Hello Traders!
I hope you had a great week.
My week was not so great. Recent geopolitical events caused a disruption of not only price action, but also my psychology.
Let me explain.
(Tools I have used this week will be featured at the bottom of the blog – including discounts!)
Live Trading Info
EURUSD
London Session
FTMO funded account start balance = $50,000
Risk per trade = 0.5% of account balance (x)
Take profit target = 3.3x risk per trade (y)
Risk:Reward ratio = x:y
Trading Performance
Monday & Tuesday – no trades
Due to what is happening in Iran currently, it caused the USD to get significantly stronger which caused a freefall on Monday and Tuesday without pulling back to an area of value to trade from.
The news from the war was tipping my psychology negatively too, since I was concerned that this increase in volatility was another “set-back” / spanner in the works that’s slowing down my path to profitability.
Wednesday – avoided 2 losses & 1 no-tag
Fortunately, I had good psychology and focus for this session and that helped me avoid 2 low probability trades.
However, there was still decent volatility and this caused price to move impulsively and not tag me into a position (for which I was correct for its direction so slightly annoying it was a no-tag)
Thursday – 1 loss
I had gone back into a negative psychological spiral today. Not exactly sure what caused it but I know I was not focused since I was spending a lot of time on my phone which took me away from actually reading the charts & being patient – which led to a loss.
This loss made me quite frustrated, probably because I know it could have been avoided had I been focused since it was a low probability trade.
It was also a big blow to my psychology as my funded account is now down to -6%.
I didn’t trade for the rest of the session after this loss and frustration to save me from doing something stupid. I journaled my thoughts and came up with solutions as to how I could train my focus muscle better, my best solution is to take regular 5-minute breaks – stand up and walk around for a bit.
Friday – Non-Farm Payrolls (NFP) = no trade day
High impact news day so I do not trade since price action tends to not respect the mechanical framework on this day, even prior to the news event later in the day.
Key Takeaway for the Week
Despite what is happening geopolitically, it shouldn’t really concern me since I am a price action trader, not a fundamental trader. I can see when it’s good to take a trade vs when it isn’t, providing I am focused.
Since my session is so long, I have never really considered how the human brain can’t really focus for an extended period of high intensity so it would very likely be in my best interest to let it have a break. This break must not be an excuse to sit and doomscroll on my phone! I just need a 5-minute walk around / stand-up every 30 mins from 7:30am – 10am.
However, I have had sessions, such as Wednesday this week, where I can sit and be really focused. So perhaps I can pick and choose when I do this and hopefully I can recognise that when I eventually get distracted by my phone and end up doomscrolling.
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As promised, here are the tools I have used this week and a discount code for Magic Keys:
- Magic Keys (for 25% off, use code: MKMETEORTRADINGFX)
- TradingView
- FTMO (funded account challenge)
Check out the Tools page for more info
Thank you for taking the time to read this blog post, it means a lot to me.
See you next week and happy trading!
