While I’m letting my USD/CHF trade play out, I decided to look back at my trades in Q1 2014:
|Apr 9||Evening Star on USD/CHF’s Chart||+0.22%|
|Apr 17||Forex Trade Ideas: GBP/USD and USD/JPY||Canceled|
|Apr 24||Trading USD/CHF’s Rising Channel Bounce||Break Even|
|May 02||Break and Retest Trade on Cable||Canceled|
|May 08||Retracement Trade on EUR/USD||Canceled|
|May 23||Falling Channel Trade on USD/JPY||-0.23%|
|Jun 12||Triangle Breakout on GBP/USD?||+0.53%|
|Jun 20||Another GBP/USD Breakout?||Still open|
|Jun 27||Trading USD/JPY’s Range Support||Still open|
|Total Gain / Loss||+0.52%|
No. of Trade Ideas: 9
Trades Triggered: 4
No. of Wins: 2
No. of Losses: 1
No. of Break Even Trades: 1
Win %: 50%
Average Gain Per Winning Trade: +0.38%
Average Loss Per Losing Trade: -0.23%
Now that’s better! Although my Q2 2014 trade performance is nothing to write home about, I still feel like I’ve made a lot of progress over the last couple of months. I closed the month with a 0.52% gain on my account and two open positions that are in the green. Woot! Woot!
For those who haven’t read my Q1 2014 forex review, you should know that I struggled with placing my stop losses and being flexible with my trades. More importantly, I also made resolutions to take more of my trade ideas.
This quarter I definitely feel like I’ve made improvements on my stop losses. I don’t think the issue even popped up this time. Maybe because the lack of volatility didn’t give me cause to worry about placing wide stops? Flexibility also became less of an issue.
I was able to close my USD/CHF trades almost right on time…TWICE. First was when there were no new lows so I closed with a 0.22% gain. The second one was when I moved my stop to break even just when price bounced at a channel resistance. I also avoided a massive loss when I closed my USD/JPY trade as soon as it broke above a falling channel. A bit late, but it could have been A LOT worse.
I do see that I still have a lot of canceled trades. I missed the valid GBP/USD and USD/JPY double setup but for the most part my canceled trades were due to market factors invalidating either my technical or fundamental biases. Nothing much I can do about that, except maybe make contingency plans (and execute them) instead of discounting off a trade idea altogether. As I mentioned before, I have invested time researching about the setups anyway so it would be more efficient if I actually take trades with them.
There’s also room for improvement in the risk taking department. With volatility taking hits, I think it’s time to consider bigger position sizes. I’ll just have to make sure that I’m comfortable with my stop sizes so it won’t affect my trading psychology much.
That’s it for me today! Did I miss anything? You’re welcome to look over my trade ideas and let me know if there’s anything else I can do to improve my performance.
Thanks and XOXO!
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