11 weeks into 2020, and my balance is at $137,700. This is encouraging to say the least. 38/11 = 3.5% a week. The strategy is staying the same. The last couple of weeks have been rough, so this week was refreshing. I placed both trades one after the other. When the sell of GBPUSD ended up positive, I started to look at the USDZAR trade more closely. Coming from a rough week, I wanted to end on a positive note. Once I had gone beyond 4% profit, I jumped out. In retrospect, it was a good decision because the ZAR switched direction within the next hour, far from hitting my TP, but instead went all the way up to my SL. I had placed the trade incorrectly again. The ZAR moves hella pips, and I had a lot size that would have destroyed my account if the trade went south (north?). That being said, it pays to watch when you have time as a swing trader. I was in and out within 4 hours.
Onto fundamentals. European Central Bank (ECB) put out a lot of important indicators today including: Deposit Facility Rate Decision, Interest Rate Decision, and Marginal Lending Facility. These 3 are released monthly. Personally, the corona virus's impact is more interesting to me considering the effects on airlines, trade with China and Europe, lay offs, and the media storm. I'm looking for big volatility across the board. That will be next week for me though as I've done my 2 trades for this week.
The current book I'm reading is Trading Systems and Methods by Perry Kaufman (5th ed.) 2013. It's deep into technical analysis, so I'm familiar with everything so far, about 1/5 of the way into it. I can definitely feel the difference in applying strategies, and actually creating a plan of action. Book #42 is almost through.
