Hello Traders!
I have now officially passed my FTMO funded account challenge and now have the account details to trade and actually make some money!
It’s been a bit of a quiet week but progress has still been made, let me walk you through it.
(Tools I have used this week are featured at the bottom of the blog, including discounts!)
Trading Performance
As I still needed to hit the trading days target in order to actually pass my phase 2, I spent Monday to Thursday placing micro trades.
No need to wait for setups – just simple trades with a lot size of 0.01, placing the trade and getting out.
Then, on Thursday, a couple of hours after placing the final micro trade, I got my email saying the contract is ready to sign.
I signed it and later that day I got my account details.
This meant that on Friday, I was ready to start trading again.
Friday was a tricky day because there was a trade and I did take it but I had to “break my rules” and close my trade early.
The reason for this is that French & German Flash PMI news was coming up.
Now, because I have backtested and have data on a Flash PMI day, I know that it’s in my best interest to probably not trade these days but I was already in the trade prior to knowing about the news event.
(A sign that I should probably check the news calendar prior to session start)
So, I decided to close the trade early for a small profit (expected profit per trade is around $800, expected loss is around $250)
Yes I technically could have left it running and that’s likely what I would have done in backtesting (which would have resulted in a loss) but today was not the greatest day for me to be thrown into this situation on the first day of my new account!
Either way what’s done is done, and it just adds to the data for Flash PMI days and how they probably should be a no-trade-day.
Mindset
Overall I’d say it’s been on the negative side this week.
I would like to conduct more backtesting but I have zero urge to do so.
I’m not entirely sure why but I think it’s because a lot of my focus is on recently passing the FTMO challenge and now being able to actually make decent money, so my mind isn’t interested in any theory or data gathering – except that of which can be gained via live trading.
Hopefully, this will pass with time because I still want to aim for data gathering via backtesting in the week as well as general revision to keep my mind sharp. In the meantime, however, I am fine with just sticking with live trading (it’s just been a bit of a tedious week when I can’t really live trade and have no desire to backtest), but it will pass.
Key Takeaway for the Week
It’s okay to take a step back from trading once in a while, no need to force your mind to do something.
It’s very likely that if you are not interested in conducting backtesting or re-watching theory videos then it’s probably burnout for that specific subject.
Looking back at the data I have gathered so far, back in August, September, and October, I spent a total of 38 hours backtesting. 38 hours which generated 5 months of data and 83 trades.
I think a break is well deserved so no pressure needs to be placed for not doing it at this stage.
It’s also important to note that I will spend all of December and January backtesting as the market is generally slower (low volume/volatility) in these months.
Progress is always being made.
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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!
