Hello everyone, a very warm welcome to you to the fifth post of the trading blog, covering my fourth day of trading. Here’s a link to the first post with the background on all this. I’m beginning this journey at the earliest possible start, with a 14-day FTMO free trial.
A quick recap from the previous post: I finished last week with a nice little bit of wiggle room on the right side of the profit target. Although the first three trading days went to plan perfectly, I’ve been reminding myself that it’s probably only a matter of time before I hit a day that doesn’t. After all, it will only take one or two losses to bring me back to the start. My goal for this week was to hold my nerve and hopefully get on board a slightly large move.
Funded Trading blog Day 4
Yesterday was obviously 4th July, and due to the low volume and another commitment I had, I decided not to trade.
Well, I can’t say I didn’t see it coming. In fact, I predicted it so well that I feel like I should’ve bought a lottery ticket instead. Today seemed to bring all of the volume and volatility that never happened yesterday.
Initially, I went long on gold and the position ran into three-quarters of my daily goal. This time, however, I decided to let it play out. Unfortunately, it didn’t do so for the best and hit my stop loss. This resulted in a $4,404 loss.
I reentered at what I believed was the support; however, the market gave way even further, resulting in a $4,795 loss. With the $10,000 daily loss limit in mind, it was at this point that I decided to call it a day. The account currently stands at just over $194,500.
In some ways, it was kind of liberating to have a bad day, not least because this is a free trial and I haven’t lost anything. Plus, I always said that I would be repeating the free trial whether I pass it or not, so it doesn’t change a great deal. Better to fail with fake money rather than real money.
Due to the fact that I only have five trading days left, I don’t think I’ll “pass”. I think the profit target is a little too far out of reach. Nevertheless, there is still a worthwhile exercise and goal ahead of me: to finish in profit, which, on the real FTMO Challenge, would entitle me to a free repeat. Let’s go.