Good afternoon forex friends! School is out, the weather is blazing hot, and grills are firing up for some delicious barbecue action…you know what that means, right? Yup, it’s time to do my Q2 performance review!
As always, I’ll start off with the raw trade stats. Here it goes:
No. of Trade ideas: 12
Trades Triggered: 11
No. of Wins: 4
No. of Losses: 7
Trades ideas not Triggered: 1
Average gain per winning trade: +0.16%
Average loss per losing trade: -0.39%
Q2 Blog Performance: -2.43%
Looking back at the markets, my stats and my journal, it’s clear to see that April and May was no fun at all. I maintained the same USD bullish stance that worked well for me in Q1, while the markets flipped sentiment, going a bit choppy and more Greenback bearish for the majority of the quarter. It wasn’t until speculation of a “Fed Taper” came about that the US Dollar gained its mojo back late May and into early June, but because of the rough April and May, I was a bit more conservative and slow to adapt to take full advantage of the bullish USD trend that took place mid-June until the end of the quarter.
Drilling down to the details, it looks like a lot of my losing trades were on point in terms of direction, but there were a lot of cases where surprise events or a bit of greed on my part would let winning trades turn into losing ones.
There were a few other issues (e.g., not letting winners run, missed entries, weak trade management, etc.), but probably the biggest one I want to touch upon is that my average winning trade came in way below my average losing trade, which can be most likely due to using scaling in techniques to enter trades. A lot of times, my second position would not be triggered before the trade going my way, resulting in my wins coming in with half of my intended position size.
To end on a positive note, June was a much better month, and with two more summer months to go, I’ll continue to use much of the same techniques with a variation on my entry strategies. Going in full position rather than trying to scale in might yield better results, especially if I can learn to hold onto winning positions much better.
Overall, Q2 wasn’t a complete disaster as I did a good job of limiting my loss. Also, I still think I do well with gauging market direction, but I’ve got to work on not only holding onto winning trades better, but also react better to market catalysts in real-time. I’m used to pre-planning trades and I’m somehow frozen as the story unfolds in front of me, and that’s something that will definitely not work well in this environment of shifting monetary policies, changes in economic performance, and continuously fluctuating market behavior.
So, that’s it. Going forward, I’ll be sure to review this post and my trade journal often, try to avoid the mistakes I made, and continually focus on good trading practices and habits. Thanks for checking out my blog, and if you have any thoughts and comments that may help, then feel free to leave a comment.
Good luck and good trading to ya for the rest of 2013!