Day Four & Day Five - $1K Binary Trading Challenge

$100 to $1k Binary Challenge Forex Challenge Forex Lesson Forex Series Results

So after some frustrating technical difficulties the last few days, there are no recordings (or rather they are limited).

An Overview of Day Four - Binary Trading

Started the day on $234.3, then had a poor morning session which left me down 16.88%. Meaning the second session I was starting on $203.67.

The markets and pairing looked good, so I decided to be a little more aggressive with my approach. This allowed me to get my account up to $286.85 growth of 40.84%.

The last session was very good until last trade which meant I closed on a loss for the session of $9.24. Leaving my account at $277.61, up $43.31 18.48% on the day.

An Overview of Day Five - Binary Trading

Opening up on $277.61 the morning session started shaky but finished strong. Finishing up 3.88% on $285.35. Because of the way the session went I am now thinking of not trading before 9am, moving forwards.

Session 2 was the best session I've had in terms of $ return. Closing out $121.8 in profit which was 42.68% growth.

Then my final session just closed on $475.13, profitable to $67.98 14.13% growth.

Overall day five of my binary trading challenge has been the best. Up 71.15% on the day.

Binary Trading Indicator For Forex Trading

New More Aggressive Approach

It's easy for me to sit here and this new approach is amazing, being up 216.75% in 4 trading days.

However, the truth is there have been a couple of trades which have been very touch and go as to whether they would win or not.

The other truth is that this trading style is very aggressive. With the whole idea being that I only want to make a couple of trades per session, meaning I get more returns for my effort.

The previous approach had been to use a Martingale system to increase my amount placed per trade and to go 3 or 4 levels.

However with this approach by the time you get to 3 or 4 levels your account is at risk.

My new approach is similar but different.

My aim is to get a minimum of 10% return per trade of 2 days ago closing.

So, on day 4 I was aiming to make $16.24 per trade as a minimum, and day 5 $23.43, this is because day two closed on $162.42 and day three one $234.3.

On day one aim for 5% of your current account, until you have profits and been trading for 3 days.

In this regard it is different from the previous approach, however it is similar in that I will go to a second trade. But I will stop at a second trade because stats show me that if I lose the second trade there is a high probability I will lose the 3rd & 4th.

How The Trading Approach Has Evolved...

Previously I would focus on the 1 minute charts and let the indicators do all the work.

However, there is a need to understand what is happening on the bigger timeframes to understand how big a move will be when it comes.

If I am going to be risking my hard earned money on a trade I want to be able to understand the risk.

So now, I am using the 5 minute timeframe on my charts and also using the support and resistance a whole lot more within the 5 minutes.

I am still only placing 1 minute trades on but a lot of the information which is dictating my trade is on the 5minute chart. The perfect trade now comes when the 1minute and 5minute indicators merge nicely.

Hopefully, I will be able to get a video recorded over the next couple of days of this in play.

Tomorrow I will be looking at the charts but it is likely I won't be placing many trades.

Breakdown of Trades...

Day 4 - Binary Trades

Forex Binary Trades - Day 4

Day 4 Breakdown of Binary Trades

Day 5 Binary Trades

Breakdown of Binary Trades Day 5 part 2

Day 5 part 3 of binary challenge - breakdown of trades placed

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