Trade Your Way To 70k – Week 1 Round Up

*A quick recap of my first week of the FTMO trading $100k trading challenge*

The weekend is now upon us and I hope you all had a good week. This post is going to be fairly short and sweet as I only started the FTMO trading challenge phase part way through this week. I am going to talk you through how I have found the first few days and what trades I have taken and what positions I have open.

Before I begin, as always… all my technical analysis is done on the fantastic TradingView platform which can be found via the link below. I do highly recommend it to anyone in need of charting software for all financial instruments from FX currencies to stocks and commodities.

https://tradingview.go2cloud.org/SH3bP

TradingView Platform

I have already written a blog post explaining what the FTMO trading challenge is and if you haven’t already seen it then I recommend you do. It explains what I am doing, what rules and targets are in place and also how you can get involved too! Click here to go to read the blog post.

As it stands, I am currently up just over 4% in my first few days of trading the FTMO $100k account challenge. I am over the moon about this because it means I am almost half way to the target profit that I must reach within the first 30 days. However… it has not been an easy few days.

The trades I have taken so far are as follows:

GBPJPY Long – breakeven trade

Gold Long – breakeven trade

GBPJPY Long (2) resulted in a -0.77% loss

NZDJPY Long resulted in a -0.45% loss

GBPJPY Long (3) resulted in a -0.8% loss

EURAUD Short resulted in a -0.59% loss

EURNZD Short (day trade scale in position) resulted in +0.8%

Current open positions:

Gold Long – executed @ $1274.55

Gold long position

FTSE100 Short – executed @ 7355

FTSE 100 short position

EURNZD Short – executed @ 1.71780

EURNZD short position

EURCAD Short – executed @ 1.50570

EURCAD short position

Key points to note:

Across all open positions I have 5.7% profit floating and 3 out of 4 positions are now risk free. I am looking to take these positions in to next week and look for possible scale in entries to capitalise further.

I stuck to my entry criteria on GBPJPY but unfortunately this resulted in 1 breakeven trade and 2 losing trades which is not ideal but the power of reward:risk ratio has carried me through. If anything, I am actually under exposed on many positions because I am still getting used to position sizing on this amount of capital.

It also took multiple attempted to buy Gold before I eventually caught the break out of the recent consolidation phase. This is not a problem because I didn’t lose any of the FTMO capital but it did test my patience.

For those of you that haven’t read it already, I have written a full blog post on risk management and exposure control and you can find it via the link below:

https://diaryofafinancekid.com/2019/04/26/risk-management-how-to-calculate-and-control-your-exposure/

I still have over 3 weeks left of the challenge phase to reach my required profit target and stay within the defined rules. Risk management has been no issue for me so far and I think the only part of the challenge I will struggle with is the minimum number of active trading days.

I look froward to updating you with my progress next week. Have a good weekend and please don’t forget to LIKE, FOLLOW and SHARE my blog to stay up to date 🙂

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close