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.
Other Popular Articles:
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.