Q1 2014 Forex Trade Review and Reflections

While I’m letting my USD/CHF trade play out, I decided to look back at my trades in Q1 2014:

Date Trades Gain/Loss
Jan 9 Long GBP/USD at 1.6450 -0.50%
Jan 16 Time to Buy USD/JPY Canceled
Jan 23 Jumped on EUR/USD’s Uptrend! +0.02%
Jan 30 USD/JPY Resistance at 103.00? Canceled
Feb 11 Time for Another GBP/USD Bounce? -0.22%
Feb 20 Day Trade Setup: EUR/USD Uptrend +0.05%
Feb 27 EUR/USD vs. USD/JPY Canceled
Mar 5 Short USD/CHF At Market +0.73%
Mar 12 Break and Retest Play on USD/JPY -0.25%
Mar 27 Jumping on GBP/USD’s Uptrend Canceled
Total Gain / Loss -0.17%

No. of Trade Ideas: 10
Trades Triggered: 6
No. of Wins: 3
No. of Losses: 3
No. of Break Even Trades: 0
Win %: 50%
Average Gain Per Winning Trade: +0.27%
Average Loss Per Losing Trade: -0.32%

So close! Although my Q1 2014 performance is not as bad as my trade results in Q4 2013, I’m still not happy with my trades.

One of my problems this quarter is not knowing when to change my fundamental biases. I used a lot of longer-term setups so it was difficult for me to determine which reports are noise and which ones are market-changing. This is why my 0.60% gain in GBP/USD turned into a 0.22% loss. Not cool.

Another problem that I have is placing stop losses. I know I already cited this in my Q4 2013 resolutions, but I guess this is one battle that I need patience with. Wider stop losses would probably help me stay in my longer-term trades longer. Still gotta consider reward-to-risk ratios though!

My best takeaway from this journal is a reminder for me to be more confident about my trade ideas. I probably would have gained a lot more pips had I taken my missed trades or adjusted my positions instead of taking them off ahead of major news events.

I really hope I can spot (and execute) better trades this time! How about you? Got any trading issues that you’re planning on working on this Q2 2014? Any advice or sharing of stories is most welcome!

Thanks and XOXO!

Huck

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