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Today was a pretty quiet day, just like yesterday, for the large part of the day. The major pairs were trapped in a narrow range of about 30-40 pips. However, from reading the price action, I was pretty certain we would be seeing more upside. Adding to my longs from yesterday, I had about 20 lots on the EUR/USD.
After hitting my first TP, I went long 10 lots on the GBP/USD, staggering the 1st and 2nd TP to maximize my hitrate and lower my risk. The markets were rather quiet after dinner so I took some time off to do some Christmas shopping.
At night, both pairs broke out, and my 2nd TP for GBP/USD was hit. the EUR/USD was showing signs of price weakness, so I decided to take my profits and call it a night. I ended the day with an average of roughly 50 pips on 20 standard lots, which amounted to slightly more than 10k. I am still adapting to wider swings in my P&L, and I will continue to increase my trading size.
Note to Mentoring Program Graduates:
Work on the easier setups, and aim to find one or two good trades a day. Work on getting a high hitrate, and do not be afraid of letting the winners run. One good swing can make you more than many days of small profits. Take small victories, and make sure you catch these windfalls too.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.