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.
|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.
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