- User Case Study:Week 6 of using Forex Source - March 19, 2020
- User Case Study: My Daily Routine using Forex Source - March 13, 2020
- User Case Study: Week Four Of Using Forex Source - March 6, 2020
Hey, guys and welcome to another weekly trading video. Since we started these videos, we have seen some really, really good returns on the portfolio. We just broke the 30%. Really, really good.
So at the moment, we are here 30% on the portfolio, I’ve taken you along the whole journey, I’ll talk exactly what happened in the last two weeks. The last time we talked was somewhere around here which since then, we’ve seen a little bit of a bumpy ride and I’ll get right into that in this video.
First, I’d like to talk about this section right here. I’ll tell you that this half right here is like last week. Now what happened is that I got really sick and since Forex trading is something you can do from your house, from the comfort of your room if you want to, I was trading anyway and I was trying to keep up my same process that I usually do.
I noticed that my consistency immediately started going down. I ended up having like three consecutive days of lost trade after lost trade after lost trade and this has never really happened to me before but I also haven’t been sick in the last few months. I realized that if you have somewhat of a cold or a fever and you’re not feeling 100%, at least personally with me, and I think I wouldn’t be the only one to say that but it messes with your psychology. It messes with your trading ability.
It could be that I took these trades because I was maybe a little bored so I was how do you say? Trigger happy. I’d make a trade and then it would go the wrong direction and after a couple hours, I would see it and I’d notice that my facts were wrong. There were mistakes and I had to cut them at loss for a couple days while I was feeling really bad and then I realized at that point that you can’t do that. So I closed my trades and I didn’t do anything else until the next week.
But then the moment this week started, it all turned around and it started just being positive. This week, I had four really quite big successful trades and I had a couple of minor setbacks. This is still regarding the UK elections.
So on Tuesday, they were gonna release a YouGov poll, which as I’ve mentioned in previous videos, is like very reputable. In previous, the YouGov poll had shown a significant majority of seats for the Conservative party, higher than the Labour party. And this had boosted the pound into optimism for I wanna say maybe even a couple of weeks ahead of the elections but then fast forward to this week on Tuesday, we got a new and updated YouGov poll.
I was waiting for the news to come out. I was preparing my different currency pairs that I would wanna trade. So pretty much depending on the news, I would pick a certain currency pair to go for it. I was always gonna do a pound/US dollar and I was gonna pick either the pound/Australia dollar or the pound/yen base on the current risk sentiment of the market.
The moment that I got the news, I managed to place a short trade on the pound/US dollar and on the pound/yen and then when the news, the headlines finally hit the wires, you can see another reaction which happens right there. There we go.
We got the news relatively early based on what the market’s reactions were which continued like this for, I wanna say maybe at least a half an hour after we finished. So this is a place where you enter the short position and over the next minutes, you see the market reacts pretty violently to the news and we managed to secure in our position right on time. And what I can thank there is the market commentary coming from Forex Source as well as the Squawk.
Let’s fast forward to at least what I recorded here on the screen. And we’ll see that the price continued to drop, to drop below. Now, here, just in these two trades, at this moment right here, we can see about a 3% on the portfolio gain which was, I wanna say a little bit too easy. It feels easy but that’s the benefit you get from being informed. It’s from just being there.
The same way I did this, I managed to handle several different news throughout the week. That’s specifically that’s this one but it’s all of them worked in a little bit of a similar fashion. Some of the trades I do take which tend to be pretty successful as well as just waking up and following the day’s current dominant sentiment. You can find this here in the Forex Source terminal. You go into the Market Insights and also, several times a day, they post dominant currency sentiment.
For example, on Friday…They say although the pound remains the strongest currency on the day, today’s European session has seen the currency continue to pull off its election inspired gains. So with there, you can kinda say, all right, the strongest mover of the day is the British pound but you can see there that maybe it’s not a good moment to trade or perhaps it’s just a retracement and it’s a great moment to trade. Those are all things that are left to the trader’s discretion.
The context that you get from the terminal is really, really that good.
The main major opportunity that did happen this week was the result of the British elections based on the exit poll. The market had a crazy reaction to it. Unfortunately, I was driving at the moment. I couldn’t really act on what was happening. And just to show you on what I actually really kind of missed out on. Something that I could have caught the same way that I did the last trade with the Audio Squawk, it was moving sideways for really quite a long time and then suddenly at 4 p.m., we see a huge candle and we can see that in total, the move was of about 400 pips.
This is pound/yen and it moved in a similar fashion pretty much across the board. How could we have been able to trade this? In the same way that we got news relatively early from the Squawk, what I did is I was driving so immediately, my phone started blowing up with notifications and I was like I have to get in on this so I pulled over and I managed to place a trade.
I wrote it up to pretty much the top and this is one of my final trades that you can see right here. It was also really quite good. But nowhere near as good as it could have been if I would have caught it, let’s say down here which is what realistically would have happened had I been tuned in. So that was quite a shame but anyway, I managed to get some profits out of it so I really can’t complain.
So anyway, that’s a quick summary of my last two weeks of trading. First, if you’re sick, if you’re not feeling well, stay away from your account because it causes more damage than good. And secondly, don’t be driving when the election polls close because you will miss out on the biggest opportunity that’s maybe been in this entire month. It’s the biggest, easiest trade that you could have taken and I missed it which sucks but what’s beautiful about the Forex market is that next week, the focus will be somewhere else and we will see some new moves and definitely some new trading opportunities.
I’m extremely excited with how my account is growing right now. Like you can see I’ve made some projections for yearly returns based on my performance over this last month and it is astounding, astounding. Very exciting.