Today’s Market Overview and Challenge Update
I’ve completed day 4 of my Dominion Funding challenge, aiming to grow a $12,500 demo account by 10%. While today brought both struggles and victories, I managed to end with a 1% profit despite some serious risk management mistakes.
Early Session Market Analysis
Starting my session earlier than usual, I focused on Gold and GBP/JPY setups. Gold had formed lower lows and lower highs, suggesting a bearish market structure. My analysis indicated potential selling opportunities, but timing would be essential.
Trading Decisions and Their Consequences
Would you believe I made my first essential mistake by taking an impulsive counter-trend entry? Rather than waiting for proper confirmation, I jumped in early and quickly found myself in drawdown. Even worse – I removed my stop loss, breaking one of trading’s cardinal rules. This is especially upsetting since I just did the same thing yesterday. 🤦🏾♂️
Key emotional moments from today’s session:
- Nerves racking as I watched my position go deeper into drawdown
- Relief when I finally decided to exit the losing trade
- Renewed focus when spotting the proper entry setup
- Satisfaction at executing the recovery trade correctly
- Pride in ending the day profitable despite early mistakes
The Recovery and Redemption
After taking my loss, I spotted a much cleaner setup with proper confirmation. The 30-minute candle closed bearish at a key level, offering the entry I should have waited for initially. This trade quickly moved in my favor, allowing me to recover the earlier loss and secure a 1% gain for the day.
Essential Trading Lessons
Today reinforced fundamental trading principles:
- Wait for proper confirmation before entering
- Never remove stop losses
- One good trade is better than multiple messy ones
- Stick to your trading plan
- Always prioritize risk management
Challenge Progress Status
After 4 days, I’m up 1.74% ($217.22) on the challenge, representing 17% progress toward my 10% goal. With two profitable days logged, I need one more to satisfy the challenge requirements. I’m taking tomorrow off to review this week’s trades and strengthen my trading plan.
Magic Keys helped streamline my trade execution today, though I need to work on my discipline in using its features properly. The platform continues to prove invaluable for quick, precise entries and exits.
Looking Ahead
Next week, I’ll return with improved focus on patience and proper trade confirmation. Today showed both how costly mistakes can be and how proper execution can lead to recovery. My journey through this challenge continues to provide valuable lessons in both trading mechanics and psychological discipline.
Want to join my challenge journey? Get your Dominion Funding account today and work toward securing a Funded account. I’m slowly progressing my way through the ranks, so if I can do it, I’m sure you can as well.