Tiny Trading Account Challenge Day 2
January 9, 2018
On the second day of the Tiny Trading Account Challenge I focused on building a cushion on my trading account. The Forex market continues to show a nice range of pip movement presenting an opportunity for me to gain some additional profits, so that when another choppy market cycle rolls around I can scale back on my trading activity.
Actions That Contributed to a Profitable Trading Day
I chose to take trades across all 3 Forex sessions. This worked out well, because sometimes the trade setups that form during the New York session don’t follow through to the next level of major support or resistance until the Tokyo, London or even the following New York trading session. Knowing this, I decided to enter some trades during the New York, Tokyo, and London trading sessions with the expectation of some of them being closed prior to the end of the upcoming New York trading session.
As expected, I realized profits on a number of trades before the start of the New York session. Icing on the cake was that I’d generated enough profit from those trades to hit my daily tiny trading account profit goal. At this point I could have stopped trading, but for reasons mentioned previously I decided to carry my trading activities into the New York session.
Although the opportunity was there for me to gain significantly more than a $22.51 profit, this is Forex that we’re talking about, which tends to be highly volatile and I’m trading on a 1:50 leverage account, which can work for or against me as a trader. I choose to use leverage to gain small incremental profits towards my $100,000 goal.
To see a review of some of the trades that I closed during Day 2 of the Tiny Trading Account Challenge watch the following video.