And just like that, we’re almost halfway into the year! This means it’s time for my quarterly trading performance review so here are my stats and the lessons I’ve learned.
Forex Trading Performance
| DATE | TRADE IDEA | P/L in pips | P/L in % |
|---|---|---|---|
| April 7 | USD/CAD Descending Channel | +250 | +0.62 |
| April 18 | EUR/AUD Double Top | Not taken | Not taken |
| April 20 | NZD/USD Short-Term Bullish Divergence | -50 | -0.25 |
| May 2 | NZD/CAD Descending Channel | +5 | +0.01 |
| May 11 | NZD/USD Reversal Correction | Not taken | Not taken |
| May 16 | Another Shot at NZD/CAD’s Downtrend | Not taken | Not taken |
| May 23 | AUD/JPY Symmetrical Triangle Breakout | -95 | -0.19 |
| May 25 | EUR/CAD Double Top | -40 | -0.04 |
| June 1 | Swing Trade: AUD/CAD Major Support | -70 | -0.05 |
| June 20 | AUD/JPY Support Turned Resistance | Not taken | Not taken |
No. of Forex Trade Ideas: 10
Trades Triggered: 6
No. of Wins: 2
No. of Losses: 4
No. of Break Even Trades: 0
Win %: 50%
Average Gain Per Winning Trade: +0.31%
Average Loss Per Losing Trade: –0.13%
Total P/L: 0 pips / +0.10%
Just as in the previous quarter, I was off to a good start with a big win on my first trade for Q2 but it was all downhill from there. I backed down from taking nearly half of my trade ideas for the period mostly because I wasn’t feeling so confident about my performance. Besides, I found it extra challenging to navigate the markets then because there were a lot of short-term rallies and reversals so I had to adjust my biases just as quickly.
As most of you guys probably remember, risk sentiment played a huge role in price action for the past three months, as market watchers reacted to commodity price fluctuations and priced in expectations for the EU referendum. Central bank biases were also in play then but I felt that I was a tad too late in catching the big moves because I was being too cautious.
A few out of my trade setups would’ve turned out to be huge winners but I decided to close way too early. Again, I’m attributing this to my lack of confidence in myself for most of the quarter, possibly because I’m coming off a losing streak in the previous one. Still, I gotta remind myself to trust my analysis more and to pay closer attention to my trade management. Here are some adjustments I will be making:
- Take the currency pair’s volatility (average true range) into account when setting stops, in addition to taking note of technical levels such as inflection points and Fibs.
- Adjust my position sizes on re-entered positions so as to not give up most of my earlier gains or end up with an overall loss.
- Make sure that there are enough fundamental reasons for closing a trade early versus exiting out of impatience.
Got any tips on how I could improve my performance? As always, I love getting your feedback on my trading decisions.
Cheers!
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