Hello and thanks for coming back! This is the first update on the 20$ challenge.
It has been a busy week so the opportunities for me to actually sit down and take the time to hunt for opportunities have been far apart. Nonetheless, I managed to close three trades last week with an overall profit of $22.65.
The lesson that I will be taking onboard from week 1 is to actually, physically write down the signs or indicators that I am looking for so that I can check if the opportunity that I am looking at is actually acceptable for me and this way eliminate a lot of the tunnel vision (as well as better control my psychological and emotional factors and biases) that I might have. This should also help me define and solidify my strategy as I move along.
It is worth reiterating that profit (especially the amount of it) is a secondary factor and I am doing this challenge primarily to understand whether I can rely on trading profitably longer term. Low sums help me keep the emotions at bay and instead should help develop reflexes when it comes to identifying good entry points with good risk/reward ratios, placing stops immediately and identifying points to take profit. Essentially, I am training my brain to stop looking for a lucky lottery ticket and instead focusing on running a successful lottery business where odds are on my side.
In the end, even if a trade ends up being a losing one, there is something to learn from it and I hope that what I share will be of some use for you.
To sum up, here are a couple of key parameters of Week 1:
Trades:
Stats:
Links to trades of Week 1:
https://steemit.com/cryptocurrency/@andrius1/live-trading-2-xlm-elastic-band-effect
https://steemit.com/cryptocurrency/@andrius1/live-trading-3-steem-elastic-band
https://steemit.com/cryptocurrency/@andrius1/live-trading-4-xlm-losing-trade
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