October/Halloween FX trading wrap

A brief summary of what’s been happening on my trading front the past three weeks.

Trading Performance: Over the last three weeks, I took 18 reversal trades in Felix’ trading room, with a net loss of 1R.  October has been a more challenging to trade compared to prior months.  Am getting quite well into the routine of monitoring for setups, managing open positions and reading the charts in the way that Felix does.  Good progress.

4-Trader Working Group: This coming week, four of us trading room members, all based in the greater London area, are getting together for a 1/2 day working session – where we will review all our trades taken in the room and try to figure where we could be improving in following Felix’ setups.  Am looking forward to this – I do appreciate being in London, where it’s often fairly easy to meet up with other traders.

Another Reversals Strategy: I have also returned to working on a reversals strategy that was taught to me quite some ago by Paul Wallace.  Executing the Felix reversals strategy has a lot of overlap with the prior strategy, so I thought it’s a good opportunity to carry on with where I left off with the Paul Wallace strategy some time ago in 2017.  Have been taking some trades on lower timeframes on the DAX and US30 over the past week, obviously with lower £ risk and trying to develop and beef out the strategy parameters.  Fingers crossed.  That one I am intending to trade on lower timeframes (15 minute bars and below).

Trading less than full-time: It’s continuing to be the case of juggling the trading work alongside another fairly stressful work project, but it actually seems to work better that way.  Having an income stream from elsewhere seems to reduce the pressure on my trading activities.  Thankfully the other project is also mostly done from my home office – so I can actively monitor the charts throughout the trading sessions, if need be.

Networking: Am continuing to interact with other traders as often as I can.  That always seems to be a good approach.

Medium-Term Goals:  Most weeks I am continuing to increase the financial risk I am allocating to each trade, currently it’s at £350 per trade.  As the trading sessions into weeks, and the weeks into months, the idea is that if I continue to eek out profits most week, and more so, if I can add 1-2 other strategies to the mix, that trading will start to provide a meaningful income stream.

Hence, all in all, the trading seems to prodding along in a reasonable manner.  It continues to be slightly profitable.  More so, I am happy with the way I am trading – in terms of discipline, professionalism and sticking to my rules.  Clearly I don’t get enough time to blog these days, or maybe it’s a case that I don’t have a lot to say/write at the moment.

Happy weekend all!  And remember …. it’s Halloween!!!




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