Wins and Losses
Mixed day, some wins and some losses. I'm still learning.
Separation of Concerns
I am trying to be more organized with the prop firm challenges. In an effort to keep things more simple and to help avoid over-trading, I am going to focus on trading stocks with Upcomers and Forex with 5ers. I’m not going to copy trades across the firms and am going to be mindful to follow all of my strategy rules. My goal is to consistently apply the strategies to the instruments I’m trading through the wins and losses.
Supply and Demand Bust
I have lost 3 positions in a row using a Supply and Demand zone strategy. 1 of the losses was because I did not properly account for the spread and was quickly stopped out with a tight stop loss. I am also not sure if I am applying the strategy correctly. I haven’t backtested Supply & Demand zones rigorously enough to trade them live yet. It is clear that I need more practice with it before further live trading. I will continue learning more about it and improving.
Bollinger Bands and Fibonaccis
That leaves the Bollinger Band and Fibonacci methods I have been learning. I have had more success with these methods and feel comfortable identifying the entry signals. I am going to focus on trading these two methods with forex pairs on the 5ers Bootcamp and get this account back on track. As of this post, the account is at $5017.75. It is in the green, but I have not yet reached the $5300 target to progress to the next stage.