Q1 2016 Forex Performance Review

Can you believe that the first quarter of the year has already passed?! Time has been flying by so fast so I decided to take it slow today and review my forex trade ideas for Q1.

Forex Trading Performance

DATE TRADE IDEA P/L in pips P/L in %
Jan 4 AUD/JPY Head and Shoulders +300 +0.50
Jan 12 GBP/AUD Descending Channel +170  +0.05
Jan 18 CAD/JPY BOC Rate Decision -145 -0.22
Jan 27 AUD/USD FOMC Statement -50 -0.13
Feb 3 GBP/AUD Double Top +25 +0.01
Feb 17 Long-term USD/CAD Uptrend -400 -0.42
Feb 23 NZD/USD Triangle Pullback Not triggered Not triggered
Mar 1 EUR/AUD Double Top +110 +0.10

No. of Forex Trade Ideas:  8
Trades Triggered: 7
No. of Wins: 4
No. of Losses: 3
No. of Break Even Trades: 0
Win %: 57%
Average Gain Per Winning Trade: +0.16%
Average Loss Per Losing Trade: –0.26%

Total P/L: +10 pips / -0.11%

I was actually off to a strong start for the year with a win on my very first trade, but unfortunately I was unable to follow up with another big one later on. Even though I was able to spot a number of good setups, I wound up closing too early mostly because I was feeling a bit impatient whenever price doesn’t immediately head my way.

Still, I’m giving myself a pat on the back for being able to trim my losses or even close with small profits on a couple of trades that would’ve turned out negative. One example of this is my EUR/AUD short ahead of the ECB statement, as I decided to trail my stop lower to lock in some gains in case the pair suddenly rallies… and it did!

However, I may have gotten too attached to my long USD/CAD bias back in February, thinking that crude oil was headed much further south then. Besides, the long-term rising trend line and Fibs created such a neat technical setup that I failed to notice the shifting fundamentals at that time.

Moving forward, I think I’ll be more conscious of changing market sentiment when it comes to taking comdoll forex setups, as this seems to be a stronger driving factor for trends or sudden reversals these days. I’ll stick to my strategy of trailing my stop when price keeps heading in my direction because it helps me protect my profits while keeping me comfortable about staying in a trade.

Got any tips on how I could improve my performance? As always, I love getting your feedback on my trading decisions. 

Cheers!

Happy time

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  • Bundypips

    Hi Happypip,
    Don’t be discouraged. I look forward to your blog in my email every time i see it there. It is my mission to make a profit consistently with forex. And although 10 pips isn’t wonderful at least it is a plus! I too suffered at the hands of the USD/CAD and it’s “supposed” coupling to oil. Just remember. Cut your losses, let your profits run! Here’s looking forward to a much better second quarter then then the first.
    Happy pipping!

    • Aww, thanks for the kind words and the reminders, I really appreciate it! Happy pipping to you, too 🙂