Q1 2014 Forex Trade Performance

After a couple of days of number-crunching and head-scratching, I’m finally done with my trade performance review for the first quarter of 2014. Take a look!

Trading Performance

DATE TRADE IDEA P/L in pips P/L in %
Jan 21 AUD/JPY Australian Jobs Release +10 +0.01%
Jan 25 USD/CAD Rising Wedge Breakout -10 -0.01%
Jan 31 AUD/USD Retracement Play -25 -0.05%
Feb 11 NZD/USD Resistance at .8400 Missed Missed
Feb 19 AUD/USD Support Turned Resistance -150 -0.53%
Feb 25 AUD/CAD Short at Parity Canceled Canceled
Mar 6 USD/CAD Countertrend Setup Canceled Canceled
Mar 11 NZD/USD: RBNZ Rate Hike? Canceled Canceled
Mar 27 USD/CAD Triangle Breakout Canceled Canceled

No. of Trade Ideas:  9
Trades Triggered: 4
No. of Wins: 1
No. of Losses: 3
No. of Break Even Trades: 0
Win %: 25%
Average Gain Per Winning Trade: 10 pips / 0.01%
Average Loss Per Losing Trade: -61.67 pips / -0.20%

Ugh, not happy about my trading performance for this quarter at all! If you take a look at my first few trades of the year, I guess you can say that I was off to an okay start as I was able to exit early when I had to or move my stop to entry to minimize losses.

However, things took a really bad turn when I chalked up a full loss on an AUD/USD short in February then decided to play it extra safe with my next trade ideas. So safe in fact that I didn’t even take the setups at all! A couple of those could’ve been profitable ones had I mustered the courage to take the risk but I think I really need to work on reviving my trading confidence at this point.

Got any other tips that could help me improve my trading this second quarter? Let’s hear ’em!

Cheers,

Happy time

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  • Jack

    This is depressing…. Closing a trade with 0.01% rreturn lol. You’re probably best putting your money in a tracker fund and taking up a new hobby.

    • Darren

      I’m sure she will find that advice very helpful Jack ……

    • Happy Pip

      Ouch. Well I think that was the time when I moved my stop close to breakeven then priced reversed so I’m fine with a small gain instead of an actual loss.

  • darthfrancis

    Time for a re-think I think, even though some people can trade the news successful ( 2 people i think lol) its gambling as it’s a tool used by market makers to move price without alerting the public to there intentions. there is is many ways to skin a forex cat but some mothods are better than others.

    Just my 2 pips.

    ‘best

    • Happy Pip

      Thanks for sharing your thoughts. Yeah I do think that trading the news isn’t really my cup of tea, but it can’t hurt to try, right? Moving forward though, I’m probably gonna focus on fundamental biases instead of playing an actual event. See you around!

  • simon wong

    I don’t think there is any thing wrong with your trades.

    For position style of trading which you are doing, it is either a big win or a big loss because of the wide stops and take profit targets. Since trading is probability game, you have to be psychologically prepared for the big swings in P/L for worse case scenarios. If your judgement and objectivity is affected by any big loss (which is to be expected sooner or later), then it is telling you that this style of trading is not suitable for you.

    You may have to reexamine your trading strategy, perhaps use shorter time frames with tighter stops and take profits target. The ideal strategy is that you should be comfortable with your positions ( i.e you can sleep at night) and you trade with no fear ( i.e be willing to trade the next setup even after a string of losses).

    Every trader should be confident that his/her trading system will make money over many wins and losses and apply the signals when it happens. If not, you should stop using the system and find a better one.

    For your AUD/USD trade short, I find that usually after a big drop, when a currency begins to trade sideways, there is a potential for either a continuation of the downtrend or a reversal. From the chart, you can see that a potential right shoulder bottom could be forming. In such a scenario, this is not a high probability trade, I would put a tight stop in case it is a reversal.

    Hope this helps. If you need further tips on improving your trading, you can contact me and I’ll be happy to offer my views.

    • Happy Pip

      I really appreciate these insights! “The ideal strategy is that you should be comfortable with your positions ( i.e you can sleep at night) and you trade with no fear ( i.e be willing to trade the next setup even after a string of losses).” was particularly helpful and got me thinking about re-evaluating my trading strategy. Thank you so much!

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