Challenge Update Week Nr. 7
Last week was a special week in my life. I was in Egypt last week to visit my grandmother since she is on her end. Unfortunately these things happen in life and they get you off track but it’s just inevitable. It was an emotional visit where many tears were shed. I saw my grandmother and to be honest I got that fighting mentality from her. And I’m proud to say this.
As you may understand I wasn’t completely focused but I did my best to achieve something positive last week. I must admit there were many good things that happened to me. Obviously I saw my grandmother and could say goodbye to her. And I saw my nieces and their families which was very nice as always.
Financially the week started well with a sale on eBay of a digital product I’m selling. This brought a nice $200 additional income. The foreign exchange wasn’t all that interesting this week although I was stuck first and recovered later on. So let’s look into more details of all the happenings of last week.
What Was The Bad News?
My foreign exchange robots were not treating me very kind last week. They opened 2 BUY EUR/USD positions with a lot size 0.11 each. After being in profit for some time they turned their backs on me and turned into loss positions. After one day they both hit their stop loss level. It created a substantial loss of $79.32. Ouch. That hurts but okay, back to the drawing table.
After begin depressed for some time my forex robots came back to the market and opened a SELL EUR/USD position with a lot size of 0.13. This trade went the right direction immediately which was nice since I needed some good news to save the week. After the week ended the trade closed with a profit of $84.89.
When we deduct the $79.32 loss from the $84.89 profit we have a very small profit of $7.86. It’s a very low profit but better a very low profit then a loss right. I have set a stop loss of 5% per trade of my bankroll. This is quite a risky play but I must since I’m on a big challenge. I’ll be weeding out some of the bad robot’s since some are underperforming.
I must learn more about how to use Strategy Quant and Quant Analyzer to spot underperforming robots as fast as possible. But I’m still in the learning process and until now I’m satisfied with the progress. Sport wise it’s not going well at all. I completely stopped my sports since I just haven’t got the time the last few days since I’m caught up in work. And also documenting my accounting part of my challenge isn’t going how I want it to go until now. And I’m also spending to much money so I need to start budgeting better.
What Was The Good News?
So the good news was that I had a $200,- sale on eBay. That was a very simple, quick earning on the first day of the week. The guy wasn’t very difficult and bought my product without very much questions back and forth. So I had a happy start of the week.
Something else that was positive was that my forex robot saved my two losing trades and turned the whole week into a small profit. I was very happy since otherwise I would $79.32 in loss. And I hate losses.
Another positive point of this week was that I got two days of labor work bringing in $250,- which is a nice payment for 2 days. Not great but also not bad. So basically if I include the eBay sale and the small profit on the foreign exchange my total profit for the week is approximately $460.
So What Was The Solution To My Problems?
This week I’ll be learning more about Strategy Quant and Quant Analyzer. There is urgency in doing this since I don’t want to lose money although in the trading world it’s inevitable every now and then.
I’ll be picking up my sport as soon as possible again since exercising felt good and waking up early gives me more time inside a day. My accounting must be improved more and revamped so it’s future proof. I’m continuously expanding it and it just must be challenge proof. That’s what I meant.
And last but not least, I must start saving more and spending less. Next month I’ll be going to my wife in Tunisia and after this I’m going to work and invest full throttle. I want to double my net worth the coming month’s on a monthly basis so this means I must go all-in! That way I can lower my net worth growth rate from 24.5% to maybe 10% -- 15% which will be easier to achieve.
Basically I’m not satisfied and not dissatisfied. It’s was an okay week which has so many parts that need to be improved. Basically that’s the nice thing of this journey since improvement is vitally important. I saw a video on TED Talks lately and it was called How To Achieve Your Most Ambitious Goals. And I wanted to share it with you since I loved it so much I think it’s worth sharing here.
So what do you think? Did you think I did well? And do you know where I can improve or how I can improve my accounting part? I love to hear your suggestions. Maybe you have a nice app you use that could be of benefit to me too. I’m waiting for your comments and let’s get the discussion rolling!