Progress Report #3 (14th-20th Feb)

Diving straight in, as always...if you'd like context, have a read of the oldest available articles on this blog. Habit tracking is on this sheet (link).

Customer Perspective Q1 Goal

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

This weeks goal: have another exchange setup where it is possible to deposit directly onto.

I didn't need to take any action for this as Binance finally enabled Faster Payments again. This isn't really a goal anymore so I'm marking as complete.

Next week: have a demo account setup so that not all trades have to carry monetary consequences.

Internal Business Perspective Q1 Goal

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

This weeks goal: get an opinion from the brother on this PC I've found. See if the specs make sense to him.

I sent him the PC and it turned out that he'd done some searching around and agreed that my selection was the best balance for price and performance. It's a HP OMEN GT12-1049na:

Looks smart, AMD Ryzen 7 Processor, 16GB RAM, 1TB HDD + 256GB SSD, and GeForce RTX 3060 Ti. I'd rather it in white to match the study better but it can stay under the desk if it's really a problem!

Don't need to do anything to progress this goal but get saving, apparently money is needed to purchase items from retailers - who knew?!

Innovation and Learning Perspective Q1 Goal

Complete study of Technical Analysis Explained by Martin J Pring.

This weeks goal: get to at least p.250 by the next progress report.

Happy to say that this weeks goal was completed (almost). I've stopped at p.246 as it begins a new chapter on momentum which is divided into part one and part two - a meaty subject.

Why stop, though? It's become apparent that I'm trading with very little thorough analysis. I think this is because I haven't truly understood the material I've learnt so what I'll for next week is focus on a chapter I've already studied. By focus, I mean apply what I've learnt to the charts.

Next week: cover a chapter across two days. Apply what has been studied to charts and do a write up on this blog. By the end of the week, there should be 3 posts.

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.

Last weeks goal: 10 trades, no excuses.

Barely any trades this week unfortunately, and none that went well. It seems that putting pressure on the quantity of trades is a sure fire way to lose money. What I will do is tie in my trades with anything decent I uncover from the application of my learning to the charts, described above.

Next week: apply learning to charts, put a trade in on anything promising. Likely will be hard given we are current;y moving sideways but if I can make money going sideways, that will be quite an achievement.

See you next week!