Challenge 7-days Discipline

Monday: Launch of the Challenge

Today's mission: Understanding the principles of risk management
Today, we're going to lay the foundations by exploring the essential principles of risk management in trading. You'll discover concepts such as the risk/reward ratio, the capital to risk per trade, and the importance of discipline.

Tasks to be performed :

1. Reading and Podcast :
   • Read an article on risk managementincluding examples of risk/reward ratio calculations.
   • Listen to a podcast that explains how to integrate risk management in your daily trading routine.
2. Configuring your risk management :
   • Determine the percentage of your capital you are willing to risk per trade (usually 1-2 %).
   • Set up alerts on your trading platform to help you stick to your limits.
3. Observation:
   • Note examples of two assets where poor risk management would have resulted in significant losses, and then identify how these losses could have been limited.

Tuesday to Thursday: Analysis and Application

Three-day mission: Develop and test a disciplined strategy

Tuesday: Developing a risk management plan

Today, we're going to create a detailed plan for each trade. This plan will include your entry, exit, stop-loss and take-profit criteria.

Tasks to be performed :

• Select two assets that you trade frequently (for example, EUR/USD and gold).
• Calculate a risk/reward ratio for each opportunity, aiming for at least 1:2 or more.
• Set realistic stop-losses based on key support or resistance levels.

Wednesday: Practice and discipline

Discipline is crucial in trading. Today, you'll only execute trades if the criteria in your plan are met.

Tasks to be performed :

• Analyze your graphs to identify opportunities in line with your risk management plan.
• Keep a diary detailing each trade, why you entered and left, and whether you met your criteria.

Thursday: Adjustments and analysis

Today, you'll review your previous trades and adjust your strategy if necessary.

Tasks to be performed :

• Evaluate your results over the last two days. Which trades worked and why?
• Adjust your stop-loss or take-profit criteria if your analyses reveal errors.

Friday: Final Practice

Mission for the day: Trade according to your plan
Today, you're going to put everything you've learned this week into practice by making real trades or demo account trades.

Tasks to be performed :

• Choose two trading opportunities based on your criteria this week.
• Make sure you respect your risk/reward ratio and place stop-losses on each trade.
• Record your observations on the evolution of trades in real time in your trading journal.

Saturday: Review and Adjustments

Today's mission: Analyze your trades and refine your strategy
Today, we're going to analyze your Friday results and think about what could be improved.

Tasks to be performed :

• Review your trades, noting the strengths and weaknesses of your strategy.
• Identify the times when you may have lacked discipline and how to avoid this in the future.
• Adjust your criteria according to your observations, such as tightening your stop-losses or adjusting your profit targets.

Sunday: Taking stock and sharing

Today's mission: Take stock and share your results
To close this challenge, we're going to reflect on your week and share your experiences with the community.

Tasks to be performed :

1. Summary :
   • Write a summary of your week, describing the results achieved, the challenges encountered and the lessons learned.
   • Think about the times when you have met your risk management criteria and where you could still improve.
2. Share :
   • Share your results and thoughts on social networks. Use the hashtag #xenesy and tag @xenesy_project to contribute to an enriching discussion with the community.

Conclusion

This challenge of risk management and discipline has enabled you to integrate essential practices to protect your capital and strengthen your confidence as a trader. By following these principles, you'll be able to approach the markets with greater serenity and professionalism. Keep practicing, refine your strategies and remember that discipline is the key to long-term success.

Good luck to you all, and see you soon for a new challenge on the financial markets!