Q3 2014 Forex Trade Review and Reflections

While I’m letting my USD/JPY and EUR/USD forex trades play out, I decided to look back on my trades in Q3 2014.

Date Trades Gain/Loss
Jun 20 Trading USD/JPY’s Range Support +0.04%
Jun 27 Another GBP/USD Breakout? Break even
Jul 24 Selling EUR/USD on a Retracement -0.25%
Aug 08 Another Shot At Shorting EUR/USD Canceled
Aug 15 Day Trading USD/CHF’s Downtrend +0.29%
Aug 29 Retracement Play on USD/CHF 0.52%
Sept 11 Buy GBP/USD For A Long-Term Trade -0.75%
Sept 26 EUR/USD Fib Retracement Opportunity Canceled
Total Gain / Loss -0.15%

No. of Trade Ideas: 8
Trades Triggered: 6
No. of Wins: 3
No. of Losses: 2
No. of Break Even Trades: 1
Win %: 50%
Average Gain Per Winning Trade: +0.28%
Average Loss Per Losing Trade: -0.50%

Not a good period for my discretionary trades, huh? I looked back at my trades and identified a couple of things I could have done better.

For starters, I really have to work on my exits, especially on my longer-term trades. Since I’m not too used to trading longer time frames, I struggled with identifying which market news were just noise and which ones were game changers. My first two trades, the ones on USD/JPY and GBP/USD, could have also ended up as big winners if I just exited when the pairs had trouble breaking above consolidations at major resistance levels.

My last GBP/USD trade also could have done a lot better if only I had closed the position early instead of waiting for price to hit my stop loss levels (it had already broken below the support levels that I had identified).

Another issue that I could work on is my patience on my entries. I lost a EUR/USD trade because I entered at market ahead of a big event. I also missed good trade setups on USD/CHF and EUR/USD because I was too picky on my entry levels. I need to find a balance between sticking to my plan and being flexible to improve my risk management.

Last but definitely not the least, I’ll have to be more consistent with my journaling. I know recording stuff is not really fun, but it has to be done so I can see (in real time) what I’m doing wrong and what I can improve on. Hopefully I’ll do a better job of updating (and responding to your comments!) this time.

Happy trading!

Huck

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