The last week has been absolutely momumental for me personally, with the birth of my fouth son Cairo, who was born in the early hours of sunday morning 27/03/2011 at 6:45am at East Surrey Hospital, weighing 8Lb and 11 ounces, the arrival of him was a true gift from heaven.
Apart from the anxiety of an imminenet new arrival to the family and the unexpected outcome of all births, the world has seen to be going through a turbulant phase: we have seen in the past 2 weeks a number of significant World wide events that have all sent the financial markets crazy and hightened the risk factors.
We have seen the Invasion of coallition forces in Libya - affecting the USD and Oil Prices
we have seen an earthquake devastate Japan - affecting the Yen
and now we have seen a downgrade of Portugals and Greeces credit rating affecting the Euro.
and also slightly less significant we had the UK budget - affecting Steling
All of these significant events have caused extreme volitilites in the markets - and causing extreme prices and causing the markets to be more challenging to read.
In any event I have started to trade the account and opened the first trade with a winner - ha ha start as you mean to go on. - I decided that I would trade cautiously and prudently and over the last couple of sessions managed to get the account up by 4-5%.
This was all done by trading very low leverage and with very little margin.
My initial game plan for this account was to trade 2 styles with 2 sub accounts - one account would be traded of the 4 hr charts and be for more conservative trading - this would require larger stops and more patience for the trades to mature.
The second account would be for more scalp trading - which was usually heavey loaded trades taken with very small stops - this would serve to compound the account more quickly.
However with only the one account available I have had to combine both stratergies into one - and ontop of all the global risk and imminent arrival of my son has caused lets just say some interesting trading.
also the clocks going forward in the UK and US has also been a factor to throw into the mixer :-)
After aprox four days of trading, I have noticed that the trades that I execute with presice entries and higher Lots I am generally winning and the payout on those trades are higher, and the longer term trades that I generally hit are causing the account trouble in the form of drawdown - this is due to the factors I have highlighted as the market dynamics are shifting and changing and are very unpredictable for long term trades.
As a conclusion I have revised the game plan and will focus more on whats actually winning % wise and what will give us the best results - so I have parked up the 4hr charts and will narrow my focus to the 15minute charts for precision Heavy in and out sniper trades - with stops of around 15 to 20 pips and targets from 30-50pips.
I have managed to bring the account into the black after suffering a drawdown - as I brought the Euro last friday US session - Standard and Poors ( Credit Agency) decided to downgrade Portugal - the Euro dropped almost 150 pips , but found support at a key Level 1.4050, where demand was high, I then used my experience to buy back more at a better price - some people would have never of done that, but I used my knowledge and experience to steady the ship.
So to round up, this has been an amazing week for me personally a bit of a roller coaster, with the new arrival, but things are settled more now and I have had time to reflect on the best way to move things forward.
I actually enjoy trading of the 15minute chart more - so expect great things :-) - I have had to reconfigure my charts to suit this new approach but all guns are blazing and we are ready for battle. :-)
Bring on the next session.
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