I admit I’ve been off and on with forex. I feel the more you look into investing into things there’s going to be something new that’ll pull your attention. And honestly thats fine. Find what works for you. I’ve been side tracked with stocks. They’ve just been ripping hitting all time highs and the market seems crazy volatile.
But this doesn’t mean I don’t like forex. In fact, forex is still a daily routine for me. I check it everyday and make a trade here and there. And I honestly only trade one currency pair USD JPY. It’s the only one I’m familiar with so that’s what I stick to.
So like I said , I check forex almost everyday since it’s easier for me. I live in Guam and the time zones are just so different to consistently trade in the stock market. The stock market for me opens at 11:30pm and closes at 6am. So kinda harsh for my already messed up sleep cycle. Luckily for forex it’s a 24/7 market. So it fits my schedule whenever I want to pop in or out.
So with forex I make trades here and there. Nothing to fancy. I just find a trend, put my stops and limits out. Normally I don’t set limits as I naturally want to make the most amount of money but that isn’t always the case because I wouldn’t know when to pull out. So setting limits has been my friend.
Another side note my forex account is a lot smaller as I’ve been making a challenge for myself and I transferred most of the account to robinhood to trade stocks. So since the transfer I’ve left $1000 to trade with and my goal is to double it.
Most of my trades are for the full account value with a float of $50. I usually set up a $15-20 stop loss and a $15-20 limit. Kinda silly being 1:1. But I guess that’s what it is until I get more comfortable off reading charts and seeing how certain news events affect the market. So really my goal or “strategy” for my account is to keep making these small wins and hopefully it accumulates. Because if i make money, my trade size compounds and gets bigger with my winnings. I make more when I catch my limits getting close to target profit, then from there I put a trailing stop to lock in profits when it runs or retracts when I’m in the positive.
Now from what I just wrote out earlier, I’m on average making $20 per trade. It might not seem a lot to some people, and it could be seen as a lot to others. If you factor this in, I’m making 2% roughly whenever I trade. Not bad. In my opinion at least. And this doesn’t seem that hard to do on a daily basis.
So that’s what I’ve been finding weird. I’m not sure if I’m just catching a good time or bad time but the Japanese market is very volatile right now since it has hit all time lows since decades against the dollar. I not only buy the pairing, I also short it, so I’m not one track minded, I just try to catch wherever the trend is going.
I noticed my account and I had 6 consecutive wins. I like seeing my winning streak. It makes it feel like a game where I really try to hone in (as it should be tbh, don’t know what i’m thinking). But from looking at the account and my consecutive wins I made $100 this week in July off $1000. When you put that into ROI that’s 10% on an actively traded account. I made some losses in the month of course, but the main thing that has caught my attention is that I made 10% in a week. My account value is sitting at $1137.09 So not bad starting from $1000 for the month.
Just thought this was interesting and to put it out there. Just to show you the power of putting your money to work. I mean I don’t know if I just caught a good time or what and if this is all dumb luck, but I’m up and I’m following the trend whether it’s up or down. However, the fact that I can see my money moving and growing is quite cool even at the amount it is now. Just another avenue to make money.