Monday, 3 November 2014

30 Day Forex Challenge

You've seen them before... The 30 Day Challenge

30 Day Yoga Challenge
30 Day Gym Challenge
30 Day Abs Challenge
...and so on

30 Day Challenge

These challenges are great for beginners and those looking to get back into the game.  If you already have abs of steel then pick another body part...  but no matter what your ability to pull off just 5 crunches on day 1, it's not about the amount, but the muscle memory, on day 2 you will find that the exercises from day 1 have given you more energy and a new zest for exercise.  Doing is believing!

So how can you apply the concept to Forex?   READ ON
Get Ready for...

The 30 Day Forex Challenge

  • Use a DEMO Account
  • Feel free to adjust the pips as you see fit
  • You are allowed to skip volatile heavy news days for example FOMC, ECB, NFP
  • Don't force yourself to trade.  Look for a setup.  Don't see one?  Check again later.
  • You are not allowed to skip chart analysis.  Every day your goal is to find a setup.
    If and only if you have done your best to find a setup and have not found one, meaning the risk is too great then you are allowed to skip that day.
  • Bad Trade?  No Problem.  You tried.  Skip that Day and continue with the next.
  • Can't always be there when a trade takes place?  Place an entry order!
Remember, it's not about making tons of pips.  It's about making pips, period.  It's about creating a habit, a routine, similar to "muscle memory",  you are training your brain to make trades and feel good from small successes.  Before you know it you'll have big successes!

Start on a Monday (Day 1)

Day 1      1 Pip
Day 2      2 Pips
Day 3      3 Pips
Day 4      4 Pips
Day 5      5 Pips
Day 6      Rest
Day 7      Rest

Day 8      6 Pips
Day 9      7 Pips
Day 10    8 Pips
Day 11    9 Pips
Day 12    10 Pips
Day 13    Rest
Day 14    Rest

Day 15    Your choice.  11 Pips or 2 Trades Totaling 11 Pips
Day 16    Your choice.  12 Pips or 2 Trades Totaling 12 Pips
Day 17    Your choice.  13 Pips or 2 Trades Totaling 13 Pips
Day 18    Your choice.  14 Pips or 2 Trades Totaling 14 Pips
Day 19    Your choice.  15 Pips or 2 Trades Totaling 15 Pips
Day 20    Rest
Day 21    Rest

Day 22    Your choice.  16 Pips or 2 Trades Totaling 16 Pips
Day 23    Your choice.  17 Pips or 2 Trades Totaling 17 Pips
Day 24    Your choice.  18 Pips or 2 Trades Totaling 18 Pips
Day 25    Your choice.  19 Pips or 2 Trades Totaling 19 Pips
Day 26    Your choice.  20 Pips or 2 Trades Totaling 20 Pips
Day 27    Rest
Day 28    Rest

Day 29    Your choice.  21 Pips or 2 Trades Totaling 21 Pips
Day 30    Your choice.  22 Pips or 2 Trades Totaling 22 Pips

It doesn't look like a lot of pips at first but over time they accumulate.  At the end you have a total of 210 pips!

Takes notes and make observations on your losses and successes.
Revisit your trading plan.  Review what you learned and apply it!