It’s half time, people! Time to review how my trading performance fared in the past few months and figure out my game plan for the second half of the year.
Forex Trade Ideas
|DATE||TRADE IDEA||P/L in pips||P/L in %|
|Apr 11||EUR/JPY Fibonacci Pullback||+52||+0.11|
|Apr 25||EUR/GBP Trend Line Pullback||-195||-0.50|
|Apr 25||GBP/JPY Support Turned Resistance||-420||-0.38|
|Apr 28||GBP/NZD Breakout Pullback||Not triggered||Not triggered|
|May 9||GBP/CHF Correction Play*||+167||+0.24|
|May 11||Super Thursday GBP/AUD Short||Canceled||Canceled|
|May 18||GBP/JPY Ascending Triangle Resistance||Not triggered||Not triggered|
|May 23||EUR/GBP Head and Shoulders||-180||-0.35|
|May 25||Revisiting GBP/JPY’s Ascending Triangle*||+70||+0.05|
|June 1||AUD/JPY Short-Term Range||+65||+0.25|
|June 8||NZD/CHF’s Triangle Breakout||-10||0|
|June 22||GBP/JPY Simple Retracement||Canceled||Canceled|
No. of Forex Trade Ideas: 12
Trades Triggered: 8
No. of Wins: 4
No. of Losses: 3
No. of Break Even Trades: 1
Win %: 57%
Average Gain Per Winning Trade: +0.13%
Average Loss Per Losing Trade: -0.41
Total P/L: -451 pips / -0.58%
Ughh, I can’t look! My numbers are looking as disappointing as Argentina’s game against Chile during that Copa America final!
While my win percentage is looking decent, my winners were actually way smaller than my losers, netting me a negative total P/L at the end of the quarter. I really should be paying closer attention to expectancy, as my buddy Dr. Pipslow has emphasized.
Reading my trade reviews per setup has also alerted me to the fact that I’ve closed a couple of my positions too early because I was feeling uneasy about event risks. These are the ones with asterisks on the table, namely my long GBP/CHF and short GBP/JPY trades. Had I kept my emotions in check and left those trades open, they would’ve hit my profit targets and made up for my losses this quarter!
Another habit I’ve noticed is that I tend to mismanage my risk when I re-enter certain positions. For instance, in my EUR/GBP short, I’ve already locked in a 45-pip win on my initial position but gave all these up and more when I decided to short again with the same position size. In these cases, I should remind myself to go with a smaller risk so as to not erase my wins.
That’s all I got for now, forex fellas! Got any tips on how I can still improve my trading performance? How did you guys do in Q2?