How’s it going, forex buddies? I took a quick break from my usual trading activities to look back on how my performance fared in the first quarter of 2017. Here are the numbers!
Forex Trade Ideas
|DATE||TRADE IDEA||P/L in pips||P/L in %|
|Jan 5||EUR/NZD Long-Term Selloff||+140||+0.18|
|Jan 9||AUD/NZD Range Setup||Canceled||Canceled|
|Jan 11||EUR/GBP Ascending Channel||Canceled||Canceled|
|Jan 16||EUR/JPY Long-Term Channel||Canceled||Canceled|
|Jan 18||EUR/AUD Potential Breakdown||+155||+0.15|
|Jan 23||EUR/CAD Double Bottom||Not triggered||Not triggered|
|Feb 6||AUD/CHF Rising Wedge||+10||+0.025|
|Feb 8||GBP/CAD Descending Triangle||Canceled||Canceled|
|Feb 21||GBP/JPY Symmetrical Triangle Straddle||Canceled||Canceled|
|Feb 22||EUR/JPY Bearish Momentum||Not triggered||Not triggered|
|Feb 28||CAD/JPY Descending Channel||Not triggered||Not triggered|
|Mar 8||ECB Decision to Push EUR/JPY Down?||Canceled||Canceled|
|Mar 13||EUR/CAD Range Breakout and Pullback||+75||+0.05|
|Mar 16||EUR/JPY Broken Channel Pullback||Canceled||Canceled|
|Mar 21||Watching AUD/NZD for the RBA Decision||-35||-0.01|
No. of Forex Trade Ideas: 15
Trades Triggered: 5
No. of Wins: 4
No. of Losses: 1
No. of Break Even Trades: 0
Win %: 80.00%
Average Gain Per Winning Trade: +0.105
Average Loss Per Losing Trade: -0.01
Total P/L: +0.395%
Ha! Another positive quarter… I’ll take that!
My returns for the past three months are at par with my Q4 2016 performance, and my win rate is actually lookin’ hella good, too! However, I can’t help but shake my head upon seeing all those could’ve-been-profitable setups that I didn’t take for some reason, whether it’s lack of confidence in my analysis or not being able to set entry orders in time.
I looked back on all the watchlist setups that I backed out of and realized that I could’ve added five more profitable positions to my stats had I just summed up the courage to hop in at market or place limit orders at my entry areas. For one, I thought of shorting EUR/JPY (twice, might I add!) around the top of its long-term channel at 120.00 but missed the pullback in one instance and chickened out in another.
I also looked at potential breakout plays to catch some momentum on EUR/CAD and GBP/CAD in either direction but kept holding out for more confirmation… until I realized that price had already moved significantly farther away from my entry areas. Then again, I also managed to avoid losses on my EUR/GBP and AUD/NZD watchlist setups as I refrained from setting orders when fundamentals changed.
What I learned from this is that while it does help to be extra cautious sometimes in waiting for more technical or fundamental confirmation, it can also prevent me from catching valid setups that would’ve been winning positions. I just need to remind myself that, even with market factors out of my control, I’m still able to make risk adjustments and limit my exposure.
Besides, looking at how my watchlist setups would’ve turned out gives me a bit of a confidence boost moving forward. I do put in a lot of effort with my analysis so I should be more comfortable with putting money on the line to play these educated guesses.
Another lesson I learned is that I probably should consider adjusting my stops to match the time frame I look at or the frequency of my trade adjustments. I noticed that I zoom in to the 1-hour charts to look for early exit signals or to trail my stop to lock in profits so tighter stops from the get-go might be more appropriate for this trading style.
Still, I gotta give myself a quick pat on the back for successfully ditching my habit of re-entering and mismanaging my risk like I did last year. Any other things you think I should keep in mind when trying to improve my trade performance for the next three months?
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.