Good morning folks, I hope you are well!
I’ll admit, I wrote March instead of April… But hey, it’s good friday! (It is right?) that means looaaaaddd of chocolate over the weekend 😀
Anyway, enough joking around!
To keep you folks updated, I still have a scale in order (for a 4hour scale in) on AUD/NZD, I’ll be waiting to see if it gets triggered. I have just added a scale in order on EUR/USD as well but this time on the 1hour. I’ll obviously cancel both of them before the daily close.
One thing that is worth noting is that back in 2020 the 1hour scale in didn’t perform great, however, I know over the 6 previous years it’s actually been rather good. So I’ll keep executing them.
But that brings up a question, should you trust more the more recent results or trust more the overall results?
Short term results are more representative of market conditions while overall results give you a better idea of what to expect in the long term – if nothing has really changed…. It’s a tough one.
In terms of my funded account with 5ers, I have come to a decision.
I’ll risk 0.5% per trade at this stage (where I trade a 40k account) but will decrease the risk every stage I pass by 20%
The reasoning behind it is that the growth in funded programs is rather slow at first. That being said, I also want to get the long term benefits of compounding so I do not want to be dropped form the program once I have passed a few stages. Losing a 320k account would be a lot more impactful than loosing a 40k account if that makes sense.
Anyway, enough talk
Going to keep it short since I’m guessing it’ll be quiet today (bank holiday in the UK I believe)
Canadian Yen is on my watch as previously mentioned
That’s it for today folks!
I’m mainly going to be waiting to see if AN and EU give me a scale in position.
Have a lovely easter!