Partner Center Find a Broker

While I’m letting my USD/JPY and EUR/USD forex trades play out, I decided to look back on my trades in Q3 2014.

Not a good period for my discretionary trades, huh? I looked back at my trades and identified a couple of things I could have done better.

Date Trades Gain/Loss
Jun 20 Trading USD/JPY’s Range Support +0.04%
Jun 27 Another GBP/USD Breakout? Break even
Jul 24 Selling EUR/USD on a Retracement -0.25%
Aug 08 Another Shot At Shorting EUR/USD Canceled
Aug 15 Day Trading USD/CHF’s Downtrend +0.29%
Aug 29 Retracement Play on USD/CHF 0.52%
Sept 11 Buy GBP/USD For A Long-Term Trade -0.75%
Sept 26 EUR/USD Fib Retracement Opportunity Canceled
Total Gain / Loss -0.15%

No. of Trade Ideas: 8
Trades Triggered: 6
No. of Wins: 3
No. of Losses: 2
No. of Break Even Trades: 1
Win %: 50%
Average Gain Per Winning Trade: +0.28%
Average Loss Per Losing Trade: -0.50%

For starters, I really have to work on my exits, especially on my longer-term trades. Since I’m not too used to trading longer time frames, I struggled with identifying which market news was just noise and which ones were game-changers. My first two trades, the ones on USD/JPY and GBP/USD, could have also ended up as big winners if I just exited when the pairs had trouble breaking above consolidations at major resistance levels.

My last GBP/USD trade also could have done a lot better if only I had closed the position early instead of waiting for the price to hit my stop loss levels (it had already broken below the support levels that I had identified).

Another issue that I could work on is my patience with my entries. I lost a EUR/USD trade because I entered at a market ahead of a big event. I also missed good trade setups on USD/CHF and EUR/USD because I was too picky on my entry levels. I need to find a balance between sticking to my plan and being flexible to improve my risk management.

Last but definitely not least, I’ll have to be more consistent with my journaling. I know recording stuff is not really fun, but it has to be done so I can see (in real-time) what I’m doing wrong and what I can improve on. Hopefully, I’ll do a better job of updating (and responding to your comments!) this time.

Happy trading!


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.