Progress Report #1 (1st-6th Feb)

First week into action...let's find out what progress has been made.

Customer Perspective Q1 Goal

Select TWO exchanges that represent best value for fees and security of funds.

Currently sticking with Binance as the major player in the exchange game as the verification they needed for anti-money laundering.

That said, I can't deposit directly to the exchange which is a pain, to be frank.

One of the other exchanges I was looking into was Bittrex, which seemed prom,ising but further investigation is needed.

CoinMarketCap have a helpful exchanges page which compares exchange stats by different markets e.g. spot, futures and so on. I'm using this to partially inform decisions so I guess we'll see what the next week brings up. Bittrex isn't listed for derviatives so maybe it isn't suitable.

Next week: have another exchange setup where it is possible to deposit directly onto.

Internal Business Perspective Q1 Goal

Purchase and install custom build PC suitable for trading and other intensive activities.

After some research, it's quite clear to be that the intricacies of building a custom PC isn't really something I'm interested in. I've enlisted the help of my brother to pick out some half-decent pre-builds.

Next week: no rush on this but a shortlist would be useful. Have at least one shortlisted.

Innovation and Learning Perspective Q1 Goal

Complete study of Technical Analysis Explained by Martin J Pring.

Cracking on with 30 mins per day as planned. Tracking on this sheet (link).

What have I learnt?

Mostly about triangles, pennants, gaps, wedges, cup and handle and other similar (supposedly) small time-frame indicators. I say supposedly, as the book calls them this but says some of them can go on for years(!).

I also try my hand at recognising them on the charts to the criteria listed in the book. Harder than it sounds, at least to me, now I understand just how many criteria need to be ticked to get a successful confirmation on some TA analysis.

Next week: get to at least p.250 by the next progress report.

Financial Perspective Q1 Goal

Survive - by the end of this period of trading, initial investment should still exist in it's majority and no further capital should have been added.

Can't claim to have done any trading this week, through setting up liquidity and going through verification process. I've ticked a couple of the trading boxes in my accountability sheet as time spent doing the aforementioned.

Next week: 10 trades, no excuses.

See you next week!