Pivot #16: I did something stupid...

Here is an update on the recent trading competition I joined.

I shared earlier this month that I joined the MyFundedFX monthly competition. Here is an update on where things are at.

I got disqualified.

So here’s what happened.

I was doing well during the first few days of the trading competition. I followed my gameplan of sticking to one asset class and not trading for more than thrice per day.

But I note that even though I was at a positive space… I was falling behind the ranks. Before I got disqualified, I was ranked at around 108… with the #1 at 30%+ returns.

So I thought….its time to act like a pig and scale.

You would also note from my chart below about the trade idea, which is a reject of the channel down.

As it was playing according to plan…I was wondering why my positions suddenly closed even though it was not violating the minimum loss rule…(so I thought). I even emailed the team to check the reason since I was clueless of the issue.

I violate the maximum lots rule per open trade and I open 15 lots in my trade. The problem was I violated it three times and hence I was disqualified….

Below is the trade history.

And so my September trading competition journey failed….

But was my reflection with this.

Pivot reflection #1 - As it was a competition, I focused to go after and compete… which then violated a risk component of the competition.

In hindsight, I did not just randomly entered trades…there was trade idea to it. And I though to act like a pig to maximise given the idea was materialising. I don’t consider it as a bad thing but more so I was confident with my trade, that I didn’t note of the rule.

Pivot reflection #2 - I was not prepared for the competition…since I did not comprehend the rule.

This was basic, you may shout at me. So, I have nothing to hide here. So now in reflection, I recognize that this slip in reading the guidelines was a testament that I was wrong to think I was ready.

Pivot reflection #3 - I was confident with this trade.

I understand that even though this will be a couple of pullback candle, if this was taken on regular lots, it will still come out as a winning trade. I gave myself a pat on the back for being persistent when the trades where in my favour.

As I wrap up this competition, I met the goal to come out as positive and have not violated my personal rules.

So, I will rejoin the coming October and see how things will unfold. Please keep an eye with this substack!