy at 8,750 Php, and get a loan when my offer to buy is accepted. Far easier to target a trading profit of 8,750 than one of 35,000, and you get your sofa quicker too. :slight_smile:

This is real trading. I do it with cars, furniture, sometimes clothes if I fancy a snoop around a posh charity shop near where I live. I bought a brand new suit that still had the labels on it for 4% of retail value. It cost me 4 times that to have it dry cleaned, but it was still a new suit for 20% of market value. I’d sell my own grandmother if I could make a profit on a trade.

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Helloooo! HAPPY HAPPY 2024 GUUUUYS! :blush: I know it’s bee a while since I last posted. I guess I kinda tried to make the most out of the holidays. :sweat_smile: But now, we’re back to work! And I’m currently exploring other currencies since I’ve been advised to be less attached to JPY pairs. :sweat_smile: I had a time when I used to like trading NZDCAD so I’m checking out the chart for that now. :blush:

How are you guuuys? :slight_smile: I missed everyone here! :blush:

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NZDCAD is looking bullish, but I think I’ve missed the opportunity to get in. Price broke through the initial resistance level I set on my chart. :thinking: Anyone else watching NZDCAD?

An hour later, and price has completely moved different. :sweat_smile: Good thing I haven’t had the chance to open a long trade. :sweat_smile: Hahaha. I’m now just waiting for a golden cross to open a short position for this pair. :open_mouth:

@ria_rose Good to see you back, nice sofa!

You only stopped JPY 'cos you listened to someone who even says crossovers don’t work!
Don’t believe everything on BP - even if they do sound intelligent. :grinning_face_with_smiling_eyes:

All the best for the sofa. :+1:

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P.S
The NZD/CAD looks positively horrible and the spread is ridiculous - so good luck with that one!
But, I’m not one to talk, as I only do indices and wouldn’t touch forex with a barge pole. :rofl:

It was said with so much authority, too! I was about to believe it lol

@ponponwei Ha ha - you frightened him away though :rofl:

That was a team effort lol. Besides, he’ll be back for sure just you wait!

If you wanna trade JPY, then trade it. As long as you’re not trading too many correlated pairs, then what’s the problem?

As far as NZD/CAD, or any other pair you trade, I suggest you make your own decision. Do what YOU wanna do. Sometimes, listening to too many people can lead to confusion, instead of clarity.

Hi guuuuys! :blush: It’s been a while since I last updated this thread. The last few weeks have literally been life-changing for me. :sweat_smile: But I’ll try to make up for it moving forward! :smiley: Anyway, I’m now back to looking at EURUUSD cause my friend also warned me about the crazy spread for NZDCAD and how my account won’t survive long. :confused: The spread alone was slowly killing my account. But I’m thinking of still trading this pair on demo until I’m confident enough to trade it on my real account. :open_mouth:

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Stop over-thinking and get down to making money.

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Super sorryyyy! I know I’ve had so many delays, but I’m on it now! :blush: Any other tips and reminders, maybe? :smiley:

I just realized I put my recent trading updates on a different thread :sweat_smile: But I’ll just continue here. :smiley: I’m still watching EURUSD and I’m leaning towards opening a long position once it breaks through my 200 MA. What do you guys think? :open_mouth: Anyone else in on this pair rn? :thinking:

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