Before taking on new trades for the quarter, I’ve decided to take some time to round up my performance and the lessons I’ve learned in Q2. Here are the numbers!
|Date||Trade Idea||P/L in Pips||P/L in %|
|April 7||EUR/CAD Resistance Turned Support||+45||+0.045|
|April 26||AUD/JPY Support Break||-190||-0.41|
|May 11||Catching Guppy’s Bullish Momentum||+245||+0.50|
|May 18||Short-Term EUR/AUD Retracement||+200||+0.50|
|May 24||Waiting for Momentum on GBP/AUD||-165||-0.35|
|June 7||EUR/NZD Rising Channel Bounce||-300||-0.50|
|June 14||GBP/NZD Bearish Momentum||+20||+0.02|
|June 30||AUD/JPY Reversal Formation||+60||+0.21|
No. of Trades Taken: 8
No. of Wins: 5
No. of Losses: 3
No. of Break Even Trades: 0
Win %: 62.5%
Average Gain Per Winning Trade: +0.255%
Average Loss Per Losing Trade: -0.42%
Total P/L: +0.015%
Ha! Another positive quarter… I’ll take that!
I know, I know… The overall 0.015% gain isn’t really worth bragging about but I’m just relieved that I was able to end in the black for the quarter.
My trading was actually off to a pretty good start as I managed to escape with a teensy win on my first setup then follow it up with back-to-back full wins on GBP/JPY and EUR/AUD. This was followed by consecutive losses on GBP/AUD and EUR/NZD around the start of June as market sentiment seemed to shift then, but I managed to cap it off with a couple of small wins.
I’m a bit bummed out about the last couple of trades, though, since both hit their adjusted stops on tiny pullbacks before going all the way to my profit targets.
I guess you can say I was still shaken from the previous losses then and I wanted to protect my profits as much as I could. Had I been a little less jumpy, I would’ve scored another round of back-to-back full wins… and with better R:R, too!But of course hindsight is 20/20 and I still stand by my decision to make those adjustments, knowing that there were several event risks lined up and that I wouldn’t be able to stay in front of my trading platform to watch price action then.
Moving on to other metrics, I’m also mighty proud about my good win rate for Q2 at 62.5%. It’s lower than my previous quarter’s 80% rate but still pretty decent.
What I’m not particularly happy about is my average win vs. average loss in % because that is what’s eating up my gains. Even though more than half my setups ended up positive, my losses were mostly full ones too and nearly erased my all wins. My takeaway from this is that I gotta be quicker in terms of trimming my losses, although I think I’ve made some improvements in this aspect… baby steps!
Reviewing the previous lessons I’ve learned, I guess I can also say that I’ve done a better job of taking more setups based on solid technical and fundamental analysis instead of chickening out. I think I’ve also made progress in making sure that my stops are appropriate for the time frame I’m looking at, and I didn’t seem to have any problems about this particular risk management aspect this time around.
What I probably need to keep an eye out for, though, are my profit targets in that I might have to adjust those to short-term moves, given the potential for sudden theme changes lately. Currency crosses seem particularly vulnerable to most of these risks, particularly when it comes to bond yields (JPY), Brexit headlines (GBP and EUR), and commodity prices.
Got any other tips for me to improve my trading performance for the latter half of this year?
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