It was looking grim for a sec there, but I managed to close out with a couple of nice forex trades to lift me into the green. Here’s my Q1 blog performance review!
Basic Forex Trading Stats
Total Number of Trades Ideas: 9
Breakeven/No Trade: 3
Win % (winning trades / triggered trades): 50%
Average Winning Trade in %: +0.64%
Average Losing Trade in %: -0.36%
Largest Drawdown: -1.09%
Q1 Total Realized Profit / Loss in %: +0.81%
The Good: Besides pulling out a couple of winners at the end of the quarter in EUR/NZD and NZD/CAD to get me back in the green, I’d have to say the only other positive comments after reviewing my journal are that I handled my losses well by not letting any of them go all the way to my max -1% loss. In fact, my average winner was 1.7 times my average loser, an R:R ratio I don’t think I’ve achieved yet. Baby steps my friends!
The Bad: The biggest thing that I’m still kicking myself on is not catching the big downtrend in EUR/GBP (twice) and in EUR/NZD early in the quarter. I’m one of those long time bears on the euro and I really like positive carry setups, so I should have been riding both pairs lower all quarter. Unfortunately, my need to hop in at better prices and on perfect chart setups had me missing both moves. And I didn’t adjust by just taking the trade when it missed my early entries and going in at market with small positions and building up as the market went my way.
At the end of the day, I’m considering Q1 2015 a big fail on my part because of those missed moves. Sure I ended up positive, but it should have been REALLY positive had I gotten in and played the downtrends in the euro smartly. Plus, I’m under performing my benchmarks: the Barclay Hedge Currency Traders Index (+2.10% YTD thru the end of March) and the Barclay Hedge Discretionary Traders Index (+1.16% YTD thru end of March). I’m not too far behind the pros, but to me, that’s not good enough.
Overall, I think I’m still making progress in that I’m honing into my niche as a forex trader and that I’m staying pretty consistent with execution. And I’m more patient with my entries, but maybe still too patient as evident by my missed trades. Going forward, I’ll continue to stay focused on the process and remember to not be as conservative with my entry techniques.
That’s all I got for now forex friends…How did you do in Q1 2015? Please share your thoughts in the comment box below. Thanks for stopping by and good luck in Q2 2015!