Q2 2016 Forex Blog Review

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%

Review:

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?

  • forzion

    Well done anyway. You have got good experiences at least without huge losses.

    Maybe that reentering the positions is not so good idea. I was considering something like that only with futures contracts where the order expires sometimes. Otherwise to open an order especially not at the same level as it was closed is far from ideal.

    Maybe it is better to remain open or not to reopen. Your SL can be hit but your initial risk remains the same. And then there is the question how many times was your reopening profitable.

    I have read a good advise from someone more experienced in trading who said: “If you open an order forget about it and count it as loss like the stop loss got hit.” So you can move Stop Loss at break even or hit Take Profit target, but you avoid doing more mistakes than a lost trade from your initial idea.

    • Cyclopip

      Thanks for sharing your thoughts! Yep, I’m realizing that reentering positions is a bad habit I gotta shake off. I guess I’m usually torn between locking in profits and getting back in the trade when it continues to go my way, so I have to figure out a way to manage those trades and emotions better. Thanks for sharing that piece of advice as well!

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